Glass Wealth Management Co LLC Has $2.17 Million Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Glass Wealth Management Co LLC raised its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 10.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 27,012 shares of the semiconductor company’s stock after acquiring an additional 2,575 shares during the quarter. Glass Wealth Management Co LLC’s holdings in Microchip Technology were worth $2,169,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Healthcare of Ontario Pension Plan Trust Fund boosted its position in shares of Microchip Technology by 2,390.5% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,291,290 shares of the semiconductor company’s stock valued at $209,653,000 after purchasing an additional 2,199,290 shares in the last quarter. Clearbridge Investments LLC lifted its stake in Microchip Technology by 18,944.8% in the first quarter. Clearbridge Investments LLC now owns 1,973,045 shares of the semiconductor company’s stock valued at $177,002,000 after buying an additional 1,962,685 shares during the period. Van ECK Associates Corp boosted its holdings in shares of Microchip Technology by 25.1% during the 3rd quarter. Van ECK Associates Corp now owns 7,961,200 shares of the semiconductor company’s stock worth $599,239,000 after buying an additional 1,597,263 shares in the last quarter. Canada Pension Plan Investment Board grew its position in shares of Microchip Technology by 425.3% during the 1st quarter. Canada Pension Plan Investment Board now owns 1,377,099 shares of the semiconductor company’s stock worth $123,540,000 after buying an additional 1,114,962 shares during the period. Finally, The Manufacturers Life Insurance Company increased its stake in shares of Microchip Technology by 78.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,189,390 shares of the semiconductor company’s stock valued at $200,329,000 after acquiring an additional 961,801 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of Microchip Technology stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $81.50, for a total value of $175,551.00. Following the sale, the chief financial officer now owns 33,257 shares of the company’s stock, valued at approximately $2,710,445.50. The trade was a 6.08 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 2.10% of the company’s stock.

Analyst Upgrades and Downgrades

MCHP has been the topic of several research analyst reports. Truist Financial lowered shares of Microchip Technology from a “buy” rating to a “hold” rating and cut their target price for the stock from $89.00 to $80.00 in a research note on Monday, September 23rd. Susquehanna reduced their target price on Microchip Technology from $95.00 to $90.00 and set a “positive” rating for the company in a research note on Wednesday, November 6th. Bank of America lowered Microchip Technology from a “buy” rating to a “neutral” rating and decreased their target price for the company from $110.00 to $90.00 in a research report on Friday, August 2nd. Rosenblatt Securities reiterated a “buy” rating and issued a $90.00 price target on shares of Microchip Technology in a report on Wednesday, November 6th. Finally, TD Cowen decreased their price objective on Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $92.00.

Microchip Technology Stock Performance

Shares of MCHP stock opened at $62.86 on Monday. 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 firm has a 50-day moving average of $75.65 and a 200-day moving average of $84.03. Microchip Technology Incorporated has a one year low of $62.63 and a one year high of $100.57. The company has a market cap of $33.76 billion, a P/E ratio of 43.96 and a beta of 1.53.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 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 firm had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.15 billion. During the same quarter last year, the business posted $1.54 EPS. The company’s revenue for the quarter was down 48.4% on a year-over-year basis. Equities research analysts forecast that Microchip Technology Incorporated will post 1.38 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be issued a dividend of $0.455 per share. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 dividend on an annualized basis and a yield of 2.90%. The ex-dividend date of this dividend is Friday, November 22nd. Microchip Technology’s dividend payout ratio (DPR) is 127.27%.

Microchip Technology 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.