Pitcairn Co. Decreases Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Pitcairn Co. trimmed its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 9.9% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 40,202 shares of the semiconductor company’s stock after selling 4,414 shares during the quarter. Pitcairn Co.’s holdings in Microchip Technology were worth $3,228,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD raised its holdings in shares of Microchip Technology by 17.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 4,527,709 shares of the semiconductor company’s stock worth $406,182,000 after acquiring an additional 673,992 shares during the last quarter. Mount Yale Investment Advisors LLC raised its holdings in shares of Microchip Technology by 17.5% in the first quarter. Mount Yale Investment Advisors LLC now owns 23,919 shares of the semiconductor company’s stock worth $2,146,000 after acquiring an additional 3,569 shares during the last quarter. SVB Wealth LLC raised its holdings in shares of Microchip Technology by 2.4% in the first quarter. SVB Wealth LLC now owns 83,922 shares of the semiconductor company’s stock worth $7,529,000 after acquiring an additional 1,934 shares during the last quarter. Benchmark Investment Advisors LLC acquired a new position in shares of Microchip Technology in the first quarter worth $1,245,000. Finally, Dynasty Wealth Management LLC acquired a new position in shares of Microchip Technology in the first quarter worth $1,028,000. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Microchip Technology Trading Up 1.0 %

Shares of NASDAQ MCHP opened at $66.69 on Friday. The stock’s 50 day moving average price is $74.59 and its two-hundred day moving average price is $83.24. Microchip Technology Incorporated has a 52-week low of $62.63 and a 52-week high of $100.57. The stock has a market capitalization of $35.81 billion, a P/E ratio of 46.64 and a beta of 1.53. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (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 analysts’ expectations of $1.15 billion. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. Microchip Technology’s revenue for the quarter was down 48.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.54 earnings per share. On average, analysts anticipate that Microchip Technology Incorporated will post 1.38 earnings per share for the current fiscal 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 given a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.73%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Friday, November 22nd. Microchip Technology’s dividend payout ratio is presently 127.27%.

Analyst Ratings Changes

MCHP has been the subject of several analyst reports. Susquehanna dropped their target price on Microchip Technology from $95.00 to $90.00 and set a “positive” rating for the company in a research note on Wednesday, November 6th. Rosenblatt Securities reiterated a “buy” rating and issued a $90.00 target price on shares of Microchip Technology in a research note on Wednesday, November 6th. TD Cowen dropped their price target on Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a research note on Wednesday, November 6th. Citigroup dropped their price target on Microchip Technology from $92.00 to $82.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Finally, Truist Financial lowered Microchip Technology from a “buy” rating to a “hold” rating and dropped their price target for the stock 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 issued a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price 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.