Geode Capital Management LLC Buys 32,352 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Geode Capital Management LLC grew its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 0.2% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 14,277,897 shares of the semiconductor company’s stock after acquiring an additional 32,352 shares during the quarter. Geode Capital Management LLC’s holdings in Microchip Technology were worth $1,143,752,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. Principal Financial Group Inc. lifted its position in shares of Microchip Technology by 0.4% during the 2nd quarter. Principal Financial Group Inc. now owns 9,246,403 shares of the semiconductor company’s stock valued at $846,046,000 after acquiring an additional 33,603 shares during the period. Van ECK Associates Corp lifted its position in shares of Microchip Technology by 25.1% during 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 acquiring an additional 1,597,263 shares during the period. Legal & General Group Plc lifted its position in shares of Microchip Technology by 2.4% during the 2nd quarter. Legal & General Group Plc now owns 4,455,317 shares of the semiconductor company’s stock worth $407,660,000 after buying an additional 103,807 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of 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 worth $301,797,000 after buying an additional 575,087 shares during the last quarter. Finally, Envestnet Asset Management Inc. lifted its position in shares of 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 worth $289,515,000 after buying an additional 136,995 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on MCHP shares. Piper Sandler dropped their price objective on Microchip Technology from $100.00 to $85.00 and set an “overweight” rating for the company in a research report on Wednesday, November 6th. Rosenblatt Securities restated a “buy” rating and set a $90.00 price objective on shares of Microchip Technology in a research report on Wednesday, November 6th. Needham & Company LLC restated a “buy” rating and set a $85.00 price objective on shares of Microchip Technology in a research report on Tuesday, December 3rd. Jefferies Financial Group dropped their price objective on Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. Finally, KeyCorp dropped their price objective on Microchip Technology from $95.00 to $90.00 and set an “overweight” rating for the company in a research report on Tuesday, December 3rd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $90.95.

Microchip Technology Trading Up 0.1 %

Shares of MCHP stock opened at $61.92 on Wednesday. The stock has a market cap of $33.25 billion, a price-to-earnings ratio of 43.30 and a beta of 1.50. The stock has a 50-day moving average of $71.80 and a 200-day moving average of $80.83. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71. Microchip Technology Incorporated has a 1-year low of $57.96 and a 1-year high of $100.57.

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, beating the consensus estimate of $0.43 by $0.03. The company had revenue of $1.16 billion during 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%. The business’s quarterly revenue was down 48.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.54 earnings per share. On average, equities research analysts forecast that Microchip Technology Incorporated will post 1.33 earnings per share for the current year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 22nd were paid a $0.455 dividend. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date was Friday, November 22nd. This represents a $1.82 annualized dividend and a dividend yield of 2.94%. Microchip Technology’s dividend payout ratio is presently 127.27%.

Microchip Technology 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.