Microchip Technology Incorporated (NASDAQ:MCHP) Stock Position Lowered by Assetmark Inc.

Assetmark Inc. trimmed its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 28.9% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 37,889 shares of the semiconductor company’s stock after selling 15,394 shares during the period. Assetmark Inc.’s holdings in Microchip Technology were worth $3,042,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the company. Pinnacle Associates Ltd. grew its position in Microchip Technology by 50.0% during the third quarter. Pinnacle Associates Ltd. now owns 105,694 shares of the semiconductor company’s stock valued at $8,486,000 after purchasing an additional 35,213 shares in the last quarter. Swedbank AB acquired a new position in shares of Microchip Technology in the first quarter worth $1,079,000. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Microchip Technology by 12.0% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 870,072 shares of the semiconductor company’s stock worth $69,355,000 after acquiring an additional 93,464 shares in the last quarter. SageView Advisory Group LLC boosted its position in Microchip Technology by 507.5% during the first quarter. SageView Advisory Group LLC now owns 17,307 shares of the semiconductor company’s stock valued at $1,553,000 after purchasing an additional 14,458 shares during the last quarter. Finally, Zurich Insurance Group Ltd FI purchased a new position in Microchip Technology in the second quarter valued at about $42,538,000. 91.51% of the stock is owned by institutional investors and hedge funds.

Microchip Technology Trading Down 3.7 %

MCHP opened at $67.30 on Wednesday. The firm has a 50 day simple moving average of $76.49 and a 200 day simple moving average of $84.77. Microchip Technology Incorporated has a fifty-two week low of $66.08 and a fifty-two week high of $100.57. The company has a market cap of $36.14 billion, a price-to-earnings ratio of 48.87 and a beta of 1.53. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.88 and a quick ratio of 1.08.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results 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 company had revenue of $1.16 billion for 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%. The firm’s quarterly revenue was down 48.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.54 EPS. On average, sell-side analysts anticipate that Microchip Technology Incorporated will post 1.69 earnings per share for the current year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be given a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.70%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Friday, November 22nd. Microchip Technology’s dividend payout ratio (DPR) is currently 127.27%.

Insider Buying and Selling

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total value of $175,551.00. Following the completion of the sale, the chief financial officer now owns 33,257 shares of the company’s stock, valued at approximately $2,710,445.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 2.10% of the stock is owned by insiders.

Wall Street Analyst Weigh In

MCHP has been the subject of several recent research reports. TD Cowen lowered their price target 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. Mizuho set a $95.00 price target on shares of Microchip Technology in a report on Friday, October 18th. Bank of America cut shares of Microchip Technology from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $110.00 to $90.00 in a report on Friday, August 2nd. Needham & Company LLC cut their target price on Microchip Technology from $96.00 to $85.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Finally, Truist Financial cut shares of Microchip Technology from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $89.00 to $80.00 in a research note on Monday, September 23rd. One analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, Microchip Technology has an average rating of “Moderate Buy” and a consensus target price of $92.00.

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.