Jennison Associates LLC Sells 30,470 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Jennison Associates LLC cut its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 13.0% in the fourth quarter, HoldingsChannel.com reports. The fund owned 203,167 shares of the semiconductor company’s stock after selling 30,470 shares during the period. Jennison Associates LLC’s holdings in Microchip Technology were worth $11,652,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in MCHP. Corundum Group Inc. grew its position in Microchip Technology by 3.4% in the 3rd quarter. Corundum Group Inc. now owns 4,315 shares of the semiconductor company’s stock worth $346,000 after purchasing an additional 143 shares during the period. Financial Advocates Investment Management grew its holdings in shares of Microchip Technology by 1.5% in the third quarter. Financial Advocates Investment Management now owns 10,795 shares of the semiconductor company’s stock worth $867,000 after acquiring an additional 158 shares during the period. Bruce G. Allen Investments LLC increased its position in Microchip Technology by 11.4% during the third quarter. Bruce G. Allen Investments LLC now owns 1,578 shares of the semiconductor company’s stock valued at $127,000 after acquiring an additional 162 shares during the last quarter. Metis Global Partners LLC increased its position in Microchip Technology by 1.0% during the third quarter. Metis Global Partners LLC now owns 17,161 shares of the semiconductor company’s stock valued at $1,378,000 after acquiring an additional 172 shares during the last quarter. Finally, Americana Partners LLC lifted its holdings in Microchip Technology by 5.5% in the third quarter. Americana Partners LLC now owns 3,441 shares of the semiconductor company’s stock valued at $276,000 after acquiring an additional 179 shares during the period. 91.51% of the stock is owned by hedge funds and other institutional investors.

Microchip Technology Trading Up 1.7 %

Shares of MCHP opened at $53.50 on Thursday. The firm has a market cap of $28.73 billion, a P/E ratio of 37.41 and a beta of 1.50. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.88 and a quick ratio of 0.48. Microchip Technology Incorporated has a 1 year low of $51.37 and a 1 year high of $100.57. The company has a 50 day simple moving average of $58.62 and a two-hundred day simple moving average of $70.50.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results 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. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The company had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.15 billion. During the same period in the previous year, the firm posted $1.54 EPS. Microchip Technology’s revenue for the quarter was down 48.4% compared to the same quarter last year. On average, equities analysts expect that Microchip Technology Incorporated will post 1.31 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

MCHP has been the subject of several research reports. Morgan Stanley reduced their price target on shares of Microchip Technology from $71.00 to $58.00 and set an “equal weight” rating for the company in a research report on Tuesday. Piper Sandler cut their target price on shares of Microchip Technology from $100.00 to $85.00 and set an “overweight” rating for the company in a research report on Wednesday, November 6th. Jefferies Financial Group decreased their price target on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. Needham & Company LLC reissued a “buy” rating and set a $85.00 price objective on shares of Microchip Technology in a research report on Tuesday, December 3rd. Finally, TD Cowen reduced their price objective on Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a research note on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $81.67.

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.