Intech Investment Management LLC Has $1.36 Million Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Intech Investment Management LLC cut its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 10.4% in the third quarter, Holdings Channel reports. The firm owned 16,953 shares of the semiconductor company’s stock after selling 1,978 shares during the quarter. Intech Investment Management LLC’s holdings in Microchip Technology were worth $1,361,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Prospera Private Wealth LLC acquired a new position in shares of Microchip Technology during the 3rd quarter worth about $29,000. Peterson Financial Group Inc. acquired a new position in Microchip Technology during the third quarter valued at approximately $34,000. Pathway Financial Advisers LLC bought a new stake in Microchip Technology in the first quarter valued at approximately $39,000. Versant Capital Management Inc raised its holdings in Microchip Technology by 148.8% in the second quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock worth $48,000 after purchasing an additional 317 shares during the period. Finally, TruNorth Capital Management LLC bought a new position in shares of Microchip Technology during the second quarter worth $55,000. Institutional investors own 91.51% of the company’s stock.

Analyst Ratings Changes

MCHP has been the topic of several research analyst reports. Rosenblatt Securities reaffirmed a “buy” rating and set a $90.00 price objective on shares of Microchip Technology in a research note on Wednesday, November 6th. TD Cowen decreased their price objective on Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a research report on Wednesday, November 6th. KeyCorp dropped their target price on shares of Microchip Technology from $100.00 to $95.00 and set an “overweight” rating on the stock in a report on Wednesday, November 6th. Truist Financial downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $89.00 to $80.00 in a research report on Monday, September 23rd. Finally, Mizuho set a $95.00 price objective on shares of Microchip Technology in a research report on Friday, October 18th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $92.00.

Microchip Technology Trading Down 2.1 %

Shares of Microchip Technology stock opened at $68.41 on Wednesday. The stock has a market cap of $36.74 billion, a P/E ratio of 47.84 and a beta of 1.53. 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 Incorporated has a 12-month low of $62.63 and a 12-month high of $100.57. The business’s 50 day moving average is $74.27 and its 200-day moving average is $82.80.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, topping 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 analyst estimates of $1.15 billion. During the same period in the prior year, the firm posted $1.54 earnings per share. The company’s quarterly revenue was down 48.4% compared to the same quarter last year. Equities research analysts predict that Microchip Technology Incorporated will post 1.38 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be given a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a yield of 2.66%. The ex-dividend date of this dividend is Friday, November 22nd. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s payout ratio is 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.