Logan Capital Management Inc. Sells 4,266 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Logan Capital Management Inc. decreased its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 5.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 68,489 shares of the semiconductor company’s stock after selling 4,266 shares during the quarter. Logan Capital Management Inc.’s holdings in Microchip Technology were worth $5,499,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of the company. Principal Financial Group Inc. grew its position in Microchip Technology by 0.4% in 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 period. Van ECK Associates Corp lifted its stake in shares of Microchip Technology by 25.1% in the third quarter. Van ECK Associates Corp now owns 7,961,200 shares of the semiconductor company’s stock valued at $599,239,000 after buying an additional 1,597,263 shares in the last quarter. Legal & General Group Plc grew its holdings in shares of 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 valued at $407,660,000 after buying an additional 103,807 shares during the last quarter. Franklin Resources Inc. raised its holdings in shares of Microchip Technology by 30.2% in the 3rd quarter. Franklin Resources Inc. now owns 3,347,643 shares of the semiconductor company’s stock worth $264,430,000 after acquiring an additional 776,408 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in Microchip Technology by 21.1% in 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 acquiring an additional 575,087 shares in the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Piper Sandler decreased their price objective on Microchip Technology from $100.00 to $85.00 and set an “overweight” rating for the company in a report on Wednesday, November 6th. Citigroup lowered their price target 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. StockNews.com downgraded shares of Microchip Technology from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Rosenblatt Securities reiterated a “buy” rating and issued a $90.00 target price on shares of Microchip Technology in a report on Wednesday, November 6th. Finally, TD Cowen cut their price target on shares of Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $90.95.

Microchip Technology Stock Performance

Microchip Technology stock traded down $0.59 during trading on Friday, hitting $60.91. The stock had a trading volume of 469,876 shares, compared to its average volume of 6,167,586. 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 stock’s 50 day moving average is $70.84 and its two-hundred day moving average is $80.31. Microchip Technology Incorporated has a 1 year low of $57.96 and a 1 year high of $100.57. The stock has a market cap of $32.71 billion, a price-to-earnings ratio of 43.01 and a beta of 1.50.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, topping 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 company had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter in the prior year, the company 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 1.33 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 22nd were paid a $0.455 dividend. This is an increase 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 2.99%. Microchip Technology’s dividend payout ratio (DPR) is presently 127.27%.

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.