310,562 Shares in Microchip Technology Incorporated (NASDAQ:MCHP) Acquired by Perpetual Ltd

Perpetual Ltd bought a new position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) in the 4th quarter, HoldingsChannel.com reports. The fund bought 310,562 shares of the semiconductor company’s stock, valued at approximately $17,811,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. 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 worth $599,239,000 after purchasing an additional 1,597,263 shares during the last quarter. Legal & General Group Plc boosted its stake in Microchip Technology by 2.4% during 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. Franklin Resources Inc. increased its position in shares of Microchip Technology by 30.2% during the third quarter. Franklin Resources Inc. now owns 3,347,643 shares of the semiconductor company’s stock valued at $264,430,000 after acquiring an additional 776,408 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Microchip Technology by 0.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,026,946 shares of the semiconductor company’s stock valued at $243,034,000 after acquiring an additional 25,872 shares during the period. Finally, Assenagon Asset Management S.A. lifted its holdings in shares of Microchip Technology by 9,901.6% in the 4th quarter. Assenagon Asset Management S.A. now owns 2,857,654 shares of the semiconductor company’s stock worth $163,886,000 after acquiring an additional 2,829,082 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Analyst Ratings Changes

MCHP has been the subject of several research reports. Evercore ISI reiterated an “outperform” rating and issued a $95.00 target price (down previously from $101.00) on shares of Microchip Technology in a report on Wednesday, November 6th. Stifel Nicolaus dropped their price objective on Microchip Technology from $90.00 to $87.00 and set a “buy” rating for the company in a research note on Tuesday, December 3rd. Mizuho decreased their target price on Microchip Technology from $85.00 to $72.00 and set an “outperform” rating on the stock in a research note on Friday, January 10th. KeyCorp dropped their target price on Microchip Technology from $90.00 to $70.00 and set an “overweight” rating for the company in a research report on Tuesday, January 14th. Finally, Needham & Company LLC reissued a “buy” rating and set a $85.00 price target on shares of Microchip Technology in a research report on Tuesday, December 3rd. One research analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Microchip Technology has an average rating of “Moderate Buy” and an average price target of $85.00.

Microchip Technology Price Performance

Microchip Technology stock opened at $57.97 on Tuesday. The stock has a market cap of $31.13 billion, a P/E ratio of 40.54 and a beta of 1.52. The company has a fifty day simple moving average of $61.11 and a 200-day simple moving average of $73.57. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71. Microchip Technology Incorporated has a 12-month low of $54.47 and a 12-month high of $100.57.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (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 return on equity of 19.47% and a net margin of 14.22%. The business’s quarterly revenue was down 48.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.54 EPS. Equities analysts expect that Microchip Technology Incorporated will post 1.31 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 22nd were issued a $0.455 dividend. 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 3.14%. Microchip Technology’s dividend payout ratio is presently 127.27%.

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.