Reinhart Partners LLC. Invests $5.74 Million in Microchip Technology Incorporated (NASDAQ:MCHP)

Reinhart Partners LLC. bought a new stake in Microchip Technology Incorporated (NASDAQ:MCHP) in the fourth quarter, HoldingsChannel reports. The fund bought 100,025 shares of the semiconductor company’s stock, valued at approximately $5,736,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Van ECK Associates Corp lifted its stake in Microchip Technology by 25.1% in 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 acquiring an additional 1,597,263 shares during the last quarter. Legal & General Group Plc increased its position 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 worth $407,660,000 after buying an additional 103,807 shares during the last quarter. Franklin Resources Inc. raised its stake in Microchip Technology by 30.2% in the third quarter. Franklin Resources Inc. now owns 3,347,643 shares of the semiconductor company’s stock valued at $264,430,000 after buying an additional 776,408 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Microchip Technology by 21.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,298,771 shares of the semiconductor company’s stock worth $301,797,000 after acquiring an additional 575,087 shares during the period. Finally, Envestnet Asset Management Inc. increased its holdings in shares of Microchip Technology by 4.5% during the 2nd quarter. Envestnet Asset Management Inc. now owns 3,164,101 shares of the semiconductor company’s stock worth $289,515,000 after acquiring an additional 136,995 shares during the last quarter. 91.51% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have commented on MCHP shares. Stifel Nicolaus reduced their price objective on shares of Microchip Technology from $90.00 to $87.00 and set a “buy” rating for the company in a research report on Tuesday, December 3rd. KeyCorp decreased their price target on shares of Microchip Technology from $95.00 to $90.00 and set an “overweight” rating on the stock in a research note on Tuesday, December 3rd. The Goldman Sachs Group cut their price objective on shares of Microchip Technology from $72.00 to $63.00 and set a “neutral” rating for the company in a research report on Friday. Susquehanna decreased their target price 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, Bank of America cut Microchip Technology from a “neutral” rating to an “underperform” rating and dropped their price target for the stock from $80.00 to $65.00 in a report on Monday, December 16th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $87.11.

Microchip Technology Trading Up 0.5 %

MCHP traded up $0.26 during trading on Monday, reaching $55.45. 3,360,167 shares of the company’s stock were exchanged, compared to its average volume of 7,103,810. The firm has a fifty day moving average price of $62.84 and a two-hundred day moving average price of $74.80. The stock has a market capitalization of $29.78 billion, a PE ratio of 38.78 and a beta of 1.52. Microchip Technology Incorporated has a one year low of $54.47 and a one year high of $100.57. 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 (NASDAQ:MCHP) last posted its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. The business had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.15 billion. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. Microchip Technology’s quarterly revenue was down 48.4% on a year-over-year basis. During the same period in the prior year, the business posted $1.54 earnings per share. As a group, equities research analysts forecast that Microchip Technology Incorporated will post 1.33 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were issued a $0.455 dividend. The ex-dividend date of this dividend was Friday, November 22nd. 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 3.28%. Microchip Technology’s dividend payout ratio is presently 127.27%.

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.