Metis Global Partners LLC Increases Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Metis Global Partners LLC lifted its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 1.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,161 shares of the semiconductor company’s stock after purchasing an additional 172 shares during the period. Metis Global Partners LLC’s holdings in Microchip Technology were worth $1,378,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of MCHP. Healthcare of Ontario Pension Plan Trust Fund increased its position in Microchip Technology by 2,390.5% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,291,290 shares of the semiconductor company’s stock worth $209,653,000 after buying an additional 2,199,290 shares in the last quarter. Clearbridge Investments LLC boosted its stake in shares of Microchip Technology by 18,944.8% during the first quarter. Clearbridge Investments LLC now owns 1,973,045 shares of the semiconductor company’s stock valued at $177,002,000 after acquiring an additional 1,962,685 shares during the last quarter. Van ECK Associates Corp increased its position in 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 in the last quarter. Canada Pension Plan Investment Board raised its stake in Microchip Technology by 425.3% in the 1st quarter. Canada Pension Plan Investment Board now owns 1,377,099 shares of the semiconductor company’s stock valued at $123,540,000 after purchasing an additional 1,114,962 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in Microchip Technology by 78.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,189,390 shares of the semiconductor company’s stock valued at $200,329,000 after purchasing an additional 961,801 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Microchip Technology Price Performance

Microchip Technology stock opened at $62.86 on Friday. The firm has a fifty day moving average of $75.65 and a 200-day moving average of $84.12. Microchip Technology Incorporated has a 52-week low of $62.63 and a 52-week high of $100.57. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71. The firm has a market capitalization of $33.76 billion, a P/E ratio of 43.96 and a beta of 1.53.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly 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 during 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 quarterly revenue was down 48.4% compared to the same quarter last year. As a group, analysts predict that Microchip Technology Incorporated will post 1.38 EPS for the current year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be given a dividend of $0.455 per share. The ex-dividend date of this dividend is Friday, November 22nd. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a yield of 2.90%. Microchip Technology’s payout ratio is 127.27%.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on MCHP shares. Bank of America lowered shares of Microchip Technology from a “buy” rating to a “neutral” rating and cut their price objective for the company from $110.00 to $90.00 in a research report on Friday, August 2nd. TD Cowen reduced their price target on Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a research note on Wednesday, November 6th. Citigroup lowered their price objective on Microchip Technology from $92.00 to $82.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. B. Riley reduced their target price on Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $90.00 price target on shares of Microchip Technology in a research note 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 assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $92.00.

Insiders Place Their Bets

In related news, CFO James Eric Bjornholt sold 2,154 shares of Microchip Technology stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total transaction of $175,551.00. Following the sale, the chief financial officer now owns 33,257 shares of the company’s stock, valued at $2,710,445.50. The trade was a 6.08 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 2.10% of the stock is owned by company insiders.

Microchip Technology 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.