Associated Banc Corp Reduces Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Associated Banc Corp cut its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 3.4% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 53,346 shares of the semiconductor company’s stock after selling 1,902 shares during the quarter. Associated Banc Corp’s holdings in Microchip Technology were worth $4,283,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Empowered Funds LLC lifted its position in 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 purchasing an additional 19,663 shares during the period. Pinnacle Associates Ltd. lifted its holdings in shares of 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 buying an additional 35,213 shares during the period. Swedbank AB acquired a new position in shares of Microchip Technology in the 1st quarter valued at about $1,079,000. Aigen Investment Management LP purchased a new stake in shares of Microchip Technology in the third quarter worth about $2,391,000. Finally, Cerity Partners LLC grew its holdings in 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 acquiring an additional 32,340 shares during the period. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on MCHP shares. Bank of America lowered Microchip Technology from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $110.00 to $90.00 in a research report on Friday, August 2nd. Truist Financial lowered shares of Microchip Technology from a “buy” rating to a “hold” rating and dropped their price target for the company from $89.00 to $80.00 in a research report on Monday, September 23rd. TD Cowen decreased their price objective on shares of Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a research report on Wednesday, November 6th. Piper Sandler dropped their target price on Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 6th. Finally, B. Riley reduced 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. One analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $92.00.

Microchip Technology Price Performance

MCHP stock opened at $69.85 on Tuesday. Microchip Technology Incorporated has a 1 year low of $62.63 and a 1 year high of $100.57. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.88 and a quick ratio of 0.48. The firm has a market capitalization of $37.51 billion, a PE ratio of 48.85 and a beta of 1.53. The business has a 50 day simple moving average of $74.44 and a 200-day simple moving average of $82.96.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.03. The company had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The firm’s quarterly revenue was down 48.4% on a year-over-year basis. During the same period in the prior year, the business earned $1.54 EPS. Equities research analysts anticipate that Microchip Technology Incorporated will post 1.38 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

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

About Microchip Technology

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.