Meeder Asset Management Inc. Cuts Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Meeder Asset Management Inc. cut its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 99.3% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 518 shares of the semiconductor company's stock after selling 70,918 shares during the quarter. Meeder Asset Management Inc.'s holdings in Microchip Technology were worth $42,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Empowered Funds LLC lifted its holdings in shares of Microchip Technology by 25.7% in the third quarter. Empowered Funds LLC now owns 96,163 shares of the semiconductor company's stock worth $7,721,000 after buying an additional 19,663 shares in the last quarter. Pinnacle Associates Ltd. raised its stake in shares of Microchip Technology by 50.0% during the 3rd quarter. Pinnacle Associates Ltd. now owns 105,694 shares of the semiconductor company's stock worth $8,486,000 after buying an additional 35,213 shares during the period. Swedbank AB purchased a new position in Microchip Technology in the 1st quarter worth approximately $1,079,000. Aigen Investment Management LP acquired a new stake in shares of Microchip Technology in the 3rd quarter worth $2,391,000. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in Microchip Technology by 12.0% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 870,072 shares of the semiconductor company's stock valued at $69,355,000 after purchasing an additional 93,464 shares during the last quarter. Institutional investors own 91.51% of the company's stock.

Microchip Technology Stock Performance

Shares of MCHP stock traded up $1.39 during trading hours on Thursday, hitting $66.51. The company's stock had a trading volume of 3,147,911 shares, compared to its average volume of 6,032,475. The stock has a market cap of $35.72 billion, a PE ratio of 45.54 and a beta of 1.53. The company has a 50 day moving average of $75.00 and a 200 day moving average of $83.54. 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 Incorporated has a 12-month low of $62.63 and a 12-month high of $100.57.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share 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 company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. During the same quarter in the previous year, the company posted $1.54 earnings per share. The firm's revenue for the quarter was down 48.4% compared to the same quarter last year. On average, sell-side analysts forecast that Microchip Technology Incorporated will post 1.38 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be paid a $0.455 dividend. The ex-dividend date is Friday, November 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 2.74%. This is an increase from Microchip Technology's previous quarterly dividend of $0.45. Microchip Technology's payout ratio is currently 127.27%.

Insider Activity

In related 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 value of $175,551.00. Following the completion of the sale, the chief financial officer now directly owns 33,257 shares of the company's stock, valued at $2,710,445.50. The trade was a 6.08 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 2.10% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Truist Financial downgraded Microchip Technology from a "buy" rating to a "hold" rating and decreased their price objective for the company from $89.00 to $80.00 in a report on Monday, September 23rd. B. Riley cut their target price on shares of Microchip Technology from $110.00 to $103.00 and set a "buy" rating for the company in a research report on Friday, August 2nd. TD Cowen decreased their price objective 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. Needham & Company LLC decreased their target price on Microchip Technology from $96.00 to $85.00 and set a "buy" rating for the company in a research report on Wednesday, November 6th. Finally, Jefferies Financial Group cut their price target on Microchip Technology from $100.00 to $90.00 and set a "buy" rating on the stock in a report 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 stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $92.00.

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.