Camden National Bank Acquires Shares of 4,564 Microchip Technology Incorporated (NASDAQ:MCHP)

Camden National Bank bought a new position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 4,564 shares of the semiconductor company’s stock, valued at approximately $366,000.

Other large investors have also made changes to their positions in the company. Principal Financial Group Inc. grew its holdings in 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 acquiring an additional 33,603 shares during the period. Van ECK Associates Corp boosted its position 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 purchasing an additional 1,597,263 shares during the last quarter. Boston Partners grew its stake in shares of Microchip Technology by 10.7% during the first quarter. Boston Partners now owns 7,591,471 shares of the semiconductor company’s stock worth $681,838,000 after purchasing an additional 736,818 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in Microchip Technology by 17.5% in the first 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 last quarter. Finally, Legal & General Group Plc lifted its stake in Microchip Technology by 2.4% in 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 period. Institutional investors and hedge funds own 91.51% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Mizuho set a $95.00 target price on Microchip Technology in a research report on Friday, October 18th. Piper Sandler decreased their price objective on shares of Microchip Technology from $100.00 to $85.00 and set an “overweight” rating for the company in a report on Wednesday, November 6th. KeyCorp cut their target price on shares of Microchip Technology from $100.00 to $95.00 and set an “overweight” rating on the stock in a report on Wednesday, November 6th. Evercore ISI reissued an “outperform” rating and issued a $95.00 price target (down previously from $101.00) on shares of Microchip Technology in a report on Wednesday, November 6th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $90.00 price objective on shares of Microchip Technology in a research note on Wednesday, November 6th. One research 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’s stock. According to MarketBeat, Microchip Technology currently has an average rating of “Moderate Buy” and a consensus price target of $92.00.

Microchip Technology Stock Performance

Shares of MCHP stock opened at $66.69 on Friday. The firm has a market cap of $35.81 billion, a PE ratio of 46.64 and a beta of 1.53. Microchip Technology Incorporated has a 12 month low of $62.63 and a 12 month high of $100.57. The company’s fifty day simple moving average is $74.59 and its 200-day simple moving average is $83.24. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71.

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

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be given a dividend of $0.455 per share. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a yield of 2.73%. The ex-dividend date of this dividend is Friday, November 22nd. Microchip Technology’s dividend payout ratio is 127.27%.

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.