Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans lessened its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 99.9% in the third quarter, according to its most recent filing with the SEC. The fund owned 25,357 shares of the semiconductor company’s stock after selling 19,808,358 shares during the period. Thrivent Financial for Lutherans’ holdings in Microchip Technology were worth $2,036,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. SeaCrest Wealth Management LLC raised its stake in Microchip Technology by 3.3% during the 2nd quarter. SeaCrest Wealth Management LLC now owns 4,147 shares of the semiconductor company’s stock valued at $379,000 after purchasing an additional 131 shares during the period. Corundum Group Inc. raised its stake in Microchip Technology by 3.4% during the 3rd quarter. Corundum Group Inc. now owns 4,315 shares of the semiconductor company’s stock valued at $346,000 after purchasing an additional 143 shares during the period. Commerzbank Aktiengesellschaft FI raised its stake in Microchip Technology by 4.5% during the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 3,470 shares of the semiconductor company’s stock valued at $318,000 after purchasing an additional 148 shares during the period. Busey Bank raised its stake in Microchip Technology by 2.6% during the 2nd quarter. Busey Bank now owns 6,006 shares of the semiconductor company’s stock valued at $550,000 after purchasing an additional 155 shares during the period. Finally, Financial Advocates Investment Management increased its stake in shares of Microchip Technology by 1.5% in the third quarter. Financial Advocates Investment Management now owns 10,795 shares of the semiconductor company’s stock worth $867,000 after acquiring an additional 158 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Stock Performance

NASDAQ:MCHP opened at $67.87 on Friday. Microchip Technology Incorporated has a 12-month low of $62.63 and a 12-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. The firm has a market capitalization of $36.45 billion, a PE ratio of 47.46 and a beta of 1.53. The firm has a 50-day moving average price of $73.88 and a 200 day moving average price of $82.59.

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 analysts’ consensus estimates of $0.43 by $0.03. The business had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. Microchip Technology’s revenue for the quarter was down 48.4% compared to the same quarter last year. During the same quarter last year, the business posted $1.54 earnings per share. Research analysts anticipate that Microchip Technology Incorporated will post 1.38 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be given a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.68%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date is Friday, November 22nd. Microchip Technology’s dividend payout ratio (DPR) is currently 127.27%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on MCHP. Bank of America downgraded shares of Microchip Technology from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $110.00 to $90.00 in a research note on Friday, August 2nd. Piper Sandler dropped their price target on shares of Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 6th. Mizuho set a $95.00 price target on shares of Microchip Technology in a research note on Friday, October 18th. B. Riley dropped their price target on shares of Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Finally, Truist Financial downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating and dropped their price target for the stock from $89.00 to $80.00 in a research note on Monday, September 23rd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price 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.