Studio Investment Management LLC Sells 676 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Studio Investment Management LLC trimmed its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 2.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 28,127 shares of the semiconductor company’s stock after selling 676 shares during the period. Studio Investment Management LLC’s holdings in Microchip Technology were worth $2,258,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in MCHP. EP Wealth Advisors LLC lifted its position in shares of Microchip Technology by 15.8% during the first quarter. EP Wealth Advisors LLC now owns 14,195 shares of the semiconductor company’s stock valued at $1,273,000 after buying an additional 1,940 shares during the last quarter. Canada Pension Plan Investment Board boosted its stake in Microchip Technology by 425.3% in the first quarter. Canada Pension Plan Investment Board now owns 1,377,099 shares of the semiconductor company’s stock valued at $123,540,000 after acquiring an additional 1,114,962 shares in the last quarter. 1832 Asset Management L.P. boosted its stake in Microchip Technology by 183,762.8% in the first quarter. 1832 Asset Management L.P. now owns 676,615 shares of the semiconductor company’s stock valued at $60,699,000 after acquiring an additional 676,247 shares in the last quarter. LRI Investments LLC purchased a new position in Microchip Technology in the first quarter worth $262,000. Finally, Price T Rowe Associates Inc. MD increased its position in shares of Microchip Technology by 17.5% during 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 purchasing an additional 673,992 shares in the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. TD Cowen decreased 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. Truist Financial cut shares of Microchip Technology from a “buy” rating to a “hold” rating and lowered their target price for the stock from $89.00 to $80.00 in a research note on Monday, September 23rd. Bank of America lowered shares of Microchip Technology from a “buy” rating to a “neutral” rating and cut their price target for the company from $110.00 to $90.00 in a research note on Friday, August 2nd. StockNews.com lowered shares of Microchip Technology from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Finally, Jefferies Financial Group reduced their target price on Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. One research 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, Microchip Technology currently has a consensus rating of “Moderate Buy” and an average target price of $92.00.

Microchip Technology Trading Up 2.1 %

Shares of NASDAQ:MCHP opened at $66.49 on Friday. The business’s 50 day moving average price is $74.80 and its 200-day moving average price is $83.42. Microchip Technology Incorporated has a 1 year low of $62.63 and a 1 year high of $100.57. The firm has a market capitalization of $35.71 billion, a price-to-earnings ratio of 46.50 and a beta of 1.53. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.88 and a quick ratio of 0.48.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The business had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same quarter in the prior year, the firm earned $1.54 earnings per share. The business’s revenue was down 48.4% compared to the same quarter last year. On average, equities research analysts forecast that Microchip Technology Incorporated will post 1.38 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders 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 an increase from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 dividend on an annualized basis and a yield of 2.74%. Microchip Technology’s payout ratio is 127.27%.

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.