Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Associated Banc Corp

Associated Banc Corp lowered its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 3.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 53,346 shares of the semiconductor company’s stock after selling 1,902 shares during the quarter. Associated Banc Corp’s holdings in Microchip Technology were worth $4,283,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of MCHP. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in Microchip Technology by 2,390.5% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,291,290 shares of the semiconductor company’s stock worth $209,653,000 after purchasing an additional 2,199,290 shares in the last quarter. Van ECK Associates Corp lifted its stake in Microchip Technology by 25.1% during the 3rd quarter. Van ECK Associates Corp now owns 7,961,200 shares of the semiconductor company’s stock worth $599,239,000 after acquiring an additional 1,597,263 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Microchip Technology by 78.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,189,390 shares of the semiconductor company’s stock valued at $200,329,000 after acquiring an additional 961,801 shares during the period. Boston Partners grew its position in Microchip Technology by 10.7% in the 1st quarter. Boston Partners now owns 7,591,471 shares of the semiconductor company’s stock valued at $681,838,000 after acquiring an additional 736,818 shares in the last quarter. Finally, National Bank of Canada FI increased its stake in Microchip Technology by 234.1% during the second quarter. National Bank of Canada FI now owns 899,561 shares of the semiconductor company’s stock worth $82,391,000 after purchasing an additional 630,285 shares during the period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Microchip Technology Price Performance

Shares of MCHP opened at $69.85 on Tuesday. The company has a market capitalization of $37.51 billion, a price-to-earnings ratio of 48.85 and a beta of 1.53. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88. The firm has a 50-day simple moving average of $74.44 and a 200-day simple moving average of $82.96. Microchip Technology Incorporated has a fifty-two week low of $62.63 and a fifty-two week high of $100.57.

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

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be paid a dividend of $0.455 per share. The ex-dividend date is Friday, November 22nd. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.61%. Microchip Technology’s dividend payout ratio is 127.27%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on MCHP shares. Jefferies Financial Group dropped their price objective on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. KeyCorp cut their price objective on Microchip Technology from $100.00 to $95.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 6th. Needham & Company LLC decreased their target price on Microchip Technology from $96.00 to $85.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. JPMorgan Chase & Co. cut their price target on Microchip Technology from $110.00 to $100.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Finally, Evercore ISI reiterated an “outperform” rating and issued a $95.00 price objective (down previously from $101.00) on shares of Microchip Technology in a research note on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price 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.