Massachusetts Financial Services Co. MA Sells 149,375 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Massachusetts Financial Services Co. MA lessened its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHPFree Report) by 8.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,708,550 shares of the semiconductor company’s stock after selling 149,375 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 0.32% of Microchip Technology worth $133,352,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. Halpern Financial Inc. increased its stake in shares of Microchip Technology by 83.5% in the 2nd quarter. Halpern Financial Inc. now owns 290 shares of the semiconductor company’s stock worth $26,000 after acquiring an additional 132 shares during the last quarter. OFI Invest Asset Management acquired a new stake in shares of Microchip Technology during the third quarter valued at about $26,000. Almanack Investment Partners LLC. purchased a new stake in shares of Microchip Technology in the 3rd quarter valued at approximately $29,000. Live Oak Investment Partners acquired a new position in shares of Microchip Technology in the 4th quarter worth approximately $30,000. Finally, Milestone Investment Advisors LLC purchased a new position in shares of Microchip Technology during the 3rd quarter worth approximately $36,000. Hedge funds and other institutional investors own 90.85% of the company’s stock.

Microchip Technology Price Performance

Shares of NASDAQ:MCHP opened at $83.25 on Wednesday. The company has a quick ratio of 0.58, a current ratio of 0.98 and a debt-to-equity ratio of 0.57. The company has a 50-day moving average price of $87.31 and a 200 day moving average price of $82.63. Microchip Technology Incorporated has a 52 week low of $68.75 and a 52 week high of $94.30. The company has a market cap of $44.99 billion, a P/E ratio of 19.45, a PEG ratio of 1.47 and a beta of 1.67.

Microchip Technology (NASDAQ:MCHPGet Free Report) last announced its quarterly earnings data on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share for the quarter, topping analysts’ consensus estimates of $1.04 by $0.04. The firm had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.77 billion. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. Microchip Technology’s quarterly revenue was down 18.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.48 earnings per share. Research analysts predict that Microchip Technology Incorporated will post 4.84 earnings per share for the current year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 8th. Stockholders of record on Friday, February 23rd will be paid a dividend of $0.45 per share. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.44. The ex-dividend date is Thursday, February 22nd. This represents a $1.80 annualized dividend and a dividend yield of 2.16%. Microchip Technology’s payout ratio is 41.12%.

Insider Buying and Selling

In other news, CFO James Eric Bjornholt sold 2,324 shares of the firm’s stock in a transaction on Wednesday, November 22nd. The stock was sold at an average price of $83.44, for a total value of $193,914.56. Following the completion of the transaction, the chief financial officer now owns 32,893 shares in the company, valued at $2,744,591.92. The sale was disclosed in a document filed with the SEC, which is available at this link. Insiders own 2.07% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on MCHP. The Goldman Sachs Group lowered their price objective on Microchip Technology from $87.00 to $77.00 and set a “neutral” rating for the company in a research report on Friday, February 2nd. Needham & Company LLC lifted their price objective on shares of Microchip Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, February 2nd. Stifel Nicolaus dropped their target price on Microchip Technology from $96.00 to $94.00 and set a “buy” rating on the stock in a report on Friday, February 2nd. TD Cowen lifted their price target on Microchip Technology from $75.00 to $80.00 and gave the stock a “market perform” rating in a report on Friday, February 2nd. Finally, Piper Sandler downgraded Microchip Technology from an “overweight” rating to a “neutral” rating and set a $80.00 price target for the company. in a report on Thursday, January 4th. Six research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, Microchip Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $91.33.

View Our Latest Stock Analysis on Microchip Technology

Microchip Technology Company Profile

(Free Report)

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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Institutional Ownership by Quarter for Microchip Technology (NASDAQ:MCHP)

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