STF Management LP Reduces Position in Microchip Technology Incorporated (NASDAQ:MCHP)

STF Management LP reduced its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 8.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,813 shares of the semiconductor company’s stock after selling 737 shares during the period. STF Management LP’s holdings in Microchip Technology were worth $627,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Principal Financial Group Inc. lifted its stake in Microchip Technology by 0.4% in the 2nd quarter. Principal Financial Group Inc. now owns 9,246,403 shares of the semiconductor company’s stock worth $846,046,000 after purchasing an additional 33,603 shares in the last quarter. Van ECK Associates Corp lifted its position in Microchip Technology by 25.1% during the third quarter. Van ECK Associates Corp now owns 7,961,200 shares of the semiconductor company’s stock worth $599,239,000 after buying an additional 1,597,263 shares in the last quarter. Boston Partners lifted its position in Microchip Technology by 10.7% during the first quarter. Boston Partners now owns 7,591,471 shares of the semiconductor company’s stock worth $681,838,000 after buying an additional 736,818 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Microchip Technology by 17.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 4,527,709 shares of the semiconductor company’s stock worth $406,182,000 after buying an additional 673,992 shares during the last quarter. Finally, Legal & General Group Plc grew its holdings in Microchip Technology by 2.4% in the 2nd quarter. Legal & General Group Plc now owns 4,455,317 shares of the semiconductor company’s stock valued at $407,660,000 after buying an additional 103,807 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Microchip Technology Stock Performance

Shares of Microchip Technology stock opened at $66.49 on Friday. The firm has a market capitalization of $35.71 billion, a P/E ratio of 46.50 and a beta of 1.53. 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 Incorporated has a 52 week low of $62.63 and a 52 week high of $100.57. The firm’s 50 day moving average is $74.80 and its two-hundred day moving average is $83.42.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.43 by $0.03. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. During the same period last year, the business earned $1.54 EPS. Microchip Technology’s revenue for the quarter was down 48.4% compared to the same quarter last year. Research analysts forecast that Microchip Technology Incorporated will post 1.38 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be given a dividend of $0.455 per share. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a yield of 2.74%. The ex-dividend date is Friday, November 22nd. Microchip Technology’s dividend payout ratio (DPR) is presently 127.27%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in 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. Piper Sandler cut their price target on shares of Microchip Technology from $100.00 to $85.00 and set an “overweight” rating for the company in a report on Wednesday, November 6th. JPMorgan Chase & Co. reduced their price objective on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Susquehanna decreased their target price on shares of Microchip Technology from $95.00 to $90.00 and set a “positive” rating on the stock in a research report on Wednesday, November 6th. Finally, Citigroup dropped 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 report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $92.00.

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.