Microchip Technology Incorporated (NASDAQ:MCHP) Shares Purchased by Franklin Resources Inc.

Franklin Resources Inc. boosted its position in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 30.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,347,643 shares of the semiconductor company's stock after purchasing an additional 776,408 shares during the period. Franklin Resources Inc. owned about 0.62% of Microchip Technology worth $264,430,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the company. SeaCrest Wealth Management LLC lifted 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 acquiring an additional 131 shares in the last quarter. Corundum Group Inc. lifted its position in shares of Microchip Technology by 3.4% during the third quarter. Corundum Group Inc. now owns 4,315 shares of the semiconductor company's stock worth $346,000 after acquiring an additional 143 shares in the last quarter. Commerzbank Aktiengesellschaft FI lifted its position in shares of 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 lifted its position in shares of Microchip Technology by 2.6% during the second quarter. Busey Bank now owns 6,006 shares of the semiconductor company's stock worth $550,000 after acquiring an additional 155 shares in the last quarter. Finally, Financial Advocates Investment Management lifted its position in shares of Microchip Technology by 1.5% during 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. Hedge funds and other institutional investors own 91.51% of the company's stock.

Microchip Technology Price Performance

MCHP traded down $1.57 during trading hours on Friday, hitting $59.93. The company's stock had a trading volume of 9,040,132 shares, compared to its average volume of 6,203,403. The business's 50-day moving average price is $70.49 and its 200-day moving average price is $79.91. Microchip Technology Incorporated has a 12 month low of $57.96 and a 12 month high of $100.57. The stock has a market cap of $32.18 billion, a price-to-earnings ratio of 41.91 and a beta of 1.50. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, topping 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 company had revenue of $1.16 billion for the quarter, compared to analysts' expectations of $1.15 billion. During the same quarter in the previous year, the business posted $1.54 earnings per share. Microchip Technology's quarterly revenue was down 48.4% on a year-over-year basis. Sell-side analysts expect that Microchip Technology Incorporated will post 1.33 earnings per share for the current fiscal 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 given a dividend of $0.455 per share. This is a boost from Microchip Technology's previous quarterly dividend of $0.45. The ex-dividend date was Friday, November 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 3.04%. Microchip Technology's payout ratio is 127.27%.

Wall Street Analysts Forecast Growth

MCHP has been the topic of several research analyst reports. TD Cowen decreased their price target on shares of Microchip Technology from $80.00 to $70.00 and set a "hold" rating on the stock in a report on Wednesday, November 6th. Jefferies Financial Group decreased their price target on shares of Microchip Technology from $100.00 to $90.00 and set a "buy" rating on the stock in a report on Wednesday, November 6th. Rosenblatt Securities reissued a "buy" rating and issued a $90.00 target price on shares of Microchip Technology in a research note on Wednesday, November 6th. Needham & Company LLC reissued a "buy" rating and issued a $85.00 target price on shares of Microchip Technology in a research note on Tuesday, December 3rd. Finally, 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. Six equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $90.95.

Microchip Technology 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.