Barrow Hanley Mewhinney & Strauss LLC Buys 299,721 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Barrow Hanley Mewhinney & Strauss LLC boosted its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 25.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,486,949 shares of the semiconductor company’s stock after purchasing an additional 299,721 shares during the period. Barrow Hanley Mewhinney & Strauss LLC owned about 0.28% of Microchip Technology worth $136,056,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Clearbridge Investments LLC increased its holdings in Microchip Technology by 18,944.8% in the 1st quarter. Clearbridge Investments LLC now owns 1,973,045 shares of the semiconductor company’s stock worth $177,002,000 after purchasing an additional 1,962,685 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Microchip Technology by 2.9% during the first quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company’s stock worth $6,152,646,000 after purchasing an additional 1,921,497 shares during the last quarter. Canada Pension Plan Investment Board increased its stake in shares of Microchip Technology by 425.3% in the first quarter. Canada Pension Plan Investment Board now owns 1,377,099 shares of the semiconductor company’s stock valued at $123,540,000 after buying an additional 1,114,962 shares during the period. Van ECK Associates Corp raised its holdings in Microchip Technology by 17.2% in the 1st quarter. Van ECK Associates Corp now owns 6,068,311 shares of the semiconductor company’s stock valued at $544,388,000 after buying an additional 891,297 shares during the last quarter. Finally, Boston Partners boosted its position in Microchip Technology by 10.7% during the 1st quarter. Boston Partners now owns 7,591,471 shares of the semiconductor company’s stock worth $681,838,000 after buying an additional 736,818 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

Wall Street Analyst Weigh In

MCHP has been the subject of several recent research reports. Rosenblatt Securities restated a “buy” rating and issued a $100.00 price target on shares of Microchip Technology in a research report on Wednesday, July 31st. Piper Sandler upgraded Microchip Technology from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $90.00 to $100.00 in a report on Friday, August 16th. B. Riley cut their target price on Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Bank of America cut Microchip Technology from a “buy” rating to a “neutral” rating and decreased their price target for the company from $110.00 to $90.00 in a research note on Friday, August 2nd. Finally, TD Cowen cut their price objective on Microchip Technology from $90.00 to $80.00 and set a “hold” rating on the stock in a research note on Friday, August 2nd. Five research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat.com, Microchip Technology has an average rating of “Moderate Buy” and a consensus target price of $99.95.

Insider Activity

In related news, CFO James Eric Bjornholt sold 2,154 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $81.50, for a total value of $175,551.00. Following the sale, the chief financial officer now owns 33,257 shares in the company, valued at approximately $2,710,445.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 2.07% of the company’s stock.

Microchip Technology Stock Performance

Shares of MCHP opened at $77.01 on Friday. Microchip Technology Incorporated has a one year low of $68.75 and a one year high of $100.57. The company has a market cap of $41.32 billion, a PE ratio of 22.19 and a beta of 1.53. The stock has a 50-day moving average of $81.15 and a 200-day moving average of $87.74. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.94 and a quick ratio of 1.08.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, beating the consensus estimate of $0.52 by $0.01. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. The firm had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter in the previous year, the company posted $1.56 earnings per share. The company’s quarterly revenue was down 45.8% on a year-over-year basis. On average, equities research analysts predict that Microchip Technology Incorporated will post 1.74 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd were paid a $0.454 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.36%. 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. Microchip Technology’s dividend payout ratio (DPR) is 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.