Massachusetts Financial Services Co. MA Has $131.55 Million Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Massachusetts Financial Services Co. MA lowered its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 6.9% during the second quarter, HoldingsChannel reports. The institutional investor owned 1,437,645 shares of the semiconductor company’s stock after selling 106,154 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in Microchip Technology were worth $131,545,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Rise Advisors LLC acquired a new stake in shares of Microchip Technology during the 1st quarter worth $28,000. Pineridge Advisors LLC acquired a new stake in Microchip Technology during the fourth quarter worth about $33,000. Steph & Co. increased its holdings in Microchip Technology by 57.4% in the 1st quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock valued at $37,000 after buying an additional 151 shares during the period. Pathway Financial Advisers LLC acquired a new position in shares of Microchip Technology in the 1st quarter valued at approximately $39,000. Finally, Richardson Capital Management LLC acquired a new position in shares of Microchip Technology in the 1st quarter valued at approximately $45,000. Institutional investors own 91.51% of the company’s stock.

Insider Transactions at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,154 shares of the 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 completion of the sale, the chief financial officer now directly owns 33,257 shares in the company, valued at $2,710,445.50. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 2.07% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on MCHP shares. Citigroup decreased their price objective on shares of Microchip Technology from $104.00 to $92.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Needham & Company LLC decreased their price target on Microchip Technology from $100.00 to $96.00 and set a “buy” rating on the stock in a research note on Monday, August 5th. TD Cowen dropped their price objective on Microchip Technology from $90.00 to $80.00 and set a “hold” rating for the company in a research report on Friday, August 2nd. Rosenblatt Securities reiterated a “buy” rating and issued a $100.00 target price on shares of Microchip Technology in a research report on Wednesday, July 31st. Finally, Mizuho raised Microchip Technology from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $85.00 to $115.00 in a research note on Friday, May 24th. Five equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $99.95.

Microchip Technology Price Performance

Shares of NASDAQ:MCHP opened at $76.36 on Thursday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.08 and a current ratio of 1.94. Microchip Technology Incorporated has a 52 week low of $68.75 and a 52 week high of $100.57. The firm has a market cap of $40.97 billion, a PE ratio of 22.01 and a beta of 1.53. The firm’s fifty day moving average is $81.73 and its 200-day moving average is $87.86.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, topping the consensus estimate of $0.52 by $0.01. The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. The business’s quarterly revenue was down 45.8% compared to the same quarter last year. During the same period in the previous year, the business earned $1.56 EPS. Sell-side analysts predict that Microchip Technology Incorporated will post 1.74 earnings per share for the current year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd were issued a dividend of $0.454 per share. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Thursday, August 22nd. This represents a $1.82 annualized dividend and a yield of 2.38%. Microchip Technology’s dividend payout ratio (DPR) is presently 52.16%.

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.