Microchip Technology Incorporated (NASDAQ:MCHP) Shares Acquired by Healthcare of Ontario Pension Plan Trust Fund

Healthcare of Ontario Pension Plan Trust Fund increased its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 20.1% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 2,751,987 shares of the semiconductor company’s stock after acquiring an additional 460,697 shares during the period. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Microchip Technology were worth $220,957,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Prospera Private Wealth LLC acquired a new position in Microchip Technology during the third quarter worth approximately $29,000. Peterson Financial Group Inc. acquired a new position in Microchip Technology during the third quarter worth approximately $34,000. Truvestments Capital LLC acquired a new stake in shares of Microchip Technology in the third quarter worth $34,000. Pathway Financial Advisers LLC acquired a new stake in shares of Microchip Technology in the first quarter worth $39,000. Finally, Versant Capital Management Inc increased its position in shares of Microchip Technology by 148.8% in the second quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock worth $48,000 after acquiring an additional 317 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Stock Down 2.1 %

Microchip Technology stock opened at $68.41 on Wednesday. Microchip Technology Incorporated has a 52 week low of $62.63 and a 52 week high of $100.57. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71. The company’s 50-day moving average price is $74.27 and its two-hundred day moving average price is $82.80. The stock has a market cap of $36.74 billion, a price-to-earnings ratio of 47.84 and a beta of 1.53.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.43 by $0.03. The business 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 firm’s quarterly revenue was down 48.4% compared to the same quarter last year. During the same period last year, the company posted $1.54 earnings per share. On average, analysts expect that Microchip Technology Incorporated will post 1.38 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently declared 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 of this dividend is Friday, November 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 2.66%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s payout ratio is currently 127.27%.

Analyst Upgrades and Downgrades

MCHP has been the subject of several recent research reports. Jefferies Financial Group dropped their price objective on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. Truist Financial downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating and reduced their price objective for the company from $89.00 to $80.00 in a research note on Monday, September 23rd. B. Riley reduced their price objective on shares of Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. StockNews.com downgraded shares of Microchip Technology from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Finally, Citigroup reduced their price target on shares of Microchip Technology from $92.00 to $82.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $92.00.

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.