Everence Capital Management Inc. Buys 5,170 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Everence Capital Management Inc. raised its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 111.7% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 9,800 shares of the semiconductor company’s stock after acquiring an additional 5,170 shares during the quarter. Everence Capital Management Inc.’s holdings in Microchip Technology were worth $562,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Prospera Private Wealth LLC bought a new position in Microchip Technology during the 3rd quarter valued at about $29,000. Peterson Financial Group Inc. bought a new position in shares of Microchip Technology in the third quarter valued at approximately $34,000. Truvestments Capital LLC acquired a new position in shares of Microchip Technology in the 3rd quarter worth approximately $34,000. Wolff Wiese Magana LLC grew its position in Microchip Technology by 55.2% during the 3rd quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock worth $49,000 after acquiring an additional 218 shares during the last quarter. Finally, Hobbs Group Advisors LLC increased its holdings in Microchip Technology by 390.6% during the 3rd quarter. Hobbs Group Advisors LLC now owns 628 shares of the semiconductor company’s stock valued at $50,000 after purchasing an additional 500 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Price Performance

Shares of MCHP stock opened at $57.67 on Friday. The firm has a market capitalization of $30.97 billion, a price-to-earnings ratio of 40.33 and a beta of 1.50. Microchip Technology Incorporated has a 12-month low of $55.27 and a 12-month high of $100.57. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71. The firm has a fifty day moving average of $64.76 and a 200-day moving average of $76.21.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.03. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The company had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.15 billion. During the same period in the prior year, the company earned $1.54 earnings per share. The company’s revenue for the quarter was down 48.4% compared to the same quarter last year. On average, equities research analysts forecast that Microchip Technology Incorporated will post 1.33 earnings per share for the current year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were paid a $0.455 dividend. The ex-dividend date was Friday, November 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 3.16%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s payout ratio is presently 127.27%.

Analyst Ratings Changes

Several analysts have recently commented on MCHP shares. Evercore ISI restated an “outperform” rating and set a $95.00 target price (down previously from $101.00) on shares of Microchip Technology in a report on Wednesday, November 6th. StockNews.com raised shares of Microchip Technology from a “sell” rating to a “hold” rating in a report on Friday, December 13th. Stifel Nicolaus dropped their target price on shares of Microchip Technology from $90.00 to $87.00 and set a “buy” rating for the company in a research note on Tuesday, December 3rd. KeyCorp decreased their price target on shares of Microchip Technology from $95.00 to $90.00 and set an “overweight” rating on the stock in a research note on Tuesday, December 3rd. Finally, Citigroup dropped their price objective on shares of Microchip Technology from $92.00 to $82.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $89.63.

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.