Davis R M Inc. Has $57.31 Million Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Davis R M Inc. trimmed its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 6.2% in the third quarter, HoldingsChannel.com reports. The firm owned 713,729 shares of the semiconductor company’s stock after selling 47,222 shares during the period. Microchip Technology comprises 1.1% of Davis R M Inc.’s investment portfolio, making the stock its 29th largest holding. Davis R M Inc.’s holdings in Microchip Technology were worth $57,305,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Summit Trail Advisors LLC lifted its stake in Microchip Technology by 16.3% during the third quarter. Summit Trail Advisors LLC now owns 5,241 shares of the semiconductor company’s stock worth $421,000 after purchasing an additional 736 shares during the period. Alpha DNA Investment Management LLC acquired a new stake in Microchip Technology in the 3rd quarter valued at $1,019,000. Larson Financial Group LLC boosted its stake in Microchip Technology by 55.9% in the 3rd quarter. Larson Financial Group LLC now owns 2,938 shares of the semiconductor company’s stock valued at $236,000 after buying an additional 1,053 shares in the last quarter. Swedbank AB grew its position in Microchip Technology by 62.3% in the third quarter. Swedbank AB now owns 34,885 shares of the semiconductor company’s stock valued at $2,801,000 after acquiring an additional 13,392 shares during the period. Finally, Cerity Partners LLC lifted its holdings in shares of Microchip Technology by 14.2% during the third quarter. Cerity Partners LLC now owns 260,063 shares of the semiconductor company’s stock valued at $20,880,000 after acquiring an additional 32,340 shares during the period. 91.51% of the stock is owned by institutional investors.

Microchip Technology Stock Performance

MCHP stock opened at $66.69 on Monday. Microchip Technology Incorporated has a twelve month low of $62.63 and a twelve month high of $100.57. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71. 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 fifty day moving average is $74.59 and its 200-day moving average is $83.11.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share 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 analyst estimates of $1.15 billion. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The company’s quarterly revenue was down 48.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.54 earnings per share. Equities research analysts forecast 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. Investors of record on Friday, November 22nd will be issued a dividend of $0.455 per share. The ex-dividend date is Friday, November 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 2.73%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s payout ratio is currently 127.27%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on MCHP shares. B. Riley lowered their target price on shares of Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Rosenblatt Securities reaffirmed a “buy” rating and set a $90.00 price objective on shares of Microchip Technology in a report on Wednesday, November 6th. Mizuho set a $95.00 price target on Microchip Technology in a research report on Friday, October 18th. Jefferies Financial Group cut their price objective on Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. Finally, Needham & Company LLC decreased their target price on Microchip Technology from $96.00 to $85.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, Microchip Technology has an average rating of “Moderate Buy” and an average price target of $92.00.

Microchip Technology Company 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.