Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Kings Path Partners LLC

Kings Path Partners LLC lowered its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 1.1% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 17,794 shares of the semiconductor company’s stock after selling 204 shares during the quarter. Kings Path Partners LLC’s holdings in Microchip Technology were worth $1,020,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the company. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in shares of Microchip Technology by 2,390.5% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,291,290 shares of the semiconductor company’s stock worth $209,653,000 after purchasing an additional 2,199,290 shares during the period. Van ECK Associates Corp lifted its stake in 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 valued at $599,239,000 after acquiring an additional 1,597,263 shares during the period. The Manufacturers Life Insurance Company boosted its holdings 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 during the last quarter. Franklin Resources Inc. boosted its holdings in shares of Microchip Technology by 30.2% in the 3rd quarter. Franklin Resources Inc. now owns 3,347,643 shares of the semiconductor company’s stock valued at $264,430,000 after acquiring an additional 776,408 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of Microchip Technology by 21.1% in the second quarter. Dimensional Fund Advisors LP now owns 3,298,771 shares of the semiconductor company’s stock worth $301,797,000 after acquiring an additional 575,087 shares during the period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Microchip Technology Price Performance

MCHP stock traded up $1.56 during midday trading on Monday, reaching $59.23. The stock had a trading volume of 2,653,366 shares, compared to its average volume of 6,033,766. Microchip Technology Incorporated has a 52-week low of $55.27 and a 52-week high of $100.57. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71. The company’s fifty day simple moving average is $64.76 and its 200 day simple moving average is $75.96. The company has a market cap of $31.81 billion, a price-to-earnings ratio of 41.42 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. The firm had revenue of $1.16 billion for 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 quarterly revenue was down 48.4% on a year-over-year basis. During the same period in the previous year, the business posted $1.54 earnings per share. As a group, sell-side analysts predict that Microchip Technology Incorporated will post 1.33 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 22nd were given a dividend of $0.455 per share. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Friday, November 22nd. This represents a $1.82 annualized dividend and a dividend yield of 3.07%. Microchip Technology’s payout ratio is presently 127.27%.

Wall Street Analysts Forecast Growth

MCHP has been the topic of several recent research reports. Citigroup lowered their price target on shares of Microchip Technology from $92.00 to $82.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Evercore ISI reaffirmed an “outperform” rating and set a $95.00 target price (down from $101.00) on shares of Microchip Technology in a report on Wednesday, November 6th. Jefferies Financial Group decreased their price target on Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. Rosenblatt Securities reaffirmed a “buy” rating and set a $90.00 price objective on shares of Microchip Technology in a research note on Wednesday, November 6th. Finally, Susquehanna decreased their target price on shares of Microchip Technology from $95.00 to $90.00 and set a “positive” rating for the company in a research note on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Microchip Technology has a consensus rating of “Moderate Buy” and a consensus target price of $89.63.

About Microchip Technology

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.