Lmcg Investments LLC Has $6.48 Million Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Lmcg Investments LLC reduced its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 10.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 113,016 shares of the semiconductor company’s stock after selling 13,243 shares during the period. Lmcg Investments LLC’s holdings in Microchip Technology were worth $6,481,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the business. Assenagon Asset Management S.A. grew its holdings in shares of Microchip Technology by 9,901.6% during the fourth quarter. Assenagon Asset Management S.A. now owns 2,857,654 shares of the semiconductor company’s stock valued at $163,886,000 after buying an additional 2,829,082 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in Microchip Technology by 2,390.5% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,291,290 shares of the semiconductor company’s stock valued at $209,653,000 after purchasing an additional 2,199,290 shares during the last quarter. Van ECK Associates Corp raised its stake in shares of Microchip Technology by 25.1% in the third 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. The Manufacturers Life Insurance Company lifted its holdings in shares of Microchip Technology by 78.3% in the second quarter. The Manufacturers Life Insurance Company now owns 2,189,390 shares of the semiconductor company’s stock valued at $200,329,000 after purchasing an additional 961,801 shares in the last quarter. Finally, Franklin Resources Inc. lifted its holdings in shares of Microchip Technology by 30.2% in the third quarter. Franklin Resources Inc. now owns 3,347,643 shares of the semiconductor company’s stock valued at $264,430,000 after purchasing an additional 776,408 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Stock Performance

Microchip Technology stock opened at $57.97 on Tuesday. The firm has a fifty day simple moving average of $61.11 and a two-hundred day simple moving average of $73.57. 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 Incorporated has a twelve month low of $54.47 and a twelve month high of $100.57. The company has a market capitalization of $31.13 billion, a PE ratio of 40.54 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last issued 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 during 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%. Microchip Technology’s quarterly revenue was down 48.4% compared to the same quarter last year. During the same period in the prior year, the business posted $1.54 EPS. Research analysts expect that Microchip Technology Incorporated will post 1.31 EPS for the current year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 22nd were given a $0.455 dividend. This represents a $1.82 annualized dividend and a dividend yield of 3.14%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Friday, November 22nd. Microchip Technology’s dividend payout ratio (DPR) is currently 127.27%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on MCHP shares. Bank of America lowered Microchip Technology from a “neutral” rating to an “underperform” rating and lowered their price target for the company from $80.00 to $65.00 in a research report on Monday, December 16th. Truist Financial cut shares of Microchip Technology from a “buy” rating to a “hold” rating and cut their price target for the stock from $89.00 to $80.00 in a report on Monday, September 23rd. Rosenblatt Securities reiterated a “buy” rating and set a $90.00 price target on shares of Microchip Technology in a report on Wednesday, November 6th. Mizuho reduced their target price on shares of Microchip Technology from $85.00 to $72.00 and set an “outperform” rating for the company in a research report on Friday, January 10th. Finally, Susquehanna reduced their price objective on Microchip Technology from $95.00 to $90.00 and set a “positive” rating for the company in a report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $85.00.

Microchip Technology Company 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.