Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Pitcairn Co.

Pitcairn Co. reduced its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 9.9% during the 3rd quarter, Holdings Channel reports. The fund owned 40,202 shares of the semiconductor company’s stock after selling 4,414 shares during the quarter. Pitcairn Co.’s holdings in Microchip Technology were worth $3,228,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently added to or reduced their stakes in MCHP. Healthcare of Ontario Pension Plan Trust Fund raised its stake in shares of Microchip Technology by 2,390.5% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,291,290 shares of the semiconductor company’s stock worth $209,653,000 after buying an additional 2,199,290 shares in the last quarter. Van ECK Associates Corp raised its stake in shares of Microchip Technology by 25.1% in the 3rd quarter. Van ECK Associates Corp now owns 7,961,200 shares of the semiconductor company’s stock worth $599,239,000 after buying an additional 1,597,263 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Microchip Technology by 78.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,189,390 shares of the semiconductor company’s stock worth $200,329,000 after buying an additional 961,801 shares in the last quarter. Boston Partners grew its holdings in shares of Microchip Technology by 10.7% in the 1st quarter. Boston Partners now owns 7,591,471 shares of the semiconductor company’s stock worth $681,838,000 after acquiring an additional 736,818 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its holdings in shares of Microchip Technology by 17.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,527,709 shares of the semiconductor company’s stock worth $406,182,000 after acquiring an additional 673,992 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on MCHP. Evercore ISI restated an “outperform” rating and issued a $95.00 target price (down from $101.00) on shares of Microchip Technology in a report on Wednesday, November 6th. Rosenblatt Securities restated a “buy” rating and issued a $90.00 target price on shares of Microchip Technology in a 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 report on Wednesday, November 6th. Jefferies Financial Group decreased their target price on Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Finally, KeyCorp decreased their target price on Microchip Technology from $100.00 to $95.00 and set an “overweight” rating on the stock in a report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $92.00.

Microchip Technology Price Performance

Shares of NASDAQ:MCHP opened at $66.69 on Friday. Microchip Technology Incorporated has a fifty-two week low of $62.63 and a fifty-two week high of $100.57. The business has a 50-day moving average of $74.59 and a two-hundred day moving average of $83.24. The stock has a market capitalization of $35.81 billion, a P/E ratio of 46.64 and a beta of 1.53. 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 (NASDAQ:MCHP) last announced its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The company had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same quarter in the previous year, the firm earned $1.54 earnings per share. The business’s quarterly revenue was down 48.4% compared to the same quarter last year. On average, equities research analysts predict that Microchip Technology Incorporated will post 1.38 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The business 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 $0.455 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.73%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s payout ratio is currently 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.