Leelyn Smith LLC Raises Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Leelyn Smith LLC boosted its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 2.2% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,401 shares of the semiconductor company’s stock after purchasing an additional 268 shares during the quarter. Leelyn Smith LLC’s holdings in Microchip Technology were worth $996,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the stock. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in Microchip Technology by 2,390.5% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,291,290 shares of the semiconductor company’s stock valued at $209,653,000 after acquiring an additional 2,199,290 shares in the last quarter. Van ECK Associates Corp increased 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 valued at $599,239,000 after purchasing an additional 1,597,263 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Microchip Technology by 78.3% in 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 purchasing an additional 961,801 shares during the last quarter. Boston Partners raised its holdings in shares of 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 purchasing an additional 736,818 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of Microchip Technology by 17.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,527,709 shares of the semiconductor company’s stock worth $406,182,000 after purchasing an additional 673,992 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Stock Up 1.0 %

MCHP opened at $66.69 on Friday. Microchip Technology Incorporated has a 52 week low of $62.63 and a 52 week high of $100.57. The business has a 50 day moving average price of $74.59 and a two-hundred day moving average price of $83.24. 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 PE ratio of 46.64 and a beta of 1.53.

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

Microchip Technology Increases Dividend

The company also recently declared 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. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a yield of 2.73%. The ex-dividend date of this dividend is Friday, November 22nd. Microchip Technology’s dividend payout ratio is currently 127.27%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Piper Sandler dropped their target price on Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a report on Wednesday, November 6th. Truist Financial lowered Microchip Technology from a “buy” rating to a “hold” rating and cut their target price for the stock from $89.00 to $80.00 in a research report on Monday, September 23rd. Evercore ISI restated an “outperform” rating and set a $95.00 target price (down previously from $101.00) on shares of Microchip Technology in a research note on Wednesday, November 6th. Needham & Company LLC dropped their price target on shares of Microchip Technology from $96.00 to $85.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. Finally, KeyCorp cut their price objective on shares of Microchip Technology from $100.00 to $95.00 and set an “overweight” rating on the stock in a report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, Microchip Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $92.00.

About Microchip Technology

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.