Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Weiss Asset Management LP

Weiss Asset Management LP trimmed its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 1.7% in the third quarter, HoldingsChannel.com reports. The fund owned 39,303 shares of the semiconductor company’s stock after selling 697 shares during the quarter. Weiss Asset Management LP’s holdings in Microchip Technology were worth $3,156,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Prospera Private Wealth LLC acquired a new position in shares of Microchip Technology in the third quarter worth $29,000. Peterson Financial Group Inc. acquired a new position in shares of Microchip Technology in the third quarter worth $34,000. Truvestments Capital LLC purchased a new stake in shares of Microchip Technology in the third quarter valued at $34,000. TruNorth Capital Management LLC purchased a new stake in shares of Microchip Technology in the second quarter valued at $55,000. Finally, Wolff Wiese Magana LLC grew its position in shares of Microchip Technology by 55.2% in the third quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock valued at $49,000 after purchasing an additional 218 shares during the period. 91.51% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on MCHP shares. Piper Sandler lowered their price objective on Microchip Technology from $100.00 to $85.00 and set an “overweight” rating for the company in a research report on Wednesday, November 6th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $90.00 price objective on shares of Microchip Technology in a research report on Wednesday, November 6th. Stifel Nicolaus lowered their price objective on Microchip Technology from $90.00 to $87.00 and set a “buy” rating for the company in a research report on Tuesday. Susquehanna lowered their price target on 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, Jefferies Financial Group lowered their price target on Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $90.95.

Microchip Technology Price Performance

Shares of NASDAQ MCHP opened at $59.29 on Friday. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.88 and a quick ratio of 0.48. Microchip Technology Incorporated has a 1-year low of $57.96 and a 1-year high of $100.57. The business has a 50-day moving average of $72.60 and a 200-day moving average of $81.57. The company has a market capitalization of $31.84 billion, a price-to-earnings ratio of 41.46 and a beta of 1.50.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, topping the consensus estimate 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 analysts’ expectations of $1.15 billion. During the same quarter in the previous year, the firm posted $1.54 earnings per share. The company’s revenue was down 48.4% compared to the same quarter last year. On average, equities analysts anticipate that Microchip Technology Incorporated will post 1.33 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were paid a dividend of $0.455 per share. The ex-dividend date of this dividend was Friday, November 22nd. This represents a $1.82 annualized dividend and a yield of 3.07%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio is presently 127.27%.

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.