Sumitomo Mitsui DS Asset Management Company Ltd Boosts Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 1.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 58,900 shares of the semiconductor company’s stock after purchasing an additional 627 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Microchip Technology were worth $4,729,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Steph & Co. raised its position in Microchip Technology by 57.4% in the first quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock valued at $37,000 after purchasing an additional 151 shares during the period. Pathway Financial Advisers LLC purchased a new stake in shares of Microchip Technology in the 1st quarter valued at $39,000. Richardson Capital Management LLC acquired a new position in Microchip Technology during the 1st quarter worth about $45,000. Versant Capital Management Inc lifted its stake in Microchip Technology by 148.8% during the 2nd quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock worth $48,000 after acquiring an additional 317 shares in the last quarter. Finally, Wolff Wiese Magana LLC boosted its holdings in Microchip Technology by 55.2% during the 3rd quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock valued at $49,000 after acquiring an additional 218 shares during the period. 91.51% of the stock is owned by institutional investors and hedge funds.

Microchip Technology Stock Performance

Shares of Microchip Technology stock opened at $77.34 on Friday. The firm has a market capitalization of $41.49 billion, a P/E ratio of 22.29 and a beta of 1.52. The company has a quick ratio of 1.08, a current ratio of 1.94 and a debt-to-equity ratio of 0.96. Microchip Technology Incorporated has a 52 week low of $68.75 and a 52 week high of $100.57. The firm’s 50 day moving average is $78.29 and its two-hundred day moving average is $86.15.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, topping the consensus estimate of $0.52 by $0.01. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. The firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same period last year, the business earned $1.56 EPS. Microchip Technology’s revenue for the quarter was down 45.8% compared to the same quarter last year. Research analysts forecast that Microchip Technology Incorporated will post 1.73 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd were issued a $0.454 dividend. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a dividend yield of 2.35%. The ex-dividend date was Thursday, August 22nd. Microchip Technology’s payout ratio is presently 52.16%.

Wall Street Analysts Forecast Growth

MCHP has been the topic of several research reports. Susquehanna reduced their price target on shares of Microchip Technology from $115.00 to $105.00 and set a “positive” rating on the stock in a research report on Friday, August 2nd. Truist Financial lowered shares of Microchip Technology from a “buy” rating to a “hold” rating and reduced their target price for the stock from $89.00 to $80.00 in a report on Monday, September 23rd. TD Cowen decreased their price target on shares of Microchip Technology from $90.00 to $80.00 and set a “hold” rating for the company in a research report on Friday, August 2nd. StockNews.com raised Microchip Technology from a “sell” rating to a “hold” rating in a research report on Thursday. Finally, Needham & Company LLC decreased their target price on Microchip Technology from $100.00 to $96.00 and set a “buy” rating for the company in a report on Monday, August 5th. Six equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $98.42.

Insider Buying and Selling

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $81.50, for a total value of $175,551.00. Following the completion of the sale, the chief financial officer now owns 33,257 shares in the company, valued at approximately $2,710,445.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.07% of the stock is currently owned by company insiders.

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.