Intech Investment Management LLC cut its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP – Free Report) by 70.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 28,823 shares of the semiconductor company’s stock after selling 70,026 shares during the quarter. Intech Investment Management LLC’s holdings in Microchip Technology were worth $2,582,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors have also recently added to or reduced their stakes in MCHP. Optimum Investment Advisors purchased a new position in Microchip Technology during the first quarter worth about $29,000. Almanack Investment Partners LLC. acquired a new stake in Microchip Technology during the third quarter worth about $29,000. Live Oak Investment Partners acquired a new stake in shares of Microchip Technology in the fourth quarter valued at about $30,000. VitalStone Financial LLC acquired a new stake in shares of Microchip Technology in the first quarter valued at about $38,000. Finally, Milestone Investment Advisors LLC acquired a new stake in shares of Microchip Technology in the first quarter valued at about $39,000. 90.85% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
MCHP has been the subject of a number of recent research reports. StockNews.com lowered Microchip Technology from a “buy” rating to a “hold” rating in a research note on Friday, November 3rd. KeyCorp lowered their target price on Microchip Technology from $95.00 to $90.00 and set an “overweight” rating for the company in a research note on Friday, November 3rd. Mizuho lowered their target price on Microchip Technology from $89.00 to $86.00 and set a “neutral” rating for the company in a research note on Friday, August 4th. Rosenblatt Securities reissued a “buy” rating and issued a $110.00 price target on shares of Microchip Technology in a report on Wednesday, September 20th. Finally, Needham & Company LLC reduced their price target on Microchip Technology from $100.00 to $85.00 and set a “buy” rating for the company in a report on Friday, November 3rd. Eight equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Microchip Technology currently has a consensus rating of “Moderate Buy” and an average target price of $94.13.
Microchip Technology Stock Up 1.5 %
MCHP stock opened at $82.50 on Thursday. The company has a quick ratio of 0.64, a current ratio of 1.03 and a debt-to-equity ratio of 0.63. Microchip Technology Incorporated has a fifty-two week low of $67.69 and a fifty-two week high of $94.30. The firm’s 50-day simple moving average is $76.98 and its 200 day simple moving average is $80.69. The stock has a market cap of $44.64 billion, a PE ratio of 18.13, a price-to-earnings-growth ratio of 1.23 and a beta of 1.60.
Microchip Technology Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 6th. Investors of record on Wednesday, November 22nd will be issued a $0.439 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.13%. The ex-dividend date of this dividend is Tuesday, November 21st. This is a boost from Microchip Technology’s previous quarterly dividend of $0.41. Microchip Technology’s dividend payout ratio (DPR) is 36.04%.
Insider Buying and Selling
In related news, CFO James Eric Bjornholt sold 2,363 shares of the stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $78.63, for a total value of $185,802.69. Following the sale, the chief financial officer now owns 32,004 shares of the company’s stock, valued at approximately $2,516,474.52. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 2.07% of the company’s stock.
Microchip Technology Company Profile
Microchip Technology Incorporated develops, manufactures, and sells 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 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.
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