Mutual of America Capital Management LLC Sells 2,304 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Mutual of America Capital Management LLC trimmed its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 3.1% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 72,905 shares of the semiconductor company’s stock after selling 2,304 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Microchip Technology were worth $5,854,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. Edgestream Partners L.P. purchased a new stake in Microchip Technology during the first quarter valued at about $871,000. Bessemer Group Inc. grew its position in Microchip Technology by 15.2% during the 1st quarter. Bessemer Group Inc. now owns 42,430 shares of the semiconductor company’s stock worth $3,806,000 after acquiring an additional 5,597 shares during the last quarter. CANADA LIFE ASSURANCE Co increased its stake in Microchip Technology by 16.4% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 492,935 shares of the semiconductor company’s stock worth $44,211,000 after purchasing an additional 69,398 shares during the period. Natixis lifted its position in Microchip Technology by 346.5% in the first quarter. Natixis now owns 43,133 shares of the semiconductor company’s stock valued at $3,869,000 after purchasing an additional 33,473 shares during the last quarter. Finally, CreativeOne Wealth LLC boosted its stake in shares of Microchip Technology by 16.7% during the first quarter. CreativeOne Wealth LLC now owns 30,135 shares of the semiconductor company’s stock valued at $2,703,000 after purchasing an additional 4,320 shares during the period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on MCHP. Mizuho set a $95.00 target price on shares of Microchip Technology in a research note 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 company from $110.00 to $90.00 in a research report on Friday, August 2nd. Susquehanna dropped their target price on shares of Microchip Technology from $95.00 to $90.00 and set a “positive” rating for the company in a report on Wednesday, November 6th. Piper Sandler reduced their price target on Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a report on Wednesday, November 6th. Finally, Citigroup dropped their price objective on Microchip Technology from $92.00 to $82.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $92.00.

Microchip Technology Stock Performance

Microchip Technology stock opened at $64.88 on Wednesday. The stock’s 50 day moving average is $75.24 and its 200 day moving average is $83.67. The company has a market capitalization of $34.84 billion, a P/E ratio of 45.37 and a beta of 1.53. Microchip Technology Incorporated has a twelve month low of $62.63 and a twelve month high of $100.57. 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 (NASDAQ:MCHP) last issued its quarterly 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. The firm 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%. The company’s revenue was down 48.4% on a year-over-year basis. During the same period last year, the company earned $1.54 earnings per share. On average, equities research analysts predict that Microchip Technology Incorporated will post 1.38 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be paid a $0.455 dividend. This represents a $1.82 annualized dividend and a dividend yield of 2.81%. The ex-dividend date is Friday, November 22nd. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio is currently 127.27%.

Insider Activity at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $81.50, for a total transaction of $175,551.00. Following the sale, the chief financial officer now directly owns 33,257 shares in the company, valued at approximately $2,710,445.50. This trade represents a 6.08 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 2.10% of the stock is owned by insiders.

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.