Providence Capital Advisors LLC Has $4.50 Million Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Providence Capital Advisors LLC grew its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 28.1% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 78,400 shares of the semiconductor company’s stock after purchasing an additional 17,200 shares during the quarter. Providence Capital Advisors LLC’s holdings in Microchip Technology were worth $4,496,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of MCHP. Mainstream Capital Management LLC bought a new position in Microchip Technology during the fourth quarter worth $26,000. Rakuten Securities Inc. boosted its position in shares of Microchip Technology by 309.5% during the 4th quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company’s stock worth $27,000 after purchasing an additional 359 shares in the last quarter. OFI Invest Asset Management bought a new position in shares of Microchip Technology during the 4th quarter worth about $29,000. Financial Life Planners bought a new stake in Microchip Technology in the 4th quarter valued at about $32,000. Finally, Truvestments Capital LLC acquired a new position in Microchip Technology during the 3rd quarter worth approximately $34,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on MCHP shares. Stifel Nicolaus reduced their price objective on Microchip Technology from $90.00 to $87.00 and set a “buy” rating for the company in a research note on Tuesday, December 3rd. Raymond James restated a “strong-buy” rating and set a $60.00 price target (down previously from $95.00) on shares of Microchip Technology in a research note on Friday, February 7th. Needham & Company LLC upped their price objective on shares of Microchip Technology from $60.00 to $66.00 and gave the stock a “buy” rating in a report on Tuesday, March 4th. Rosenblatt Securities reissued a “buy” rating and set a $70.00 target price on shares of Microchip Technology in a research report on Tuesday, March 4th. Finally, The Goldman Sachs Group dropped their price target on shares of Microchip Technology from $72.00 to $63.00 and set a “neutral” rating on the stock in a research report on Friday, January 10th. Two analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $74.37.

Microchip Technology Trading Down 2.6 %

Shares of MCHP stock opened at $50.79 on Friday. 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 firm has a market cap of $27.32 billion, a P/E ratio of 90.70 and a beta of 1.52. The company has a 50 day moving average of $55.83 and a 200-day moving average of $64.16. Microchip Technology Incorporated has a 12-month low of $49.92 and a 12-month high of $100.57.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $0.13 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%. Sell-side analysts anticipate that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Monday, February 24th were paid a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.58%. The ex-dividend date of this dividend was Monday, February 24th. Microchip Technology’s payout ratio is currently 325.00%.

Insider Activity at Microchip Technology

In other news, CFO James Eric Bjornholt sold 3,724 shares of the firm’s stock in a transaction 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 of the company’s stock, valued at $2,025,599.36. This trade represents a 10.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.10% of the stock is owned by company insiders.

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.