Microchip Technology Incorporated (NASDAQ:MCHP) Holdings Trimmed by Ontario Teachers Pension Plan Board

Ontario Teachers Pension Plan Board reduced its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 77.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,944 shares of the semiconductor company’s stock after selling 10,195 shares during the quarter. Ontario Teachers Pension Plan Board’s holdings in Microchip Technology were worth $236,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of MCHP. Empowered Funds LLC raised its position in Microchip Technology by 25.7% during the third 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. grew its stake in Microchip Technology by 50.0% during the 3rd quarter. Pinnacle Associates Ltd. now owns 105,694 shares of the semiconductor company’s stock valued at $8,486,000 after acquiring an additional 35,213 shares in the last quarter. 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 purchased a new stake in shares of Microchip Technology in the third quarter worth approximately $2,391,000. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Microchip Technology by 12.0% during the third 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 period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Performance

Shares of NASDAQ MCHP opened at $66.69 on Friday. Microchip Technology Incorporated has a 12 month low of $62.63 and a 12 month high of $100.57. The company has a market cap of $35.81 billion, a P/E ratio of 46.64 and a beta of 1.53. The business’s 50 day moving average is $74.59 and its two-hundred day moving average is $83.24. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (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 business 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. Microchip Technology’s revenue was down 48.4% compared to the same quarter last year. On average, equities analysts expect that Microchip Technology Incorporated will post 1.38 EPS for the current year.

Microchip Technology Increases Dividend

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

Analyst Upgrades and Downgrades

A number of research firms have issued reports on MCHP. Jefferies Financial Group cut their target price on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. Rosenblatt Securities reissued a “buy” rating and set a $90.00 price objective on shares of Microchip Technology in a research report on Wednesday, November 6th. Truist Financial cut Microchip Technology from a “buy” rating to a “hold” rating and lowered their price target for the company from $89.00 to $80.00 in a research note on Monday, September 23rd. StockNews.com lowered shares of Microchip Technology from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Finally, KeyCorp decreased their target price on shares of Microchip Technology from $100.00 to $95.00 and set an “overweight” rating for the company in a research report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $92.00.

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.