The Manufacturers Life Insurance Company Sells 1,859,991 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

The Manufacturers Life Insurance Company reduced its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 85.0% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 329,399 shares of the semiconductor company’s stock after selling 1,859,991 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Microchip Technology were worth $26,447,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Prospera Private Wealth LLC bought a new position in shares of Microchip Technology in the third quarter valued at $29,000. Peterson Financial Group Inc. bought a new position in shares of Microchip Technology in the 3rd quarter valued at about $34,000. Truvestments Capital LLC acquired a new position in shares of Microchip Technology during the 3rd quarter worth about $34,000. Versant Capital Management Inc raised its holdings in shares of Microchip Technology by 148.8% in the 2nd quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock valued at $48,000 after purchasing an additional 317 shares during the period. Finally, Wolff Wiese Magana LLC lifted its stake in Microchip Technology by 55.2% in the 3rd quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock valued at $49,000 after purchasing an additional 218 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Microchip Technology Stock Performance

Shares of MCHP stock opened at $68.17 on Friday. The business’s 50-day moving average price is $73.71 and its 200-day moving average price is $82.34. Microchip Technology Incorporated has a 12 month low of $62.63 and a 12 month high of $100.57. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71. The firm has a market capitalization of $36.61 billion, a price-to-earnings ratio of 47.67 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. The firm had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The company’s revenue was down 48.4% on a year-over-year basis. During the same period in the prior year, the company posted $1.54 EPS. Equities research analysts forecast 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. Stockholders of record on Friday, November 22nd will be paid a $0.455 dividend. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $1.82 annualized dividend and a dividend yield of 2.67%. Microchip Technology’s dividend payout ratio is presently 127.27%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on MCHP shares. Citigroup lowered their price target on Microchip Technology from $92.00 to $82.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. Mizuho set a $95.00 price target on Microchip Technology in a research note on Friday, October 18th. Jefferies Financial Group decreased their price objective 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. Piper Sandler cut their target price on shares of Microchip Technology from $100.00 to $85.00 and set an “overweight” rating for the company in a research note on Wednesday, November 6th. Finally, Truist Financial lowered shares of Microchip Technology from a “buy” rating to a “hold” rating and decreased their price target for the company from $89.00 to $80.00 in a research note on Monday, September 23rd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, Microchip Technology presently has an average rating of “Moderate Buy” and an average price target of $92.00.

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.