Wilmington Savings Fund Society FSB Acquires 8,592 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Wilmington Savings Fund Society FSB increased its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 16.6% during the third quarter, HoldingsChannel.com reports. The firm owned 60,394 shares of the semiconductor company’s stock after acquiring an additional 8,592 shares during the quarter. Wilmington Savings Fund Society FSB’s holdings in Microchip Technology were worth $4,849,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in MCHP. Principal Financial Group Inc. increased 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 purchasing an additional 33,603 shares during the last quarter. Van ECK Associates Corp increased 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 purchasing an additional 1,597,263 shares during the last quarter. Legal & General Group Plc raised its holdings in shares of Microchip Technology by 2.4% in the second 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 period. Dimensional Fund Advisors LP lifted its holdings in 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 buying an additional 575,087 shares in the last quarter. Finally, Envestnet Asset Management Inc. lifted its holdings in shares of Microchip Technology by 4.5% in 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 period. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Down 0.0 %

MCHP stock opened at $61.50 on Friday. Microchip Technology Incorporated has a 52 week low of $57.96 and a 52 week high of $100.57. The company has a market cap of $33.03 billion, a P/E ratio of 43.01 and a beta of 1.50. The company’s 50-day moving average price is $70.84 and its 200 day moving average price is $80.31. 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 (NASDAQ:MCHP) last released its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.43 by $0.03. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. During the same period in the prior year, the business earned $1.54 earnings per share. The company’s quarterly revenue was down 48.4% on a year-over-year basis. On average, research analysts expect that Microchip Technology Incorporated will post 1.33 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 22nd were issued a dividend of $0.455 per share. 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 2.96%. Microchip Technology’s dividend payout ratio (DPR) is 127.27%.

Analyst Ratings Changes

MCHP has been the topic of several analyst reports. Jefferies Financial Group cut their price target on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. StockNews.com lowered Microchip Technology from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. KeyCorp dropped their target price on shares of Microchip Technology from $95.00 to $90.00 and set an “overweight” rating for the company in a report on Tuesday, December 3rd. TD Cowen dropped their price objective 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. Finally, Piper Sandler decreased their price target on Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, Microchip Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $90.95.

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.