Raymond James Trust N.A. Decreases Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Raymond James Trust N.A. cut its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 4.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 21,636 shares of the semiconductor company’s stock after selling 929 shares during the period. Raymond James Trust N.A.’s holdings in Microchip Technology were worth $1,737,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD increased its position in 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 purchasing an additional 673,992 shares during the last quarter. Mount Yale Investment Advisors LLC raised its position in shares of Microchip Technology by 17.5% during the 1st quarter. Mount Yale Investment Advisors LLC now owns 23,919 shares of the semiconductor company’s stock valued at $2,146,000 after buying an additional 3,569 shares in the last quarter. SVB Wealth LLC lifted its holdings in shares of Microchip Technology by 2.4% in the 1st quarter. SVB Wealth LLC now owns 83,922 shares of the semiconductor company’s stock valued at $7,529,000 after acquiring an additional 1,934 shares during the last quarter. Benchmark Investment Advisors LLC purchased a new position in Microchip Technology in the first quarter worth about $1,245,000. Finally, Dynasty Wealth Management LLC bought a new stake in Microchip Technology during the first quarter worth approximately $1,028,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. StockNews.com lowered Microchip Technology from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Needham & Company LLC lowered their price target on Microchip Technology from $96.00 to $85.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. Jefferies Financial Group cut their price objective on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. Evercore ISI restated an “outperform” rating and issued a $95.00 target price (down previously from $101.00) on shares of Microchip Technology in a report on Wednesday, November 6th. Finally, JPMorgan Chase & Co. dropped their price target on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $92.00.

Microchip Technology Stock Up 1.0 %

NASDAQ:MCHP opened at $66.69 on Friday. 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 Incorporated has a 1-year low of $62.63 and a 1-year high of $100.57. The company has a 50-day moving average of $74.59 and a 200 day moving average of $83.17. The firm 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 announced 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 analysts’ expectations of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The company’s revenue was down 48.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.54 EPS. As a group, research analysts anticipate that Microchip Technology Incorporated will post 1.38 EPS 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 issued a $0.455 dividend. The ex-dividend date of this dividend 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 dividend yield of 2.73%. Microchip Technology’s dividend payout ratio (DPR) is currently 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.