Assenagon Asset Management S.A. Purchases 2,829,082 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Assenagon Asset Management S.A. raised its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 9,901.6% during the fourth quarter, HoldingsChannel.com reports. The firm owned 2,857,654 shares of the semiconductor company’s stock after purchasing an additional 2,829,082 shares during the period. Assenagon Asset Management S.A.’s holdings in Microchip Technology were worth $163,886,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the company. Acadian Asset Management LLC bought a new stake in shares of Microchip Technology during the 2nd quarter worth approximately $788,000. LPL Financial LLC lifted its position in shares of Microchip Technology by 15.3% during the second quarter. LPL Financial LLC now owns 370,233 shares of the semiconductor company’s stock worth $33,876,000 after purchasing an additional 49,139 shares during the last quarter. Parallel Advisors LLC lifted its position in shares of Microchip Technology by 2.9% during the second quarter. Parallel Advisors LLC now owns 6,351 shares of the semiconductor company’s stock worth $581,000 after purchasing an additional 178 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Microchip Technology by 21.1% during the second 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 during the period. Finally, One Capital Management LLC grew its holdings in shares of Microchip Technology by 388.4% in the second quarter. One Capital Management LLC now owns 14,413 shares of the semiconductor company’s stock worth $1,319,000 after purchasing an additional 11,462 shares during the last quarter. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Trading Up 1.7 %

Shares of NASDAQ:MCHP opened at $56.88 on Wednesday. The business’s 50-day moving average is $62.10 and its 200 day moving average is $74.32. 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 $54.47 and a 1 year high of $100.57. The firm has a market capitalization of $30.55 billion, a P/E ratio of 39.78 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last released its earnings results 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. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The firm had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.15 billion. During the same period in the prior year, the firm earned $1.54 EPS. The firm’s revenue was down 48.4% on a year-over-year basis. On average, research analysts predict that Microchip Technology Incorporated will post 1.33 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently announced 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 an increase from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date was Friday, November 22nd. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.20%. Microchip Technology’s payout ratio is 127.27%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on MCHP shares. StockNews.com upgraded shares of Microchip Technology from a “sell” rating to a “hold” rating in a report on Friday, December 13th. Piper Sandler decreased their price target on shares of Microchip Technology from $100.00 to $85.00 and set an “overweight” rating for the company in a research note on Wednesday, November 6th. Jefferies Financial Group dropped their price objective on Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. Evercore ISI restated an “outperform” rating and set a $95.00 price objective (down from $101.00) on shares of Microchip Technology in a report on Wednesday, November 6th. Finally, TD Cowen lowered their target price on Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a report on Wednesday, November 6th. One 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 data from MarketBeat.com, Microchip Technology presently has a consensus rating of “Moderate Buy” and an average price target of $86.05.

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.