Sumitomo Mitsui Trust Group Inc. Reduces Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Sumitomo Mitsui Trust Group Inc. cut its position in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 9.1% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,119,360 shares of the semiconductor company's stock after selling 211,208 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.40% of Microchip Technology worth $170,163,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Healthcare of Ontario Pension Plan Trust Fund boosted its position in shares of Microchip Technology by 2,390.5% in 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 buying an additional 2,199,290 shares in the last quarter. Clearbridge Investments LLC increased its stake in shares of Microchip Technology by 18,944.8% during the 1st quarter. Clearbridge Investments LLC now owns 1,973,045 shares of the semiconductor company's stock worth $177,002,000 after purchasing an additional 1,962,685 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Microchip Technology by 2.9% during the 1st quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company's stock worth $6,152,646,000 after purchasing an additional 1,921,497 shares in the last quarter. Van ECK Associates Corp lifted its stake 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 buying an additional 1,597,263 shares in the last quarter. Finally, Canada Pension Plan Investment Board lifted its stake in Microchip Technology by 425.3% in the 1st quarter. Canada Pension Plan Investment Board now owns 1,377,099 shares of the semiconductor company's stock valued at $123,540,000 after buying an additional 1,114,962 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company's stock.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Truist Financial lowered shares of Microchip Technology from a "buy" rating to a "hold" rating and decreased their price objective for the stock from $89.00 to $80.00 in a report on Monday, September 23rd. TD Cowen lowered their target price on Microchip Technology from $80.00 to $70.00 and set a "hold" rating on the stock in a research note on Wednesday, November 6th. KeyCorp reduced their price objective on Microchip Technology from $100.00 to $95.00 and set an "overweight" rating for the company in a research report on Wednesday, November 6th. Susquehanna decreased their target price on shares of Microchip Technology from $95.00 to $90.00 and set a "positive" rating for the company in a research report on Wednesday, November 6th. Finally, Piper Sandler cut their price objective on Microchip Technology from $100.00 to $85.00 and set an "overweight" rating on the stock in a research note on Wednesday, November 6th. One equities 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 company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $92.00.

Microchip Technology Trading Down 1.1 %

Shares of MCHP traded down $0.71 during trading hours on Wednesday, hitting $66.59. The company had a trading volume of 6,997,400 shares, compared to its average volume of 5,992,636. 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 52-week low of $65.56 and a 52-week high of $100.57. The firm has a market cap of $35.76 billion, a P/E ratio of 46.57 and a beta of 1.53. The stock's 50 day moving average price is $76.31 and its 200 day moving average price is $84.58.

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, beating analysts' consensus estimates of $0.43 by $0.03. The business had revenue of $1.16 billion during 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 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, research analysts predict 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. Investors of record on Friday, November 22nd will be 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 2.73%. The ex-dividend date of this dividend is Friday, November 22nd. Microchip Technology's payout ratio is presently 127.27%.

Insider Activity

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of the business's stock in a transaction that occurred 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 sale, the chief financial officer now owns 33,257 shares of the company's stock, valued at approximately $2,710,445.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 2.10% of the company's stock.

About Microchip Technology

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.