Entropy Technologies LP Makes New Investment in Microchip Technology Incorporated (NASDAQ:MCHP)

Entropy Technologies LP bought a new stake in Microchip Technology Incorporated (NASDAQ:MCHP) during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 16,390 shares of the semiconductor company’s stock, valued at approximately $1,316,000.

A number of other hedge funds have also bought and sold shares of the company. Apollon Wealth Management LLC lifted its stake in Microchip Technology by 0.8% during the third quarter. Apollon Wealth Management LLC now owns 26,475 shares of the semiconductor company’s stock worth $2,126,000 after purchasing an additional 218 shares during the last quarter. Nations Financial Group Inc. IA ADV raised its holdings in shares of Microchip Technology by 3.6% during the third quarter. Nations Financial Group Inc. IA ADV now owns 28,479 shares of the semiconductor company’s stock worth $2,287,000 after purchasing an additional 1,001 shares during the period. Venturi Wealth Management LLC lifted its position in shares of Microchip Technology by 5.7% in the 3rd quarter. Venturi Wealth Management LLC now owns 8,190 shares of the semiconductor company’s stock worth $658,000 after buying an additional 442 shares during the last quarter. Crossmark Global Holdings Inc. boosted its holdings in shares of Microchip Technology by 5.3% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 331,752 shares of the semiconductor company’s stock valued at $26,636,000 after buying an additional 16,649 shares during the period. Finally, Westchester Capital Management Inc. grew its position in shares of Microchip Technology by 2.1% during the 3rd quarter. Westchester Capital Management Inc. now owns 194,952 shares of the semiconductor company’s stock valued at $15,653,000 after buying an additional 4,029 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Microchip Technology Price Performance

NASDAQ MCHP opened at $66.59 on Thursday. The stock has a market capitalization of $35.76 billion, a PE ratio of 46.57 and a beta of 1.53. The stock has a 50-day simple moving average of $76.31 and a 200 day simple moving average of $84.58. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88. Microchip Technology Incorporated has a twelve month low of $65.56 and a twelve month high of $100.57.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. The company had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.15 billion. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The company’s quarterly revenue was down 48.4% compared to the same quarter last year. During the same period in the previous year, the company earned $1.54 earnings per share. Research analysts anticipate that Microchip Technology Incorporated will post 1.38 EPS for the current year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be issued a dividend of $0.455 per share. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date is Friday, November 22nd. This represents a $1.82 annualized dividend and a dividend yield of 2.73%. Microchip Technology’s payout ratio is presently 127.27%.

Insider Activity

In related news, CFO James Eric Bjornholt sold 2,154 shares of the business’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $81.50, for a total transaction of $175,551.00. Following the transaction, the chief financial officer now directly owns 33,257 shares in the company, valued at $2,710,445.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 2.10% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on MCHP. Mizuho set a $95.00 target price on Microchip Technology in a research note on Friday, October 18th. B. Riley lowered their price objective on Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. TD Cowen cut their target price on Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a research note on Wednesday, November 6th. KeyCorp lowered their price target on shares of Microchip Technology from $100.00 to $95.00 and set an “overweight” rating for the company in a research report on Wednesday, November 6th. Finally, Citigroup dropped their price target on shares of Microchip Technology from $92.00 to $82.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. One analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, Microchip Technology currently has a consensus rating of “Moderate Buy” and an average target price of $92.00.

Microchip Technology Company Profile

Microchip Technology Incorporated engages in the development, manufacture, and sale of smart, connected, and secure embedded control solutions in the Americas, Europe, and Asia. The company offers general purpose 8-bit, 16-bit, and 32-bit mixed-signal microcontrollers; 32-bit embedded mixed-signal microprocessors; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.