Zurcher Kantonalbank Zurich Cantonalbank Cuts Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Zurcher Kantonalbank Zurich Cantonalbank trimmed its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 6.7% in the 3rd quarter, Holdings Channel.com reports. The firm owned 117,189 shares of the semiconductor company’s stock after selling 8,386 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Microchip Technology were worth $9,409,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in MCHP. Principal Financial Group Inc. boosted its holdings in Microchip Technology by 0.4% in the second quarter. Principal Financial Group Inc. now owns 9,246,403 shares of the semiconductor company’s stock worth $846,046,000 after acquiring an additional 33,603 shares in the last quarter. Van ECK Associates Corp raised its position in shares of Microchip Technology by 25.1% in the 3rd quarter. Van ECK Associates Corp now owns 7,961,200 shares of the semiconductor company’s stock worth $599,239,000 after purchasing an additional 1,597,263 shares during the last quarter. Legal & General Group Plc boosted its stake in Microchip Technology by 2.4% in the 2nd quarter. Legal & General Group Plc now owns 4,455,317 shares of the semiconductor company’s stock worth $407,660,000 after purchasing an additional 103,807 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Microchip Technology by 21.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,298,771 shares of the semiconductor company’s stock valued at $301,797,000 after purchasing an additional 575,087 shares during the last quarter. Finally, Envestnet Asset Management Inc. increased its stake in Microchip Technology by 4.5% during the 2nd quarter. Envestnet Asset Management Inc. now owns 3,164,101 shares of the semiconductor company’s stock valued at $289,515,000 after purchasing an additional 136,995 shares in the last quarter. 91.51% of the stock is owned by institutional investors.

Microchip Technology Stock Performance

NASDAQ:MCHP opened at $68.17 on Monday. The stock has a 50-day simple moving average of $73.71 and a two-hundred day simple moving average of $82.25. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88. Microchip Technology Incorporated has a 52-week low of $62.63 and a 52-week high of $100.57. The firm has a market capitalization of $36.61 billion, a PE ratio of 47.67 and a beta of 1.53.

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. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The company had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.15 billion. During the same period in the prior year, the firm posted $1.54 EPS. The firm’s quarterly revenue was down 48.4% compared to the same quarter last year. Analysts forecast that Microchip Technology Incorporated will post 1.38 EPS for the current year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be issued a $0.455 dividend. The ex-dividend date is Friday, November 22nd. This represents a $1.82 annualized dividend and a yield of 2.67%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio is currently 127.27%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on MCHP shares. Jefferies Financial Group cut their price target 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 downgraded Microchip Technology from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Truist Financial cut Microchip Technology from a “buy” rating to a “hold” rating and decreased their price target for the stock from $89.00 to $80.00 in a research note on Monday, September 23rd. TD Cowen dropped their price objective on Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a research report on Wednesday, November 6th. Finally, Piper Sandler lowered their target price on shares of Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 6th. One 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 stock. According to data from MarketBeat, the company presently has an average 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.