Microchip Technology Incorporated (NASDAQ:MCHP) Shares Acquired by Harvest Fund Management Co. Ltd

Harvest Fund Management Co. Ltd increased its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 52.1% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 24,713 shares of the semiconductor company’s stock after purchasing an additional 8,467 shares during the period. Harvest Fund Management Co. Ltd’s holdings in Microchip Technology were worth $1,984,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of MCHP. Empowered Funds LLC raised its holdings in shares of Microchip Technology by 25.7% during the third quarter. Empowered Funds LLC now owns 96,163 shares of the semiconductor company’s stock valued at $7,721,000 after acquiring an additional 19,663 shares during the last quarter. Pinnacle Associates Ltd. raised its stake in Microchip Technology by 50.0% in the 3rd quarter. Pinnacle Associates Ltd. now owns 105,694 shares of the semiconductor company’s stock valued at $8,486,000 after purchasing an additional 35,213 shares during the last quarter. Swedbank AB purchased a new position in Microchip Technology in the 1st quarter valued at $1,079,000. Aigen Investment Management LP acquired a new stake in Microchip Technology during the 3rd quarter worth $2,391,000. Finally, Cerity Partners LLC grew its holdings in shares of Microchip Technology by 14.2% during the third quarter. Cerity Partners LLC now owns 260,063 shares of the semiconductor company’s stock worth $20,880,000 after buying an additional 32,340 shares in the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

MCHP has been the topic of a number of recent research reports. Mizuho set a $95.00 price target on shares of Microchip Technology in a research report on Friday, October 18th. KeyCorp lowered 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. B. Riley cut their price target on Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Citigroup dropped their target price on Microchip Technology from $92.00 to $82.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. Finally, Jefferies Financial Group reduced their price target on Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, Microchip Technology presently has a consensus rating of “Moderate Buy” and an average price target of $92.00.

Microchip Technology Stock Performance

NASDAQ:MCHP opened at $69.85 on Tuesday. The stock has a market capitalization of $37.51 billion, a P/E ratio of 48.85 and a beta of 1.53. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88. Microchip Technology Incorporated has a fifty-two week low of $62.63 and a fifty-two week high of $100.57. The company has a 50 day moving average price of $74.44 and a 200 day moving average price of $82.96.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, beating 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 business had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same period in the previous year, the firm posted $1.54 earnings per share. The company’s revenue was down 48.4% on a year-over-year basis. Equities research analysts forecast that Microchip Technology Incorporated will post 1.38 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be paid a $0.455 dividend. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $1.82 annualized dividend and a dividend yield of 2.61%. Microchip Technology’s dividend payout ratio (DPR) is presently 127.27%.

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.