Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp reduced its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 13.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 89,510 shares of the semiconductor company’s stock after selling 13,985 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Microchip Technology were worth $7,187,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Prospera Private Wealth LLC acquired a new position in Microchip Technology in the 3rd quarter worth $29,000. Peterson Financial Group Inc. acquired a new position in shares of Microchip Technology in the third quarter worth about $34,000. Truvestments Capital LLC acquired a new position in shares of Microchip Technology in the third quarter worth about $34,000. Versant Capital Management Inc boosted its holdings in Microchip Technology by 148.8% in the second quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock valued at $48,000 after purchasing an additional 317 shares during the last quarter. Finally, Wolff Wiese Magana LLC grew its stake in Microchip Technology by 55.2% during the 3rd quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock valued at $49,000 after purchasing an additional 218 shares in the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Microchip Technology Stock Performance

Shares of MCHP opened at $68.17 on Monday. The firm has a fifty day moving average of $73.71 and a 200-day moving average of $82.25. The company has a market cap of $36.61 billion, a price-to-earnings ratio of 47.67 and a beta of 1.53. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88. Microchip Technology Incorporated has a 1 year low of $62.63 and a 1 year high of $100.57.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) 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 in the previous year, the business posted $1.54 EPS. Microchip Technology’s revenue was down 48.4% on a year-over-year basis. As a group, equities analysts anticipate that Microchip Technology Incorporated will post 1.38 earnings per share for the current year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be given a $0.455 dividend. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a yield of 2.67%. The ex-dividend date of this dividend is Friday, November 22nd. Microchip Technology’s dividend payout ratio (DPR) is currently 127.27%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on MCHP shares. StockNews.com lowered Microchip Technology from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Needham & Company LLC reduced their price objective on shares of Microchip Technology from $96.00 to $85.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. Evercore ISI reissued 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. Mizuho set a $95.00 target price on shares of Microchip Technology in a research note on Friday, October 18th. Finally, Truist Financial downgraded Microchip Technology from a “buy” rating to a “hold” rating and decreased their price target for the stock from $89.00 to $80.00 in a research note on Monday, September 23rd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, Microchip Technology currently has an average rating of “Moderate Buy” and an average price target of $92.00.

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.