Microchip Technology Incorporated (NASDAQ:MCHP) Stake Cut by Rhumbline Advisers

Rhumbline Advisers lessened its position in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 1.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 940,665 shares of the semiconductor company's stock after selling 9,215 shares during the period. Rhumbline Advisers owned about 0.18% of Microchip Technology worth $53,947,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the company. Corundum Group Inc. grew its stake in Microchip Technology by 3.4% in the 3rd quarter. Corundum Group Inc. now owns 4,315 shares of the semiconductor company's stock worth $346,000 after acquiring an additional 143 shares during the period. Financial Advocates Investment Management grew its position in shares of Microchip Technology by 1.5% in the third quarter. Financial Advocates Investment Management now owns 10,795 shares of the semiconductor company's stock valued at $867,000 after purchasing an additional 158 shares during the period. Metis Global Partners LLC increased its stake in Microchip Technology by 1.0% in the third quarter. Metis Global Partners LLC now owns 17,161 shares of the semiconductor company's stock valued at $1,378,000 after purchasing an additional 172 shares during the last quarter. Americana Partners LLC lifted its position in Microchip Technology by 5.5% during the third quarter. Americana Partners LLC now owns 3,441 shares of the semiconductor company's stock worth $276,000 after buying an additional 179 shares during the period. Finally, Plato Investment Management Ltd lifted its position in Microchip Technology by 5.8% during the third quarter. Plato Investment Management Ltd now owns 3,499 shares of the semiconductor company's stock worth $281,000 after buying an additional 191 shares during the period. Hedge funds and other institutional investors own 91.51% of the company's stock.

Microchip Technology Stock Up 1.1 %

Shares of MCHP traded up $0.71 during mid-day trading on Thursday, reaching $64.30. 14,625,523 shares of the stock traded hands, compared to its average volume of 9,547,754. The firm has a market cap of $34.58 billion, a price-to-earnings ratio of 114.82 and a beta of 1.50. The stock has a fifty day simple moving average of $56.63 and a 200 day simple moving average of $68.19. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12. Microchip Technology Incorporated has a 12-month low of $50.21 and a 12-month high of $100.57.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.15). Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. Sell-side analysts expect that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Monday, February 24th will be issued a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a yield of 2.83%. The ex-dividend date of this dividend is Monday, February 24th. Microchip Technology's dividend payout ratio is currently 325.00%.

Wall Street Analyst Weigh In

MCHP has been the subject of a number of research analyst reports. KeyCorp dropped their price objective on shares of Microchip Technology from $70.00 to $60.00 and set an "overweight" rating for the company in a research note on Friday, February 7th. Piper Sandler reaffirmed an "overweight" rating and set a $65.00 price target (down previously from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. Morgan Stanley cut their price target on shares of Microchip Technology from $71.00 to $58.00 and set an "equal weight" rating on the stock in a research note on Tuesday, February 4th. Stifel Nicolaus lowered their price objective on shares of Microchip Technology from $90.00 to $87.00 and set a "buy" rating for the company in a research note on Tuesday, December 3rd. Finally, StockNews.com lowered Microchip Technology from a "hold" rating to a "sell" rating in a research report on Monday, February 10th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $77.11.

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.