HighTower Advisors LLC Cuts Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

HighTower Advisors LLC lessened its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 17.1% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 90,886 shares of the semiconductor company’s stock after selling 18,760 shares during the quarter. HighTower Advisors LLC’s holdings in Microchip Technology were worth $7,262,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the business. Benjamin Edwards Inc. grew its stake in shares of Microchip Technology by 5,185.4% in the third quarter. Benjamin Edwards Inc. now owns 9,408 shares of the semiconductor company’s stock worth $755,000 after acquiring an additional 9,230 shares in the last quarter. Empowered Funds LLC raised its stake in shares of Microchip Technology by 25.7% in the third quarter. Empowered Funds LLC now owns 96,163 shares of the semiconductor company’s stock valued at $7,721,000 after acquiring an additional 19,663 shares in the last quarter. Harvest Fund Management Co. Ltd boosted its holdings in Microchip Technology by 52.1% in the third quarter. Harvest Fund Management Co. Ltd now owns 24,713 shares of the semiconductor company’s stock valued at $1,984,000 after purchasing an additional 8,467 shares during the period. Cerity Partners LLC grew its stake in Microchip Technology by 14.2% during the 3rd quarter. Cerity Partners LLC now owns 260,063 shares of the semiconductor company’s stock worth $20,880,000 after purchasing an additional 32,340 shares in the last quarter. Finally, Pinnacle Associates Ltd. raised its position in Microchip Technology by 50.0% in the 3rd quarter. Pinnacle Associates Ltd. now owns 105,694 shares of the semiconductor company’s stock valued at $8,486,000 after purchasing an additional 35,213 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on MCHP shares. StockNews.com downgraded Microchip Technology from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Truist Financial downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating and dropped their price objective for the company from $89.00 to $80.00 in a research report on Monday, September 23rd. Susquehanna decreased 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. Mizuho set a $95.00 target price on Microchip Technology in a report on Friday, October 18th. Finally, Citigroup cut their price target on Microchip Technology from $92.00 to $82.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Microchip Technology has a consensus rating of “Moderate Buy” and an average target price of $90.95.

Microchip Technology Stock Performance

NASDAQ MCHP opened at $61.87 on Tuesday. 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 Incorporated has a 52-week low of $57.96 and a 52-week high of $100.57. The business’s 50-day moving average price is $71.80 and its 200 day moving average price is $80.83. The firm has a market cap of $33.22 billion, a P/E ratio of 43.27 and a beta of 1.50.

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 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 company had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.15 billion. During the same period last year, the business posted $1.54 EPS. The company’s revenue was down 48.4% on a year-over-year basis. On average, equities research analysts expect that Microchip Technology Incorporated will post 1.33 earnings per share for the current year.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were given a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a yield of 2.94%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Friday, November 22nd. Microchip Technology’s dividend payout ratio (DPR) is 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.