Citizens Financial Group Inc. RI Increases Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Citizens Financial Group Inc. RI grew its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 22.9% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 11,949 shares of the semiconductor company’s stock after purchasing an additional 2,224 shares during the quarter. Citizens Financial Group Inc. RI’s holdings in Microchip Technology were worth $959,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in MCHP. Prospera Private Wealth LLC purchased a new stake in Microchip Technology during the third quarter valued at approximately $29,000. Peterson Financial Group Inc. purchased a new stake in shares of Microchip Technology in the 3rd quarter worth $34,000. Pathway Financial Advisers LLC bought a new position in Microchip Technology in the 1st quarter worth $39,000. Versant Capital Management Inc lifted its position in Microchip Technology by 148.8% during the second quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock valued at $48,000 after purchasing an additional 317 shares in the last quarter. Finally, Wolff Wiese Magana LLC grew its holdings in Microchip Technology by 55.2% during the third quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock valued at $49,000 after purchasing an additional 218 shares during the period. Institutional investors own 91.51% of the company’s stock.

Analyst Upgrades and Downgrades

MCHP has been the subject of a number of recent research reports. Bank of America downgraded Microchip Technology from a “buy” rating to a “neutral” rating and cut their price objective for the company from $110.00 to $90.00 in a research note on Friday, August 2nd. Susquehanna reduced their price objective on shares of Microchip Technology from $95.00 to $90.00 and set a “positive” rating for the company in a research note on Wednesday, November 6th. Needham & Company LLC lowered their target price on shares of Microchip Technology from $96.00 to $85.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. KeyCorp cut their price target on Microchip Technology from $100.00 to $95.00 and set an “overweight” rating for the company in a research note on Wednesday, November 6th. Finally, TD Cowen decreased their price target on Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $92.00.

Microchip Technology Price Performance

Microchip Technology stock opened at $66.69 on Friday. Microchip Technology Incorporated has a 52-week low of $62.63 and a 52-week high of $100.57. The company has a market cap of $35.81 billion, a price-to-earnings ratio of 46.64 and a beta of 1.53. The firm’s fifty day moving average is $74.59 and its 200 day moving average is $83.24. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71.

Microchip Technology (NASDAQ:MCHP) last announced its 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. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The firm had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.15 billion. During the same period in the prior year, the company earned $1.54 EPS. The business’s revenue was down 48.4% compared to the same quarter last year. Sell-side analysts forecast that Microchip Technology Incorporated will post 1.38 EPS for the current fiscal year.

Microchip Technology Increases Dividend

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

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.