Jennison Associates LLC Sells 30,470 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Jennison Associates LLC reduced its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 13.0% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 203,167 shares of the semiconductor company’s stock after selling 30,470 shares during the quarter. Jennison Associates LLC’s holdings in Microchip Technology were worth $11,652,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Stock Yards Bank & Trust Co. raised its stake in shares of Microchip Technology by 14.0% during the fourth quarter. Stock Yards Bank & Trust Co. now owns 13,124 shares of the semiconductor company’s stock valued at $753,000 after acquiring an additional 1,607 shares during the last quarter. Spire Wealth Management increased its holdings in Microchip Technology by 18.5% during the 4th quarter. Spire Wealth Management now owns 3,340 shares of the semiconductor company’s stock valued at $192,000 after purchasing an additional 521 shares during the period. DAVENPORT & Co LLC raised its position in Microchip Technology by 6.4% during the 4th quarter. DAVENPORT & Co LLC now owns 93,382 shares of the semiconductor company’s stock valued at $5,355,000 after purchasing an additional 5,610 shares during the last quarter. Symphony Financial Ltd. Co. purchased a new stake in Microchip Technology in the 4th quarter worth approximately $520,000. Finally, China Universal Asset Management Co. Ltd. grew its position in shares of Microchip Technology by 28.4% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 8,739 shares of the semiconductor company’s stock worth $501,000 after buying an additional 1,934 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. TD Cowen decreased their target price on Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a report on Wednesday, November 6th. B. Riley dropped their target price on shares of Microchip Technology from $93.00 to $85.00 and set a “buy” rating for the company in a research report on Friday, January 24th. Rosenblatt Securities reaffirmed a “buy” rating and set a $90.00 target price on shares of Microchip Technology in a research note on Wednesday, November 6th. Morgan Stanley decreased their price target on shares of Microchip Technology from $71.00 to $58.00 and set an “equal weight” rating for the company in a research note on Tuesday. Finally, Citigroup cut their price objective on Microchip Technology from $92.00 to $82.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Microchip Technology presently has an average rating of “Moderate Buy” and an average price target of $81.67.

Microchip Technology Stock Performance

Shares of MCHP stock opened at $53.50 on Thursday. The company has a market capitalization of $28.73 billion, a price-to-earnings ratio of 37.41 and a beta of 1.50. 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 one year low of $51.37 and a one year high of $100.57. The company’s 50-day moving average is $58.62 and its 200 day moving average is $70.50.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The firm had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.15 billion. During the same quarter in the prior year, the company posted $1.54 earnings per share. The business’s revenue for the quarter was down 48.4% on a year-over-year basis. Sell-side analysts expect that Microchip Technology Incorporated will post 1.31 EPS for the current fiscal year.

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.