Brookstone Capital Management Sells 1,684 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Brookstone Capital Management trimmed its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 22.7% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,726 shares of the semiconductor company’s stock after selling 1,684 shares during the period. Brookstone Capital Management’s holdings in Microchip Technology were worth $328,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Corundum Group Inc. lifted its holdings in Microchip Technology by 3.4% during the third quarter. Corundum Group Inc. now owns 4,315 shares of the semiconductor company’s stock worth $346,000 after acquiring an additional 143 shares in the last quarter. Financial Advocates Investment Management lifted its holdings in Microchip Technology by 1.5% during the third quarter. Financial Advocates Investment Management now owns 10,795 shares of the semiconductor company’s stock worth $867,000 after acquiring an additional 158 shares in the last quarter. Bruce G. Allen Investments LLC lifted its holdings in Microchip Technology by 11.4% during the third quarter. Bruce G. Allen Investments LLC now owns 1,578 shares of the semiconductor company’s stock worth $127,000 after acquiring an additional 162 shares in the last quarter. Metis Global Partners LLC lifted its holdings in Microchip Technology by 1.0% during the third quarter. Metis Global Partners LLC now owns 17,161 shares of the semiconductor company’s stock worth $1,378,000 after acquiring an additional 172 shares in the last quarter. Finally, Americana Partners LLC lifted its holdings in Microchip Technology by 5.5% during the third quarter. Americana Partners LLC now owns 3,441 shares of the semiconductor company’s stock worth $276,000 after acquiring an additional 179 shares in the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Microchip Technology Price Performance

Microchip Technology stock opened at $57.97 on Friday. Microchip Technology Incorporated has a 12 month low of $54.47 and a 12 month high of $100.57. The stock’s 50 day moving average is $61.11 and its 200-day moving average is $73.71. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71. The company has a market capitalization of $31.13 billion, a price-to-earnings ratio of 40.54 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.03. The business had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The firm’s revenue for the quarter was down 48.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.54 earnings per share. Equities research analysts expect that Microchip Technology Incorporated will post 1.32 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were paid a dividend of $0.455 per share. The ex-dividend date was Friday, November 22nd. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a yield of 3.14%. Microchip Technology’s dividend payout ratio is presently 127.27%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. StockNews.com upgraded Microchip Technology from a “sell” rating to a “hold” rating in a report on Friday, December 13th. The Goldman Sachs Group dropped their target price on Microchip Technology from $72.00 to $63.00 and set a “neutral” rating on the stock in a report on Friday, January 10th. Bank of America lowered Microchip Technology from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $80.00 to $65.00 in a report on Monday, December 16th. Jefferies Financial Group dropped their target price on Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Finally, KeyCorp dropped their target price on Microchip Technology from $90.00 to $70.00 and set an “overweight” rating on the stock in a report on Tuesday, January 14th. One research analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, Microchip Technology currently has a consensus rating of “Moderate Buy” and an average price target of $85.00.

Microchip Technology 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.