Rehmann Capital Advisory Group Lowers Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Rehmann Capital Advisory Group trimmed its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 12.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,001 shares of the semiconductor company’s stock after selling 414 shares during the quarter. Rehmann Capital Advisory Group’s holdings in Microchip Technology were worth $241,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the business. Principal Financial Group Inc. increased its position in shares of Microchip Technology by 0.4% in the second 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 last quarter. Van ECK Associates Corp grew its stake in 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 buying an additional 1,597,263 shares in the last quarter. Legal & General Group Plc increased its holdings in shares of Microchip Technology by 2.4% in the 2nd 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 last quarter. Dimensional Fund Advisors LP raised its position in shares of Microchip Technology by 21.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,298,771 shares of the semiconductor company’s stock valued at $301,797,000 after buying an additional 575,087 shares in the last quarter. Finally, Envestnet Asset Management Inc. lifted its holdings in shares of Microchip Technology by 4.5% during the 2nd quarter. Envestnet Asset Management Inc. now owns 3,164,101 shares of the semiconductor company’s stock worth $289,515,000 after acquiring an additional 136,995 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

MCHP has been the topic of a number of research analyst reports. Stifel Nicolaus reduced their target price on Microchip Technology from $90.00 to $87.00 and set a “buy” rating on the stock in a research note on Tuesday, December 3rd. KeyCorp reduced their price objective on Microchip Technology from $95.00 to $90.00 and set an “overweight” rating on the stock in a research report on Tuesday, December 3rd. Mizuho set a $95.00 target price on Microchip Technology in a research report on Friday, October 18th. Susquehanna reduced their price target on shares of Microchip Technology from $95.00 to $90.00 and set a “positive” rating on the stock in a research report on Wednesday, November 6th. Finally, Needham & Company LLC restated a “buy” rating and issued a $85.00 price objective on shares of Microchip Technology in a report on Tuesday, December 3rd. Six equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, Microchip Technology presently has a consensus rating of “Moderate Buy” and an average price target of $90.95.

Microchip Technology Trading Down 2.6 %

MCHP opened at $59.93 on Friday. Microchip Technology Incorporated has a one year low of $57.96 and a one year high of $100.57. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.88 and a quick ratio of 0.48. The business has a 50 day simple moving average of $70.49 and a two-hundred day simple moving average of $80.04. The firm has a market capitalization of $32.18 billion, a price-to-earnings ratio of 41.91 and a beta of 1.50.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. During the same quarter in the previous year, the firm posted $1.54 EPS. The company’s revenue for the quarter was down 48.4% compared to the same quarter last year. Analysts predict that Microchip Technology Incorporated will post 1.33 EPS for the current year.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were issued a $0.455 dividend. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Friday, November 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 3.04%. Microchip Technology’s dividend payout ratio is 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.