The Manufacturers Life Insurance Company Has $26.45 Million Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

The Manufacturers Life Insurance Company lowered its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 85.0% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 329,399 shares of the semiconductor company’s stock after selling 1,859,991 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.06% of Microchip Technology worth $26,447,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in MCHP. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in Microchip Technology by 2,390.5% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,291,290 shares of the semiconductor company’s stock valued at $209,653,000 after acquiring an additional 2,199,290 shares during the period. Van ECK Associates Corp lifted its position in shares of Microchip Technology by 25.1% during the 3rd quarter. Van ECK Associates Corp now owns 7,961,200 shares of the semiconductor company’s stock worth $599,239,000 after purchasing an additional 1,597,263 shares during the last quarter. National Bank of Canada FI boosted its stake in Microchip Technology by 234.1% during the 2nd quarter. National Bank of Canada FI now owns 899,561 shares of the semiconductor company’s stock valued at $82,391,000 after purchasing an additional 630,285 shares during the period. Dimensional Fund Advisors LP grew its holdings in Microchip Technology by 21.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,298,771 shares of the semiconductor company’s stock valued at $301,797,000 after buying an additional 575,087 shares during the last quarter. Finally, Zurich Insurance Group Ltd FI bought a new position in Microchip Technology in the 2nd quarter worth approximately $42,538,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on MCHP. TD Cowen lowered their price objective on shares of Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a research note on Wednesday, November 6th. Rosenblatt Securities restated a “buy” rating and issued a $90.00 price target on shares of Microchip Technology in a research report on Wednesday, November 6th. Susquehanna cut their price objective 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. 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 report on Wednesday, November 6th. Finally, KeyCorp cut their price target on Microchip Technology from $100.00 to $95.00 and set an “overweight” rating for the company in a report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, Microchip Technology currently has an average rating of “Moderate Buy” and an average price target of $92.00.

Microchip Technology Stock Up 0.4 %

Shares of Microchip Technology stock opened at $68.17 on Friday. Microchip Technology Incorporated has a 12 month low of $62.63 and a 12 month high of $100.57. The business has a fifty day simple moving average of $73.71 and a 200 day simple moving average of $82.34. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71. The stock has a market cap of $36.61 billion, a PE ratio of 47.67 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 (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.03. The company had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.15 billion. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The company’s revenue for the quarter was down 48.4% compared to the same quarter last year. During the same period in the previous year, the company earned $1.54 EPS. Research analysts predict that Microchip Technology Incorporated will post 1.38 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be paid a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a yield of 2.67%. The ex-dividend date is Friday, November 22nd. 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%.

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.