Cerity Partners LLC Increases Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Cerity Partners LLC increased its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 14.2% in the 3rd quarter, HoldingsChannel reports. The fund owned 260,063 shares of the semiconductor company’s stock after acquiring an additional 32,340 shares during the period. Cerity Partners LLC’s holdings in Microchip Technology were worth $20,880,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Nicolet Advisory Services LLC boosted its holdings in shares of Microchip Technology by 11.5% in the 3rd quarter. Nicolet Advisory Services LLC now owns 6,716 shares of the semiconductor company’s stock worth $519,000 after purchasing an additional 694 shares during the period. Leelyn Smith LLC boosted its stake in Microchip Technology by 2.2% during the third quarter. Leelyn Smith LLC now owns 12,401 shares of the semiconductor company’s stock worth $996,000 after buying an additional 268 shares during the period. Camden National Bank bought a new position in Microchip Technology during the third quarter valued at $366,000. AlphaCore Capital LLC increased its position in Microchip Technology by 4.9% during the third quarter. AlphaCore Capital LLC now owns 15,386 shares of the semiconductor company’s stock valued at $1,235,000 after acquiring an additional 718 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Microchip Technology by 0.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,026,946 shares of the semiconductor company’s stock valued at $243,034,000 after acquiring an additional 25,872 shares during the period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on MCHP. JPMorgan Chase & Co. cut their price target on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Mizuho set a $95.00 price target on Microchip Technology in a report on Friday, October 18th. Bank of America cut Microchip Technology from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $110.00 to $90.00 in a report on Friday, August 2nd. KeyCorp reduced their target price on Microchip Technology from $100.00 to $95.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 6th. Finally, Evercore ISI reissued an “outperform” rating and set a $95.00 target price (down from $101.00) on shares of Microchip Technology in a research note on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $92.00.

Microchip Technology Trading Up 0.3 %

NASDAQ:MCHP opened at $66.69 on Monday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88. The firm has a 50-day simple moving average of $74.59 and a 200-day simple moving average of $83.11. Microchip Technology Incorporated has a one year low of $62.63 and a one year high of $100.57. The firm has a market cap of $35.81 billion, a P/E ratio of 46.64 and a beta of 1.53.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results 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 during the quarter, compared to analyst estimates of $1.15 billion. During the same quarter in the prior year, the business earned $1.54 earnings per share. Microchip Technology’s revenue was down 48.4% on a year-over-year basis. Equities analysts anticipate that Microchip Technology Incorporated will post 1.38 EPS for the current fiscal year.

Microchip Technology Increases Dividend

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

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.