Riverwater Partners LLC Takes $313,000 Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Riverwater Partners LLC purchased a new position in Microchip Technology Incorporated (NASDAQ:MCHP) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 5,461 shares of the semiconductor company’s stock, valued at approximately $313,000.

Other large investors have also bought and sold shares of the company. Pallas Capital Advisors LLC bought a new stake in shares of Microchip Technology during the fourth quarter valued at approximately $5,917,000. Consolidated Planning Corp bought a new stake in shares of Microchip Technology during the 4th quarter valued at $308,000. Quadrature Capital Ltd purchased a new stake in shares of Microchip Technology in the 3rd quarter worth about $3,312,000. one8zero8 LLC bought a new position in shares of Microchip Technology in the 4th quarter worth about $384,000. Finally, Symphony Financial Ltd. Co. bought a new stake in Microchip Technology during the fourth quarter worth about $520,000. 91.51% of the stock is owned by institutional investors.

Microchip Technology Stock Down 11.0 %

NASDAQ MCHP opened at $36.22 on Friday. Microchip Technology Incorporated has a 52 week low of $36.10 and a 52 week high of $100.57. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12. The company has a market capitalization of $19.48 billion, a P/E ratio of 64.68 and a beta of 1.51. The stock’s 50-day moving average price is $54.29 and its 200-day moving average price is $62.86.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share for the quarter, missing the consensus estimate 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, equities research analysts predict that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Monday, February 24th were issued a $0.455 dividend. This represents a $1.82 annualized dividend and a yield of 5.02%. The ex-dividend date was Monday, February 24th. Microchip Technology’s dividend payout ratio is currently 325.00%.

Insiders Place Their Bets

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of the company’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total value 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. This represents a 10.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 2.10% of the stock is currently owned by company insiders.

Analyst Ratings Changes

MCHP has been the subject of several analyst reports. TD Cowen raised their price target on Microchip Technology from $50.00 to $60.00 and gave the company a “hold” rating in a report on Tuesday, March 4th. Evercore ISI upped their target price on shares of Microchip Technology from $65.00 to $71.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 4th. Bank of America lowered shares of Microchip Technology from a “neutral” rating to an “underperform” rating and decreased their price objective for the stock from $80.00 to $65.00 in a report on Monday, December 16th. Raymond James reiterated a “strong-buy” rating and set a $60.00 target price (down from $95.00) on shares of Microchip Technology in a research note on Friday, February 7th. Finally, Morgan Stanley decreased their price target on Microchip Technology from $71.00 to $58.00 and set an “equal weight” rating for the company in a research note on Tuesday, February 4th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $74.37.

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.