MetLife Investment Management LLC Has $11.19 Million Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

MetLife Investment Management LLC decreased its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 3.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 139,393 shares of the semiconductor company’s stock after selling 4,560 shares during the quarter. MetLife Investment Management LLC’s holdings in Microchip Technology were worth $11,192,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in MCHP. CreativeOne Wealth LLC boosted its stake in Microchip Technology by 2.0% during the 3rd quarter. CreativeOne Wealth LLC now owns 28,559 shares of the semiconductor company’s stock worth $2,293,000 after acquiring an additional 562 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in shares of Microchip Technology by 20.1% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,751,987 shares of the semiconductor company’s stock valued at $220,957,000 after buying an additional 460,697 shares during the period. Freedom Investment Management Inc. raised its stake in Microchip Technology by 14.9% during the 3rd quarter. Freedom Investment Management Inc. now owns 5,569 shares of the semiconductor company’s stock worth $447,000 after buying an additional 721 shares during the period. Townsquare Capital LLC grew its stake in Microchip Technology by 10.7% in the third quarter. Townsquare Capital LLC now owns 25,143 shares of the semiconductor company’s stock valued at $2,019,000 after acquiring an additional 2,421 shares during the period. Finally, Transamerica Financial Advisors Inc. raised its position in shares of Microchip Technology by 41.8% during the third quarter. Transamerica Financial Advisors Inc. now owns 2,411 shares of the semiconductor company’s stock worth $194,000 after purchasing an additional 711 shares during the period. Institutional investors own 91.51% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on MCHP. Rosenblatt Securities reiterated a “buy” rating and issued a $90.00 price objective on shares of Microchip Technology in a research report on Wednesday, November 6th. Jefferies Financial Group dropped their price objective on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. StockNews.com lowered shares of Microchip Technology from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Susquehanna dropped their price target on Microchip Technology from $95.00 to $90.00 and set a “positive” rating on the stock in a research note on Wednesday, November 6th. Finally, Truist Financial cut Microchip Technology from a “buy” rating to a “hold” rating and cut their target price for the company from $89.00 to $80.00 in a research note on Monday, September 23rd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $92.00.

Microchip Technology Stock Performance

Shares of NASDAQ MCHP opened at $67.87 on Friday. Microchip Technology Incorporated has a 12 month low of $62.63 and a 12 month high of $100.57. The stock has a 50 day moving average of $73.88 and a 200-day moving average of $82.59. 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 has a market capitalization of $36.45 billion, a P/E ratio of 47.46 and a beta of 1.53.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.43 by $0.03. The firm had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The company’s quarterly revenue was down 48.4% on a year-over-year basis. During the same period in the previous year, the company earned $1.54 earnings per share. As a group, equities research analysts predict that Microchip Technology Incorporated will post 1.38 EPS for the current year.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be issued a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.68%. 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 payout ratio is currently 127.27%.

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.