Loomis Sayles & Co. L P Acquires 32,967 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Loomis Sayles & Co. L P lifted its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 65.8% during the third quarter, HoldingsChannel.com reports. The firm owned 83,098 shares of the semiconductor company’s stock after purchasing an additional 32,967 shares during the period. Loomis Sayles & Co. L P’s holdings in Microchip Technology were worth $6,672,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Empowered Funds LLC lifted its position in shares of Microchip Technology by 25.7% in the third quarter. Empowered Funds LLC now owns 96,163 shares of the semiconductor company’s stock worth $7,721,000 after purchasing an additional 19,663 shares in the last quarter. Harvest Fund Management Co. Ltd increased its holdings in Microchip Technology by 52.1% during the third quarter. Harvest Fund Management Co. Ltd now owns 24,713 shares of the semiconductor company’s stock worth $1,984,000 after buying an additional 8,467 shares during the last quarter. Pinnacle Associates Ltd. increased its holdings in Microchip Technology by 50.0% during the third quarter. Pinnacle Associates Ltd. now owns 105,694 shares of the semiconductor company’s stock worth $8,486,000 after buying an additional 35,213 shares during the last quarter. Swedbank AB acquired a new position in Microchip Technology during the first quarter worth $1,079,000. Finally, Cerity Partners LLC increased 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 buying an additional 32,340 shares during the last quarter. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Performance

NASDAQ:MCHP opened at $67.87 on Thursday. The company has a market capitalization of $36.45 billion, a PE ratio of 47.46 and a beta of 1.53. The company has a 50 day simple moving average of $74.10 and a two-hundred day simple moving average of $82.69. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88. Microchip Technology Incorporated has a fifty-two week low of $62.63 and a fifty-two week high of $100.57.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 EPS 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%. The company’s quarterly revenue was down 48.4% on a year-over-year basis. During the same quarter last year, the firm posted $1.54 EPS. Research analysts anticipate that Microchip Technology Incorporated will post 1.38 earnings per share for the current year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders 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. The ex-dividend date is Friday, November 22nd. This represents a $1.82 annualized dividend and a dividend yield of 2.68%. Microchip Technology’s dividend payout ratio (DPR) is 127.27%.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Piper Sandler lowered their target price on shares of Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a report on Wednesday, November 6th. JPMorgan Chase & Co. reduced their target price on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Evercore ISI reaffirmed an “outperform” rating and set a $95.00 price objective (down previously from $101.00) on shares of Microchip Technology in a research report on Wednesday, November 6th. B. Riley cut their price objective on shares of Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Finally, Truist Financial cut shares of Microchip Technology from a “buy” rating to a “hold” rating and dropped their target price for the stock from $89.00 to $80.00 in a report on Monday, September 23rd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price 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.