Assenagon Asset Management S.A. Purchases 2,829,082 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Assenagon Asset Management S.A. increased its position in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 9,901.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,857,654 shares of the semiconductor company's stock after acquiring an additional 2,829,082 shares during the quarter. Assenagon Asset Management S.A. owned about 0.53% of Microchip Technology worth $163,886,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MCHP. Prospera Private Wealth LLC purchased a new stake in shares of Microchip Technology in the third quarter worth $29,000. Peterson Financial Group Inc. purchased a new stake in Microchip Technology in the 3rd quarter worth $34,000. Truvestments Capital LLC bought a new stake in Microchip Technology during the third quarter valued at about $34,000. Wolff Wiese Magana LLC lifted its position in shares of Microchip Technology by 55.2% in the third quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company's stock valued at $49,000 after acquiring an additional 218 shares in the last quarter. Finally, Hobbs Group Advisors LLC boosted its stake in shares of Microchip Technology by 390.6% in the third quarter. Hobbs Group Advisors LLC now owns 628 shares of the semiconductor company's stock worth $50,000 after acquiring an additional 500 shares during the period. Institutional investors own 91.51% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Mizuho lowered their price target on Microchip Technology from $85.00 to $72.00 and set an "outperform" rating on the stock in a report on Friday, January 10th. The Goldman Sachs Group dropped their target price on shares of Microchip Technology from $72.00 to $63.00 and set a "neutral" rating for the company in a research report on Friday, January 10th. Bank of America downgraded shares of Microchip Technology from a "neutral" rating to an "underperform" rating and reduced their price target for the company from $80.00 to $65.00 in a report on Monday, December 16th. Susquehanna dropped their price objective on shares of Microchip Technology from $95.00 to $90.00 and set a "positive" rating for the company in a report on Wednesday, November 6th. Finally, Piper Sandler reduced their target price on Microchip Technology from $100.00 to $85.00 and set an "overweight" rating on the stock 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 fourteen have assigned a buy rating to the stock. According to MarketBeat.com, Microchip Technology has a consensus rating of "Moderate Buy" and an average target price of $86.05.

Microchip Technology Trading Up 0.4 %

NASDAQ:MCHP traded up $0.22 during mid-day trading on Wednesday, hitting $57.10. 8,971,227 shares of the stock traded hands, compared to its average volume of 7,585,972. 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 52 week low of $54.47 and a 52 week high of $100.57. The stock has a market capitalization of $30.66 billion, a price-to-earnings ratio of 39.93 and a beta of 1.52. The firm's 50 day moving average is $62.10 and its two-hundred day moving average is $74.32.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, beating 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 firm had revenue of $1.16 billion for the quarter, compared to analysts' expectations of $1.15 billion. During the same quarter in the prior year, the firm posted $1.54 earnings per share. The company's quarterly revenue was down 48.4% on a year-over-year basis. On average, equities research analysts predict that Microchip Technology Incorporated will post 1.33 earnings per share for the current year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 22nd were issued a $0.455 dividend. The ex-dividend date of this dividend was Friday, November 22nd. This is a boost 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 3.19%. Microchip Technology's dividend payout ratio is presently 127.27%.

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.