Loomis Sayles & Co. L P Has $6.67 Million Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Loomis Sayles & Co. L P increased its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 65.8% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 83,098 shares of the semiconductor company’s stock after purchasing an additional 32,967 shares during the quarter. Loomis Sayles & Co. L P’s holdings in Microchip Technology were worth $6,672,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Prospera Private Wealth LLC acquired a new stake in Microchip Technology in the 3rd quarter valued at about $29,000. Peterson Financial Group Inc. acquired a new stake in Microchip Technology in the 3rd quarter valued at about $34,000. Pathway Financial Advisers LLC acquired a new stake in Microchip Technology in the 1st quarter valued at about $39,000. Versant Capital Management Inc increased its position in Microchip Technology by 148.8% in the 2nd quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock valued at $48,000 after acquiring an additional 317 shares in the last quarter. Finally, TruNorth Capital Management LLC acquired a new stake in Microchip Technology in the 2nd quarter valued at about $55,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Stock Performance

Shares of MCHP opened at $67.87 on Thursday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88. Microchip Technology Incorporated has a twelve month low of $62.63 and a twelve month high of $100.57. The firm’s 50 day moving average price is $74.10 and its two-hundred day moving average price is $82.69. The firm has a market cap of $36.45 billion, a P/E ratio of 47.46 and a beta of 1.53.

Microchip Technology (NASDAQ:MCHP) last announced 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. 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 for the quarter, compared to analyst estimates of $1.15 billion. During the same quarter in the previous year, the firm posted $1.54 earnings per share. The business’s revenue was down 48.4% on a year-over-year basis. On average, analysts forecast that Microchip Technology Incorporated will post 1.38 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Shareholders 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 dividend on an annualized basis and a yield of 2.68%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s payout ratio is presently 127.27%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. Bank of America cut shares of Microchip Technology from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $110.00 to $90.00 in a research report on Friday, August 2nd. Mizuho set a $95.00 price objective on shares of Microchip Technology in a research report on Friday, October 18th. JPMorgan Chase & Co. lowered their price target on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Evercore ISI reiterated an “outperform” rating and set a $95.00 price target (down previously from $101.00) on shares of Microchip Technology in a research report on Wednesday, November 6th. Finally, Citigroup lowered their price target on shares of Microchip Technology from $92.00 to $82.00 and set a “buy” rating for the company in a research report 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’s stock. Based on data from MarketBeat, Microchip Technology currently has a consensus rating of “Moderate Buy” and an average price target of $92.00.

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.