Plato Investment Management Ltd grew its holdings in Microchip Technology Incorporated (NASDAQ:MCHP – Free Report) by 5.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,499 shares of the semiconductor company’s stock after acquiring an additional 191 shares during the quarter. Plato Investment Management Ltd’s holdings in Microchip Technology were worth $281,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also modified their holdings of MCHP. SeaCrest Wealth Management LLC increased its stake in Microchip Technology by 3.3% during the second quarter. SeaCrest Wealth Management LLC now owns 4,147 shares of the semiconductor company’s stock valued at $379,000 after acquiring an additional 131 shares during the period. Corundum Group Inc. increased its position in shares of Microchip Technology by 3.4% during the third quarter. Corundum Group Inc. now owns 4,315 shares of the semiconductor company’s stock valued at $346,000 after purchasing an additional 143 shares during the period. Commerzbank Aktiengesellschaft FI raised its stake in shares of Microchip Technology by 4.5% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 3,470 shares of the semiconductor company’s stock valued at $318,000 after purchasing an additional 148 shares in the last quarter. Busey Bank lifted its position in Microchip Technology by 2.6% in the second quarter. Busey Bank now owns 6,006 shares of the semiconductor company’s stock worth $550,000 after purchasing an additional 155 shares during the period. Finally, Financial Advocates Investment Management boosted its stake in Microchip Technology by 1.5% during the third 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 in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.
Microchip Technology Trading Down 4.2 %
Shares of NASDAQ MCHP opened at $62.86 on Friday. Microchip Technology Incorporated has a fifty-two week low of $62.63 and a fifty-two week high of $100.57. The firm has a market capitalization of $33.76 billion, a P/E ratio of 43.96 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. The company’s 50 day simple moving average is $75.88 and its 200 day simple moving average is $84.33.
Microchip Technology Increases Dividend
The business also recently declared 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. The ex-dividend date of this dividend is Friday, November 22nd. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.90%. Microchip Technology’s dividend payout ratio is 127.27%.
Analyst Upgrades and Downgrades
MCHP has been the subject of a number of analyst reports. Rosenblatt Securities reaffirmed a “buy” rating and set a $90.00 price objective on shares of Microchip Technology in a report on Wednesday, November 6th. Citigroup cut their price target on shares of Microchip Technology from $92.00 to $82.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Bank of America lowered Microchip Technology from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $110.00 to $90.00 in a research note on Friday, August 2nd. Mizuho set a $95.00 target price on Microchip Technology in a research report on Friday, October 18th. Finally, Jefferies Financial Group lowered their price target on Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. 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 company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $92.00.
View Our Latest Report on MCHP
Insider Activity at Microchip Technology
In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of the stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $81.50, for a total value of $175,551.00. Following the completion of the sale, the chief financial officer now directly owns 33,257 shares in the company, valued at $2,710,445.50. This represents a 6.08 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.10% of the stock is currently owned by corporate insiders.
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.
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