Zurcher Kantonalbank Zurich Cantonalbank Sells 8,386 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Zurcher Kantonalbank Zurich Cantonalbank lessened its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 6.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 117,189 shares of the semiconductor company’s stock after selling 8,386 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Microchip Technology were worth $9,409,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Healthcare of Ontario Pension Plan Trust Fund raised its position in shares of Microchip Technology by 2,390.5% in 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 shares of 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 in the last quarter. The Manufacturers Life Insurance Company boosted its position 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 valued at $200,329,000 after acquiring an additional 961,801 shares during the last quarter. National Bank of Canada FI grew its holdings in shares of Microchip Technology by 234.1% during the second quarter. National Bank of Canada FI now owns 899,561 shares of the semiconductor company’s stock worth $82,391,000 after purchasing an additional 630,285 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Microchip Technology by 21.1% in the second quarter. Dimensional Fund Advisors LP now owns 3,298,771 shares of the semiconductor company’s stock worth $301,797,000 after purchasing an additional 575,087 shares during the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have commented on MCHP. Piper Sandler cut their price target on shares of Microchip Technology from $100.00 to $85.00 and set an “overweight” rating for the company in a research note on Wednesday, November 6th. Truist Financial lowered shares of Microchip Technology from a “buy” rating to a “hold” rating and cut their target price for the stock from $89.00 to $80.00 in a research report on Monday, September 23rd. Mizuho set a $95.00 price target on Microchip Technology in a research note on Friday, October 18th. Citigroup reduced their price objective on Microchip Technology from $92.00 to $82.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. Finally, StockNews.com downgraded Microchip Technology from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. One analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $92.00.

Microchip Technology Price Performance

Shares of Microchip Technology stock opened at $68.17 on Monday. The company has a market cap of $36.61 billion, a PE ratio of 47.67 and a beta of 1.53. The business has a 50 day moving average of $73.71 and a 200 day moving average of $82.25. Microchip Technology Incorporated has a 52 week low of $62.63 and a 52 week high of $100.57. 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 (NASDAQ:MCHP) last announced its earnings results 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 net margin of 14.22% and a return on equity of 19.47%. The firm 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 firm posted $1.54 EPS. The company’s revenue for the quarter was down 48.4% compared to the same quarter last year. As a group, equities research analysts forecast that Microchip Technology Incorporated will post 1.38 earnings per share for the current year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be paid a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.67%. The ex-dividend date of this dividend is Friday, November 22nd. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio (DPR) is presently 127.27%.

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.