Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lowered its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 13.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 89,510 shares of the semiconductor company’s stock after selling 13,985 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Microchip Technology were worth $7,187,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Edgestream Partners L.P. increased its holdings in Microchip Technology by 190.1% during the 3rd quarter. Edgestream Partners L.P. now owns 37,377 shares of the semiconductor company’s stock valued at $3,001,000 after acquiring an additional 24,491 shares in the last quarter. Financial Counselors Inc. grew its position in shares of Microchip Technology by 55.3% in the third quarter. Financial Counselors Inc. now owns 10,451 shares of the semiconductor company’s stock valued at $839,000 after purchasing an additional 3,723 shares during the last quarter. Public Sector Pension Investment Board increased its stake in shares of Microchip Technology by 0.4% during the 3rd quarter. Public Sector Pension Investment Board now owns 611,121 shares of the semiconductor company’s stock worth $49,067,000 after purchasing an additional 2,600 shares in the last quarter. First Commonwealth Financial Corp PA raised its position in shares of Microchip Technology by 2.5% during the 3rd quarter. First Commonwealth Financial Corp PA now owns 11,342 shares of the semiconductor company’s stock worth $911,000 after purchasing an additional 279 shares during the last quarter. Finally, CreativeOne Wealth LLC lifted its stake in Microchip Technology by 2.0% in the 3rd quarter. CreativeOne Wealth LLC now owns 28,559 shares of the semiconductor company’s stock valued at $2,293,000 after buying an additional 562 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Price Performance

MCHP stock opened at $68.17 on Monday. The company has a market cap of $36.61 billion, a PE ratio of 47.67 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 stock has a 50-day moving average price of $73.71 and a two-hundred day moving average price of $82.25. Microchip Technology Incorporated has a 12-month low of $62.63 and a 12-month 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, topping analysts’ consensus estimates of $0.43 by $0.03. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The business had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same quarter in the previous year, the business earned $1.54 EPS. The company’s revenue for the quarter was down 48.4% on a year-over-year basis. As a group, research analysts predict 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. Stockholders of record on Friday, November 22nd will be paid a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.67%. The ex-dividend date of this dividend is Friday, November 22nd. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio (DPR) is currently 127.27%.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. StockNews.com downgraded Microchip Technology from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Truist Financial cut Microchip Technology from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $89.00 to $80.00 in a research report on Monday, September 23rd. Rosenblatt Securities restated a “buy” rating and issued a $90.00 target price on shares of Microchip Technology in a report on Wednesday, November 6th. Jefferies Financial Group lowered their price target on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. Finally, Needham & Company LLC reduced their price objective on shares of Microchip Technology from $96.00 to $85.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. 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. Based on data from MarketBeat.com, Microchip Technology currently has a consensus rating of “Moderate Buy” and an average target price of $92.00.

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.