Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Davis R M Inc.

Davis R M Inc. decreased its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 6.2% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 713,729 shares of the semiconductor company’s stock after selling 47,222 shares during the quarter. Microchip Technology accounts for about 1.1% of Davis R M Inc.’s investment portfolio, making the stock its 29th largest position. Davis R M Inc. owned approximately 0.13% of Microchip Technology worth $57,305,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of the stock. Principal Financial Group Inc. grew its holdings in shares of 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 acquiring an additional 33,603 shares during the last quarter. Van ECK Associates Corp increased its stake in Microchip Technology by 25.1% in the 3rd quarter. Van ECK Associates Corp now owns 7,961,200 shares of the semiconductor company’s stock worth $599,239,000 after purchasing an additional 1,597,263 shares in the last quarter. Boston Partners raised 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 worth $681,838,000 after buying an additional 736,818 shares during the period. Legal & General Group Plc lifted its stake in Microchip Technology by 2.4% during the second 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. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Microchip Technology by 21.1% in the second quarter. Dimensional Fund Advisors LP now owns 3,298,771 shares of the semiconductor company’s stock worth $301,797,000 after buying an additional 575,087 shares during the period. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Performance

NASDAQ:MCHP opened at $66.69 on Monday. The firm has a market capitalization of $35.81 billion, a PE ratio of 46.64 and a beta of 1.53. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71. Microchip Technology Incorporated has a 1 year low of $62.63 and a 1 year high of $100.57. The firm’s fifty day simple moving average is $74.59 and its 200 day simple moving average is $83.11.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.03. The business 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 revenue was down 48.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.54 EPS. On average, sell-side analysts anticipate that Microchip Technology Incorporated will post 1.38 EPS for the current year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be paid a dividend of $0.455 per share. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a yield of 2.73%. The ex-dividend date of this dividend is Friday, November 22nd. Microchip Technology’s dividend payout ratio is presently 127.27%.

Analyst Ratings Changes

A number of research firms recently commented on MCHP. Evercore ISI reaffirmed an “outperform” rating and issued a $95.00 price objective (down previously from $101.00) on shares of Microchip Technology in a research note on Wednesday, November 6th. Citigroup lowered their price target on Microchip Technology from $92.00 to $82.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. B. Riley reduced their price objective on Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Piper Sandler lowered their target price on Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 6th. Finally, StockNews.com lowered shares of Microchip Technology from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, Microchip Technology has a consensus rating of “Moderate Buy” and a consensus price target of $92.00.

Microchip Technology Company 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.