Microchip Technology Incorporated (NASDAQ:MCHP) Stock Holdings Lessened by KBC Group NV

KBC Group NV lessened its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 89.0% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 91,235 shares of the semiconductor company’s stock after selling 741,249 shares during the period. KBC Group NV’s holdings in Microchip Technology were worth $7,325,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Principal Financial Group Inc. raised its position in shares of Microchip Technology by 0.4% during the 2nd quarter. Principal Financial Group Inc. now owns 9,246,403 shares of the semiconductor company’s stock worth $846,046,000 after purchasing an additional 33,603 shares during the period. Van ECK Associates Corp increased its holdings in shares of Microchip Technology by 25.1% in the 3rd quarter. Van ECK Associates Corp now owns 7,961,200 shares of the semiconductor company’s stock worth $599,239,000 after acquiring an additional 1,597,263 shares during the period. Boston Partners increased its holdings in shares of Microchip Technology by 10.7% in the 1st quarter. Boston Partners now owns 7,591,471 shares of the semiconductor company’s stock worth $681,838,000 after acquiring an additional 736,818 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in Microchip Technology by 17.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,527,709 shares of the semiconductor company’s stock valued at $406,182,000 after purchasing an additional 673,992 shares during the period. Finally, Legal & General Group Plc boosted its position 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 worth $407,660,000 after buying an additional 103,807 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Trading Down 4.2 %

Shares of MCHP opened at $62.86 on Friday. Microchip Technology Incorporated has a 1-year low of $62.63 and a 1-year high of $100.57. The business’s 50-day moving average price is $75.65 and its 200 day moving average price is $84.12. The stock has a market capitalization of $33.76 billion, a P/E ratio of 43.96 and a beta of 1.53. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.03. The company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.15 billion. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The business’s revenue for the quarter was down 48.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.54 EPS. Analysts expect that Microchip Technology Incorporated will post 1.38 earnings per share for the current year.

Microchip Technology Increases Dividend

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

Analyst Ratings Changes

Several brokerages have weighed in on MCHP. Citigroup cut their target price on Microchip Technology from $92.00 to $82.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. Needham & Company LLC decreased their target price on shares of Microchip Technology from $96.00 to $85.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. Piper Sandler dropped their price target on shares of Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 6th. KeyCorp decreased their price objective on shares of Microchip Technology from $100.00 to $95.00 and set an “overweight” rating for the company in a report on Wednesday, November 6th. Finally, B. Riley lowered their price objective on shares of Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $92.00.

Insider Activity

In other news, CFO James Eric Bjornholt sold 2,154 shares of Microchip Technology stock in a transaction dated Friday, August 23rd. The stock was 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 trade was a 6.08 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 2.10% of the stock is currently owned by corporate 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.