Geode Capital Management LLC Boosts Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Geode Capital Management LLC increased its holdings in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 0.2% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 14,277,897 shares of the semiconductor company's stock after acquiring an additional 32,352 shares during the period. Geode Capital Management LLC owned approximately 2.66% of Microchip Technology worth $1,143,752,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Healthcare of Ontario Pension Plan Trust Fund increased its position in shares of 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 worth $209,653,000 after purchasing an additional 2,199,290 shares during the last quarter. Van ECK Associates Corp increased its position in shares of Microchip Technology by 25.1% during the third quarter. Van ECK Associates Corp now owns 7,961,200 shares of the semiconductor company's stock valued at $599,239,000 after acquiring an additional 1,597,263 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Microchip Technology by 78.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,189,390 shares of the semiconductor company's stock valued at $200,329,000 after acquiring an additional 961,801 shares during the period. National Bank of Canada FI lifted its holdings in shares of Microchip Technology by 234.1% in the 2nd quarter. National Bank of Canada FI now owns 899,561 shares of the semiconductor company's stock worth $82,391,000 after acquiring an additional 630,285 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Microchip Technology by 21.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,298,771 shares of the semiconductor company's stock worth $301,797,000 after acquiring an additional 575,087 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company's stock.

Wall Street Analyst Weigh In

MCHP has been the topic of a number of research analyst reports. Piper Sandler cut their target price on Microchip Technology from $100.00 to $85.00 and set an "overweight" rating on the stock in a research report on Wednesday, November 6th. Truist Financial lowered Microchip Technology from a "buy" rating to a "hold" rating and decreased their target price for the stock from $89.00 to $80.00 in a research note on Monday, September 23rd. Stifel Nicolaus dropped their target price on Microchip Technology from $90.00 to $87.00 and set a "buy" rating for the company in a research report on Tuesday, December 3rd. KeyCorp cut their price target on shares of Microchip Technology from $95.00 to $90.00 and set an "overweight" rating on the stock in a research note on Tuesday, December 3rd. Finally, Evercore ISI reissued an "outperform" rating and issued a $95.00 price objective (down previously from $101.00) on shares of Microchip Technology in a research note on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $90.95.

Microchip Technology Stock Down 0.6 %

Microchip Technology stock traded down $0.40 during mid-day trading on Wednesday, hitting $61.52. The company had a trading volume of 5,697,962 shares, compared to its average volume of 6,197,806. The stock has a market cap of $33.04 billion, a price-to-earnings ratio of 43.00 and a beta of 1.50. 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 1 year low of $57.96 and a 1 year high of $100.57. The business has a fifty day moving average of $71.49 and a 200 day moving average of $80.57.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.43 by $0.03. The firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. Microchip Technology's revenue for the quarter was down 48.4% compared to the same quarter last year. During the same period last year, the business earned $1.54 EPS. On average, 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. Stockholders 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. This represents a $1.82 annualized dividend and a dividend yield of 2.96%. The ex-dividend date was Friday, November 22nd. Microchip Technology's dividend payout ratio is presently 127.27%.

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.