Studio Investment Management LLC Trims Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Studio Investment Management LLC lowered its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 2.3% during the third quarter, HoldingsChannel reports. The institutional investor owned 28,127 shares of the semiconductor company’s stock after selling 676 shares during the quarter. Studio Investment Management LLC’s holdings in Microchip Technology were worth $2,258,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of MCHP. Healthcare of Ontario Pension Plan Trust Fund increased its holdings in 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 valued at $209,653,000 after purchasing an additional 2,199,290 shares during the last quarter. Van ECK Associates Corp grew its stake in shares of Microchip Technology by 25.1% in the third quarter. Van ECK Associates Corp now owns 7,961,200 shares of the semiconductor company’s stock valued at $599,239,000 after buying an additional 1,597,263 shares in the last quarter. Canada Pension Plan Investment Board raised its holdings in shares of Microchip Technology by 425.3% in the 1st quarter. Canada Pension Plan Investment Board now owns 1,377,099 shares of the semiconductor company’s stock valued at $123,540,000 after buying an additional 1,114,962 shares during the period. The Manufacturers Life Insurance Company raised its holdings 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 valued at $200,329,000 after buying an additional 961,801 shares during the period. Finally, Boston Partners boosted its holdings in Microchip Technology by 10.7% during the 1st quarter. Boston Partners now owns 7,591,471 shares of the semiconductor company’s stock valued at $681,838,000 after acquiring an additional 736,818 shares during the period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Microchip Technology Trading Up 2.1 %

NASDAQ:MCHP opened at $66.49 on Friday. The company has a market capitalization of $35.71 billion, a PE ratio of 46.50 and a beta of 1.53. Microchip Technology Incorporated has a 52-week low of $62.63 and a 52-week high of $100.57. The stock’s 50 day moving average price is $74.80 and its 200 day moving average price is $83.42. 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 (NASDAQ:MCHP) last announced its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, topping 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 business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. During the same period last year, the firm posted $1.54 earnings per share. The company’s revenue for the quarter was down 48.4% compared to the same quarter last year. On average, research analysts anticipate that Microchip Technology Incorporated will post 1.38 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be issued a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.74%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date is Friday, November 22nd. Microchip Technology’s dividend payout ratio is presently 127.27%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on MCHP. Rosenblatt Securities reissued a “buy” rating and set a $90.00 price target on shares of Microchip Technology in a research report on Wednesday, November 6th. Truist Financial downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating and dropped their price target for the stock from $89.00 to $80.00 in a research note on Monday, September 23rd. StockNews.com lowered Microchip Technology from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Evercore ISI restated an “outperform” rating and set a $95.00 price target (down previously from $101.00) on shares of Microchip Technology in a report on Wednesday, November 6th. Finally, Needham & Company LLC reduced their price target 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. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $92.00.

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.