Meeder Asset Management Inc. Sells 70,918 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Meeder Asset Management Inc. lessened its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 99.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 518 shares of the semiconductor company’s stock after selling 70,918 shares during the period. Meeder Asset Management Inc.’s holdings in Microchip Technology were worth $42,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in MCHP. Peterson Financial Group Inc. bought a new stake in shares of Microchip Technology during the 3rd quarter worth approximately $34,000. Pathway Financial Advisers LLC acquired a new position in Microchip Technology in the 1st quarter valued at approximately $39,000. Versant Capital Management Inc increased its position in shares of Microchip Technology by 148.8% during the second quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock worth $48,000 after buying an additional 317 shares during the period. Wolff Wiese Magana LLC boosted its stake in Microchip Technology by 55.2% during the third quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock worth $49,000 after acquiring an additional 218 shares in the last quarter. Finally, TruNorth Capital Management LLC bought a new position in Microchip Technology during the second quarter worth $55,000. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Trading Up 0.4 %

Shares of Microchip Technology stock opened at $65.12 on Thursday. Microchip Technology Incorporated has a 1 year low of $62.63 and a 1 year high of $100.57. The firm has a market cap of $34.97 billion, a PE ratio of 45.54 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 0.48. The company has a 50 day simple moving average of $75.00 and a two-hundred day simple moving average of $83.54.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.03. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The business had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.15 billion. During the same period in the previous year, the business posted $1.54 earnings per share. Microchip Technology’s revenue for the quarter was down 48.4% on a year-over-year basis. Analysts expect that Microchip Technology Incorporated will post 1.38 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be given a dividend of $0.455 per share. The ex-dividend date is Friday, November 22nd. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a yield of 2.79%. Microchip Technology’s payout ratio is presently 127.27%.

Insider Transactions at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,154 shares of Microchip Technology stock in a transaction 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 transaction, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at $2,710,445.50. The trade was a 6.08 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 2.10% of the company’s stock.

Wall Street Analysts Forecast Growth

MCHP has been the topic of a number of recent research reports. Bank of America lowered shares of Microchip Technology from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $110.00 to $90.00 in a research note on Friday, August 2nd. Needham & Company LLC decreased their price objective on shares of Microchip Technology from $96.00 to $85.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. StockNews.com downgraded shares of Microchip Technology from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Mizuho set a $95.00 target price on shares of Microchip Technology in a research note on Friday, October 18th. Finally, Susquehanna reduced their target price on shares of Microchip Technology from $95.00 to $90.00 and set a “positive” rating for the company in a research note on Wednesday, November 6th. One investment 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. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $92.00.

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.