Microchip Technology Incorporated (NASDAQ:MCHP) Stake Reduced by Bank of New York Mellon Corp

Bank of New York Mellon Corp trimmed its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 20.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,259,947 shares of the semiconductor company’s stock after selling 1,111,010 shares during the quarter. Bank of New York Mellon Corp owned 0.79% of Microchip Technology worth $244,308,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in the business. Financial Advocates Investment Management raised its holdings in Microchip Technology by 1.5% during the 3rd quarter. Financial Advocates Investment Management now owns 10,795 shares of the semiconductor company’s stock worth $867,000 after buying an additional 158 shares during the period. Metis Global Partners LLC boosted its position in shares of Microchip Technology by 1.0% in the third quarter. Metis Global Partners LLC now owns 17,161 shares of the semiconductor company’s stock worth $1,378,000 after buying an additional 172 shares during the period. Americana Partners LLC grew its holdings in shares of Microchip Technology by 5.5% during the third quarter. Americana Partners LLC now owns 3,441 shares of the semiconductor company’s stock valued at $276,000 after buying an additional 179 shares in the last quarter. Plato Investment Management Ltd raised its position in Microchip Technology by 5.8% during the third quarter. Plato Investment Management Ltd now owns 3,499 shares of the semiconductor company’s stock valued at $281,000 after buying an additional 191 shares during the period. Finally, Summit Global Investments lifted its stake in Microchip Technology by 2.5% in the 3rd quarter. Summit Global Investments now owns 8,463 shares of the semiconductor company’s stock worth $679,000 after acquiring an additional 207 shares in the last quarter. Institutional investors own 91.51% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on MCHP. Mizuho lowered their target price on Microchip Technology from $85.00 to $72.00 and set an “outperform” rating on the stock in a research note on Friday, January 10th. Raymond James reaffirmed a “strong-buy” rating and set a $60.00 price objective (down from $95.00) on shares of Microchip Technology in a research report on Friday, February 7th. Piper Sandler reiterated an “overweight” rating and issued a $65.00 target price (down previously from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. Bank of America lowered shares of Microchip Technology from a “neutral” rating to an “underperform” rating and decreased their target price for the company from $80.00 to $65.00 in a research note on Monday, December 16th. Finally, KeyCorp dropped their price target on shares of Microchip Technology from $70.00 to $60.00 and set an “overweight” rating on the stock in a research note on Friday, February 7th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $77.11.

Microchip Technology Stock Down 0.7 %

Shares of Microchip Technology stock opened at $59.77 on Thursday. Microchip Technology Incorporated has a 12-month low of $50.21 and a 12-month high of $100.57. The stock has a market capitalization of $32.15 billion, a P/E ratio of 106.73 and a beta of 1.50. 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 stock has a 50 day moving average price of $56.85 and a two-hundred day moving average price of $67.72.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.15). Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. Equities analysts expect that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Monday, February 24th will be paid a $0.455 dividend. The ex-dividend date of this dividend is Monday, February 24th. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.05%. Microchip Technology’s payout ratio is presently 325.00%.

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.