Bruce G. Allen Investments LLC Sells 864 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Bruce G. Allen Investments LLC lessened its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 54.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 714 shares of the semiconductor company’s stock after selling 864 shares during the quarter. Bruce G. Allen Investments LLC’s holdings in Microchip Technology were worth $41,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of MCHP. Healthcare of Ontario Pension Plan Trust Fund grew its position in Microchip Technology by 2,390.5% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,291,290 shares of the semiconductor company’s stock worth $209,653,000 after acquiring an additional 2,199,290 shares during the last quarter. Van ECK Associates Corp grew 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 worth $599,239,000 after buying an additional 1,597,263 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in 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 worth $200,329,000 after purchasing an additional 961,801 shares in the last quarter. Franklin Resources Inc. lifted its position in shares of Microchip Technology by 30.2% in the 3rd quarter. Franklin Resources Inc. now owns 3,347,643 shares of the semiconductor company’s stock worth $264,430,000 after purchasing an additional 776,408 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake 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 valued at $301,797,000 after purchasing an additional 575,087 shares in the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Microchip Technology Price Performance

Shares of MCHP stock traded down $1.20 during mid-day trading on Friday, hitting $55.18. The company had a trading volume of 5,096,234 shares, compared to its average volume of 7,274,127. The company has a market capitalization of $29.63 billion, a P/E ratio of 38.59 and a beta of 1.52. The stock’s 50 day moving average price is $63.23 and its 200-day moving average price is $75.24. Microchip Technology Incorporated has a 52-week low of $54.47 and a 52-week high of $100.57. 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 posted its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The firm had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.15 billion. During the same period last year, the firm posted $1.54 earnings per share. Microchip Technology’s revenue for the quarter was down 48.4% compared to the same quarter last year. 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 disclosed a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were issued a dividend of $0.455 per share. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Friday, November 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 3.30%. Microchip Technology’s dividend payout ratio (DPR) is presently 127.27%.

Analyst Ratings Changes

Several research firms recently weighed in on MCHP. Citigroup dropped their price target on Microchip Technology from $92.00 to $82.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. TD Cowen lowered their target price on shares of Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a report on Wednesday, November 6th. Evercore ISI reissued an “outperform” rating and issued a $95.00 target price (down from $101.00) on shares of Microchip Technology in a report on Wednesday, November 6th. KeyCorp reduced their target price on Microchip Technology from $95.00 to $90.00 and set an “overweight” rating for the company in a report on Tuesday, December 3rd. Finally, Susquehanna dropped their target price on shares of Microchip Technology from $95.00 to $90.00 and set a “positive” rating on the stock in a report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $87.11.

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.