Castleark Management LLC Has $58,000 Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Castleark Management LLC lowered its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 99.0% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 720 shares of the semiconductor company's stock after selling 69,530 shares during the period. Castleark Management LLC's holdings in Microchip Technology were worth $58,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in shares of Microchip Technology by 2,390.5% during the second 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 buying an additional 2,199,290 shares in the last quarter. Van ECK Associates Corp raised its holdings in Microchip Technology by 25.1% in the 3rd 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 lifted its stake in shares of Microchip Technology by 78.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,189,390 shares of the semiconductor company's stock worth $200,329,000 after purchasing an additional 961,801 shares during the period. National Bank of Canada FI grew its position in shares of Microchip Technology by 234.1% in the second quarter. National Bank of Canada FI now owns 899,561 shares of the semiconductor company's stock valued at $82,391,000 after purchasing an additional 630,285 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Microchip Technology by 21.1% during 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 period. 91.51% of the stock is owned by institutional investors and hedge funds.

Microchip Technology Stock Up 1.8 %

Shares of MCHP traded up $1.04 during trading hours on Friday, reaching $59.29. The company's stock had a trading volume of 8,676,903 shares, compared to its average volume of 7,666,826. The company has a 50 day moving average of $72.17 and a two-hundred day moving average of $81.08. 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 firm has a market cap of $31.84 billion, a price-to-earnings ratio of 41.46 and a beta of 1.50.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last issued its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share 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 business had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.15 billion. During the same period last year, the business earned $1.54 EPS. The firm's revenue was down 48.4% compared to the same quarter last year. As a group, research analysts predict that Microchip Technology Incorporated will post 1.33 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were given a dividend of $0.455 per share. The ex-dividend date was Friday, November 22nd. This is a positive change from Microchip Technology's previous quarterly dividend of $0.45. This represents a $1.82 dividend on an annualized basis and a yield of 3.07%. Microchip Technology's dividend payout ratio is 127.27%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. KeyCorp reduced their price target on Microchip Technology from $95.00 to $90.00 and set an "overweight" rating on the stock in a research report on Tuesday, December 3rd. Piper Sandler cut their price objective on shares of Microchip Technology from $100.00 to $85.00 and set an "overweight" rating on the stock in a report on Wednesday, November 6th. Susquehanna cut their price target on Microchip Technology from $95.00 to $90.00 and set a "positive" rating on the stock in a research note on Wednesday, November 6th. Mizuho set a $95.00 price objective on Microchip Technology in a report on Friday, October 18th. Finally, Citigroup reduced their target price on Microchip Technology from $92.00 to $82.00 and set a "buy" rating for the company in a research note on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $90.95.

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.