Westfield Capital Management Co. LP Sells 408,944 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Westfield Capital Management Co. LP decreased its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 74.4% during the third quarter, according to its most recent filing with the SEC. The firm owned 140,756 shares of the semiconductor company’s stock after selling 408,944 shares during the period. Westfield Capital Management Co. LP’s holdings in Microchip Technology were worth $11,301,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Healthcare of Ontario Pension Plan Trust Fund grew its position in shares of Microchip Technology by 2,390.5% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,291,290 shares of the semiconductor company’s stock worth $209,653,000 after buying an additional 2,199,290 shares during the period. Van ECK Associates Corp increased its stake in shares of 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 valued at $599,239,000 after purchasing an additional 1,597,263 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Microchip Technology by 78.3% during the second quarter. The Manufacturers Life Insurance Company now owns 2,189,390 shares of the semiconductor company’s stock valued at $200,329,000 after purchasing an additional 961,801 shares during the last quarter. Boston Partners raised its stake in Microchip Technology by 10.7% during the first quarter. Boston Partners now owns 7,591,471 shares of the semiconductor company’s stock valued at $681,838,000 after buying an additional 736,818 shares during the last quarter. Finally, National Bank of Canada FI boosted its holdings in Microchip Technology by 234.1% in the second quarter. National Bank of Canada FI now owns 899,561 shares of the semiconductor company’s stock worth $82,391,000 after acquiring an additional 630,285 shares in the last quarter. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Price Performance

Shares of NASDAQ:MCHP opened at $66.69 on Monday. The company has a market capitalization of $35.81 billion, a P/E ratio of 46.64 and a beta of 1.53. Microchip Technology Incorporated has a 1-year low of $62.63 and a 1-year high of $100.57. The firm’s 50 day simple moving average is $74.59 and its two-hundred day simple moving average is $83.11. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.88 and a quick ratio of 0.48.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results 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 company had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. Microchip Technology’s quarterly revenue was down 48.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.54 EPS. Research analysts expect that Microchip Technology Incorporated will post 1.38 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The firm 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 represents a $1.82 annualized dividend and a yield of 2.73%. The ex-dividend date is Friday, November 22nd. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio (DPR) is 127.27%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on MCHP shares. JPMorgan Chase & Co. lowered their price target on Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. TD Cowen dropped their target price on shares of Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a research note on Wednesday, November 6th. Evercore ISI reissued an “outperform” rating and set a $95.00 price target (down previously from $101.00) on shares of Microchip Technology in a research report on Wednesday, November 6th. Susquehanna lowered their price objective on 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, B. Riley cut their target price on Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a research note 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, the company has a consensus rating of “Moderate Buy” and an average 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.