Massachusetts Financial Services Co. MA Has $91.96 Million Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Massachusetts Financial Services Co. MA cut its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 20.3% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,145,389 shares of the semiconductor company’s stock after selling 292,256 shares during the period. Massachusetts Financial Services Co. MA owned 0.21% of Microchip Technology worth $91,963,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in MCHP. SeaCrest Wealth Management LLC boosted its position in shares of Microchip Technology by 3.3% during the second quarter. SeaCrest Wealth Management LLC now owns 4,147 shares of the semiconductor company’s stock worth $379,000 after purchasing an additional 131 shares in the last quarter. Corundum Group Inc. raised its stake in Microchip Technology by 3.4% during the 3rd quarter. Corundum Group Inc. now owns 4,315 shares of the semiconductor company’s stock worth $346,000 after buying an additional 143 shares during the period. Commerzbank Aktiengesellschaft FI lifted its holdings in Microchip Technology by 4.5% during the second quarter. Commerzbank Aktiengesellschaft FI now owns 3,470 shares of the semiconductor company’s stock worth $318,000 after acquiring an additional 148 shares in the last quarter. Busey Bank grew its stake in Microchip Technology by 2.6% in the second quarter. Busey Bank now owns 6,006 shares of the semiconductor company’s stock valued at $550,000 after acquiring an additional 155 shares during the period. Finally, Financial Advocates Investment Management increased its holdings in shares of Microchip Technology by 1.5% in the third quarter. Financial Advocates Investment Management now owns 10,795 shares of the semiconductor company’s stock worth $867,000 after acquiring an additional 158 shares in the last quarter. 91.51% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently weighed in on MCHP. StockNews.com cut Microchip Technology from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Mizuho set a $95.00 price target on shares of Microchip Technology in a report on Friday, October 18th. Needham & Company LLC dropped their price objective on shares of Microchip Technology from $96.00 to $85.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. KeyCorp reduced their target price on shares of Microchip Technology from $100.00 to $95.00 and set an “overweight” rating for the company in a research note on Wednesday, November 6th. Finally, TD Cowen dropped their price target on Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a research note on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $92.00.

Microchip Technology Stock Performance

NASDAQ MCHP opened at $66.69 on Friday. The firm has a market capitalization of $35.81 billion, a P/E ratio of 46.64 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. The firm’s fifty day moving average price is $74.59 and its two-hundred day moving average price is $83.17. Microchip Technology Incorporated has a 1 year low of $62.63 and a 1 year high of $100.57.

Microchip Technology (NASDAQ:MCHP) last issued its 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. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The business had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.15 billion. During the same period last year, the business posted $1.54 EPS. Microchip Technology’s revenue was down 48.4% on a year-over-year basis. As a group, research analysts anticipate that Microchip Technology Incorporated will post 1.38 EPS for the current year.

Microchip Technology Increases Dividend

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

About Microchip Technology

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.