Microchip Technology Incorporated (NASDAQ:MCHP) Shares Bought by ICICI Prudential Asset Management Co Ltd

ICICI Prudential Asset Management Co Ltd increased its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 35.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 65,023 shares of the semiconductor company's stock after buying an additional 16,906 shares during the period. ICICI Prudential Asset Management Co Ltd's holdings in Microchip Technology were worth $5,221,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in MCHP. Pathway Financial Advisers LLC acquired a new position in Microchip Technology during the 1st quarter worth approximately $39,000. Versant Capital Management Inc boosted its holdings in shares of Microchip Technology by 148.8% in the 2nd quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company's stock valued at $48,000 after buying an additional 317 shares in the last quarter. Wolff Wiese Magana LLC boosted its holdings in shares of Microchip Technology by 55.2% in the 3rd quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company's stock valued at $49,000 after buying an additional 218 shares in the last quarter. TruNorth Capital Management LLC acquired a new position in shares of Microchip Technology in the 2nd quarter valued at $55,000. Finally, Family Firm Inc. acquired a new position in shares of Microchip Technology in the 2nd quarter valued at $62,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Evercore ISI restated an "outperform" rating and issued a $95.00 target price (down previously from $101.00) on shares of Microchip Technology in a report on Wednesday, November 6th. 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. Truist Financial cut shares of Microchip Technology from a "buy" rating to a "hold" rating and lowered their target price for the company from $89.00 to $80.00 in a report on Monday, September 23rd. TD Cowen decreased their price target on shares of Microchip Technology from $80.00 to $70.00 and set a "hold" rating for the company in a research note on Wednesday, November 6th. Finally, Susquehanna decreased their price target on shares of Microchip Technology from $95.00 to $90.00 and set a "positive" rating for the company in a research note on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $92.00.

Microchip Technology Trading Down 1.1 %

Shares of Microchip Technology stock traded down $0.71 during mid-day trading on Wednesday, hitting $66.59. 6,997,400 shares of the stock were exchanged, compared to its average volume of 5,992,636. Microchip Technology Incorporated has a twelve month low of $65.56 and a twelve month high of $100.57. The stock has a market capitalization of $35.76 billion, a price-to-earnings ratio of 46.57 and a beta of 1.53. The company has a 50-day simple moving average of $76.31 and a 200 day simple moving average of $84.58. 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 posted its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, beating 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 firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. During the same quarter last year, the firm posted $1.54 earnings per share. Microchip Technology's revenue for the quarter was down 48.4% compared to the same quarter last year. Research analysts forecast that Microchip Technology Incorporated will post 1.38 EPS for the current year.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be paid a dividend of $0.455 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.73%. This is a positive change from Microchip Technology's previous quarterly dividend of $0.45. Microchip Technology's dividend payout ratio (DPR) is currently 127.27%.

Insider Buying and Selling

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of the business's stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total transaction of $175,551.00. Following the completion of the sale, the chief financial officer now owns 33,257 shares in the company, valued at $2,710,445.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 2.10% of the company's stock.

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.