Symmetry Investments LP Invests $553,000 in Microchip Technology Incorporated (NASDAQ:MCHP)

Symmetry Investments LP bought a new position in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 9,638 shares of the semiconductor company's stock, valued at approximately $553,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Pallas Capital Advisors LLC purchased a new stake in Microchip Technology during the fourth quarter worth approximately $5,917,000. Consolidated Planning Corp acquired a new stake in Microchip Technology during the fourth quarter worth approximately $308,000. one8zero8 LLC purchased a new stake in shares of Microchip Technology during the 4th quarter worth approximately $384,000. Symphony Financial Ltd. Co. acquired a new position in shares of Microchip Technology in the 4th quarter valued at $520,000. Finally, Truist Financial Corp grew its position in shares of Microchip Technology by 5.8% in the 4th quarter. Truist Financial Corp now owns 959,439 shares of the semiconductor company's stock valued at $55,024,000 after buying an additional 52,222 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company's stock.

Microchip Technology Price Performance

Shares of NASDAQ MCHP traded down $0.65 during trading on Monday, hitting $46.24. 2,877,945 shares of the company were exchanged, compared to its average volume of 8,213,810. The firm's fifty day moving average price is $49.48 and its 200 day moving average price is $58.29. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23. The company has a market cap of $24.87 billion, a price-to-earnings ratio of 82.53 and a beta of 1.51. Microchip Technology Incorporated has a 1 year low of $34.13 and a 1 year high of $100.57.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last issued its earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. On average, sell-side analysts expect that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Monday, February 24th were given a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.94%. The ex-dividend date was Monday, February 24th. Microchip Technology's dividend payout ratio is currently 325.00%.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. The Goldman Sachs Group dropped their price objective on Microchip Technology from $72.00 to $63.00 and set a "neutral" rating on the stock in a report on Friday, January 10th. Needham & Company LLC lifted their price target on Microchip Technology from $60.00 to $66.00 and gave the stock a "buy" rating in a research report on Tuesday, March 4th. Citigroup decreased their price objective on Microchip Technology from $65.00 to $50.00 and set a "buy" rating for the company in a report on Friday, April 11th. Raymond James reiterated a "strong-buy" rating and issued a $60.00 price target (down previously from $95.00) on shares of Microchip Technology in a research report on Friday, February 7th. Finally, KeyCorp lowered their price objective on shares of Microchip Technology from $70.00 to $60.00 and set an "overweight" rating on the stock in a research report on Friday, February 7th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $69.32.

Insider Transactions at Microchip Technology

In related news, CFO James Eric Bjornholt sold 3,724 shares of Microchip Technology stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total transaction of $226,717.12. Following the completion of the transaction, the chief financial officer now directly owns 33,272 shares in the company, valued at $2,025,599.36. The trade was a 10.07 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 2.10% of the company's stock.

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.