Landscape Capital Management L.L.C. Acquires Shares of 2,719 Microchip Technology Incorporated (NASDAQ:MCHP)

Landscape Capital Management L.L.C. acquired a new stake in Microchip Technology Incorporated (NASDAQ:MCHP) during the 3rd quarter, Holdings Channel reports. The institutional investor acquired 2,719 shares of the semiconductor company’s stock, valued at approximately $218,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of MCHP. Empowered Funds LLC grew its position in shares of Microchip Technology by 25.7% in the third quarter. Empowered Funds LLC now owns 96,163 shares of the semiconductor company’s stock valued at $7,721,000 after purchasing an additional 19,663 shares during the last quarter. Pinnacle Associates Ltd. grew its position in shares of Microchip Technology by 50.0% in the third quarter. Pinnacle Associates Ltd. now owns 105,694 shares of the semiconductor company’s stock valued at $8,486,000 after purchasing an additional 35,213 shares during the last quarter. Swedbank AB acquired a new position in shares of Microchip Technology in the first quarter valued at approximately $1,079,000. Aigen Investment Management LP acquired a new position in shares of Microchip Technology in the third quarter valued at approximately $2,391,000. Finally, Mirae Asset Global Investments Co. Ltd. grew its position in shares of Microchip Technology by 12.0% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 870,072 shares of the semiconductor company’s stock valued at $69,355,000 after purchasing an additional 93,464 shares during the last quarter. Institutional investors own 91.51% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on MCHP. Piper Sandler decreased their target price on Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 6th. Needham & Company LLC decreased their target price on Microchip Technology from $96.00 to $85.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. Susquehanna lowered their price objective on Microchip Technology from $95.00 to $90.00 and set a “positive” rating on the stock in a research note on Wednesday, November 6th. Bank of America lowered Microchip Technology from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $110.00 to $90.00 in a research note on Friday, August 2nd. Finally, KeyCorp lowered their price objective on Microchip Technology from $100.00 to $95.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $92.00.

Microchip Technology Stock Up 4.7 %

Shares of MCHP opened at $69.85 on Tuesday. The company has a market capitalization of $37.51 billion, a PE ratio of 48.85 and a beta of 1.53. Microchip Technology Incorporated has a 12 month low of $62.63 and a 12 month high of $100.57. The stock’s 50-day moving average price is $74.44 and its two-hundred day moving average price is $82.96. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. The company had revenue of $1.16 billion for the quarter, compared to the consensus estimate 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 was down 48.4% compared to the same quarter last year. During the same period in the previous year, the business earned $1.54 EPS. On average, analysts anticipate that Microchip Technology Incorporated will post 1.38 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be paid a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.61%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Friday, November 22nd. Microchip Technology’s payout ratio is currently 127.27%.

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.