Investment Management Corp of Ontario Cuts Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Investment Management Corp of Ontario trimmed its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 11.6% during the third quarter, HoldingsChannel.com reports. The firm owned 17,850 shares of the semiconductor company’s stock after selling 2,346 shares during the quarter. Investment Management Corp of Ontario’s holdings in Microchip Technology were worth $1,433,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of MCHP. Prospera Private Wealth LLC acquired a new stake in Microchip Technology in the 3rd quarter valued at $29,000. Peterson Financial Group Inc. purchased a new stake in shares of Microchip Technology during the third quarter valued at approximately $34,000. Truvestments Capital LLC purchased a new position in shares of Microchip Technology in the third quarter valued at $34,000. Wolff Wiese Magana LLC increased its stake in Microchip Technology by 55.2% during the 3rd quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock worth $49,000 after buying an additional 218 shares during the period. Finally, TruNorth Capital Management LLC acquired a new stake in shares of Microchip Technology during the second quarter valued at about $55,000. 91.51% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

MCHP has been the subject of a number of recent analyst reports. TD Cowen lowered their price objective on Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a research note on Wednesday, November 6th. Needham & Company LLC reissued a “buy” rating and issued a $85.00 target price on shares of Microchip Technology in a research report on Tuesday. Susquehanna decreased their price target on Microchip Technology from $95.00 to $90.00 and set a “positive” rating for the company in a research note on Wednesday, November 6th. KeyCorp lowered their price target on Microchip Technology from $95.00 to $90.00 and set an “overweight” rating for the company in a report on Tuesday. Finally, Stifel Nicolaus decreased their price objective on shares of Microchip Technology from $90.00 to $87.00 and set a “buy” rating for the company in a report on Tuesday. One analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, Microchip Technology presently has an average rating of “Moderate Buy” and an average price target of $90.95.

Microchip Technology Price Performance

Shares of NASDAQ:MCHP opened at $58.25 on Friday. The company has a market cap of $31.28 billion, a P/E ratio of 40.73 and a beta of 1.50. The company’s fifty day moving average is $72.60 and its two-hundred day moving average is $81.57. 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 12-month low of $57.96 and a 12-month high of $100.57.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.03. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.15 billion. During the same quarter in the previous year, the business posted $1.54 EPS. The business’s revenue for the quarter was down 48.4% on a year-over-year basis. Equities analysts expect that Microchip Technology Incorporated will post 1.33 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be given a dividend of $0.455 per share. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date is Friday, November 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 3.12%. Microchip Technology’s dividend payout ratio (DPR) is presently 127.27%.

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.