Westfield Capital Management Co. LP Decreases Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Westfield Capital Management Co. LP lessened its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 74.4% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 140,756 shares of the semiconductor company’s stock after selling 408,944 shares during the period. Westfield Capital Management Co. LP’s holdings in Microchip Technology were worth $11,301,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Empowered Funds LLC raised its stake in shares of Microchip Technology by 25.7% during the 3rd quarter. Empowered Funds LLC now owns 96,163 shares of the semiconductor company’s stock worth $7,721,000 after purchasing an additional 19,663 shares during the period. Pinnacle Associates Ltd. raised its position in Microchip Technology by 50.0% in the third quarter. Pinnacle Associates Ltd. now owns 105,694 shares of the semiconductor company’s stock worth $8,486,000 after acquiring an additional 35,213 shares during the period. Swedbank AB purchased a new position in Microchip Technology in the first quarter valued at about $1,079,000. Aigen Investment Management LP bought a new position in shares of Microchip Technology during the 3rd quarter valued at approximately $2,391,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Microchip Technology by 12.0% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 870,072 shares of the semiconductor company’s stock worth $69,355,000 after purchasing an additional 93,464 shares during the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Microchip Technology Stock Up 0.3 %

Shares of MCHP opened at $66.69 on Monday. Microchip Technology Incorporated has a 1 year low of $62.63 and a 1 year high of $100.57. 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 stock has a 50 day simple moving average of $74.59 and a two-hundred day simple moving average of $83.11. The firm has a market cap of $35.81 billion, a P/E ratio of 46.64 and a beta of 1.53.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.15 billion. During the same quarter last year, the company earned $1.54 EPS. The firm’s revenue was down 48.4% compared to the same quarter last year. On average, analysts forecast that Microchip Technology Incorporated will post 1.38 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be issued a $0.455 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $1.82 annualized dividend and a yield of 2.73%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio (DPR) is 127.27%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on MCHP shares. Bank of America lowered Microchip Technology from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $110.00 to $90.00 in a report on Friday, August 2nd. Needham & Company LLC dropped their price objective on shares of Microchip Technology from $96.00 to $85.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Evercore ISI reissued an “outperform” rating and issued a $95.00 price target (down previously from $101.00) on shares of Microchip Technology in a research report on Wednesday, November 6th. Citigroup cut their price objective on shares of Microchip Technology from $92.00 to $82.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. Finally, Jefferies Financial Group lowered their target price on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock 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 issued a buy rating to the company’s stock. According to MarketBeat, Microchip Technology presently has a consensus 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.