Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Boston Family Office LLC

Boston Family Office LLC reduced its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 2.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,656 shares of the semiconductor company’s stock after selling 232 shares during the period. Boston Family Office LLC’s holdings in Microchip Technology were worth $695,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. Empowered Funds LLC boosted its holdings in shares of Microchip Technology by 25.7% in the 3rd quarter. Empowered Funds LLC now owns 96,163 shares of the semiconductor company’s stock valued at $7,721,000 after buying an additional 19,663 shares during the period. Pinnacle Associates Ltd. boosted its holdings in shares of Microchip Technology by 50.0% in the 3rd quarter. Pinnacle Associates Ltd. now owns 105,694 shares of the semiconductor company’s stock valued at $8,486,000 after buying an additional 35,213 shares during the period. Swedbank AB acquired a new position in shares of Microchip Technology in the 1st quarter valued at about $1,079,000. Aigen Investment Management LP acquired a new position in shares of Microchip Technology in the 3rd quarter valued at about $2,391,000. Finally, Cerity Partners LLC boosted its holdings in shares of Microchip Technology by 14.2% in the 3rd quarter. Cerity Partners LLC now owns 260,063 shares of the semiconductor company’s stock valued at $20,880,000 after buying an additional 32,340 shares during the period. 91.51% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

MCHP has been the subject of several research reports. JPMorgan Chase & Co. decreased their price target on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Susquehanna decreased their price target 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. Bank of America downgraded shares of Microchip Technology from a “buy” rating to a “neutral” rating and cut their price objective for the company from $110.00 to $90.00 in a research report on Friday, August 2nd. Citigroup cut their price objective on shares of Microchip Technology from $92.00 to $82.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. Finally, Truist Financial downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating and cut their price objective for the company from $89.00 to $80.00 in a research report on Monday, September 23rd. One 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 MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $92.00.

Microchip Technology Stock Performance

Shares of MCHP opened at $69.85 on Tuesday. The firm’s 50 day moving average is $74.44 and its 200-day moving average is $82.96. The stock has a market capitalization of $37.51 billion, a P/E ratio of 48.85 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. Microchip Technology Incorporated has a 12-month low of $62.63 and a 12-month high of $100.57.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.03. The company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The business’s revenue was down 48.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.54 EPS. Equities research analysts anticipate that Microchip Technology Incorporated will post 1.38 EPS 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. Stockholders of record on Friday, November 22nd will be paid a $0.455 dividend. The ex-dividend date is Friday, November 22nd. This represents a $1.82 annualized dividend and a dividend yield of 2.61%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s payout ratio is currently 127.27%.

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.