Microchip Technology Incorporated (MCHP) Stake Lowered by Engineers Gate Manager LP

Engineers Gate Manager LP reduced its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 76.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,567 shares of the semiconductor company’s stock after selling 28,261 shares during the period. Engineers Gate Manager LP’s holdings in Microchip Technology were worth $769,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Janus Henderson Group PLC lifted its holdings in shares of Microchip Technology by 2,959.9% during the 2nd quarter. Janus Henderson Group PLC now owns 8,073,264 shares of the semiconductor company’s stock worth $623,093,000 after acquiring an additional 7,809,422 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Microchip Technology by 66.5% during the 2nd quarter. Principal Financial Group Inc. now owns 6,276,677 shares of the semiconductor company’s stock worth $484,434,000 after acquiring an additional 2,507,707 shares during the last quarter. Fred Alger Management Inc. lifted its holdings in shares of Microchip Technology by 80.9% during the 2nd quarter. Fred Alger Management Inc. now owns 3,349,037 shares of the semiconductor company’s stock worth $258,479,000 after acquiring an additional 1,497,699 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Microchip Technology by 4.6% during the 2nd quarter. Vanguard Group Inc. now owns 23,622,558 shares of the semiconductor company’s stock worth $1,823,190,000 after acquiring an additional 1,042,622 shares during the last quarter. Finally, Ameriprise Financial Inc. lifted its holdings in shares of Microchip Technology by 75.5% during the 2nd quarter. Ameriprise Financial Inc. now owns 2,403,141 shares of the semiconductor company’s stock worth $185,475,000 after acquiring an additional 1,033,992 shares during the last quarter.

In other news, VP Stephen V. Drehobl sold 2,852 shares of the stock in a transaction that occurred on Wednesday, November 22nd. The shares were sold at an average price of $91.66, for a total transaction of $261,414.32. Following the sale, the vice president now owns 15,767 shares in the company, valued at $1,445,203.22. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO James Eric Bjornholt sold 1,801 shares of the stock in a transaction that occurred on Wednesday, November 22nd. The shares were sold at an average price of $91.66, for a total transaction of $165,079.66. The disclosure for this sale can be found here. 2.13% of the stock is currently owned by corporate insiders.

Shares of Microchip Technology Incorporated (NASDAQ:MCHP) opened at $85.47 on Friday. The firm has a market cap of $20,110.00, a PE ratio of 18.19, a price-to-earnings-growth ratio of 1.37 and a beta of 0.99. The company has a quick ratio of 2.71, a current ratio of 3.33 and a debt-to-equity ratio of 0.85. Microchip Technology Incorporated has a fifty-two week low of $62.21 and a fifty-two week high of $95.92.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Monday, November 6th. The semiconductor company reported $1.41 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.27 by $0.14. The business had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1 billion. Microchip Technology had a net margin of 16.23% and a return on equity of 35.48%. The business’s revenue was up 16.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.94 earnings per share. equities analysts expect that Microchip Technology Incorporated will post 5.12 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 5th. Shareholders of record on Tuesday, November 21st were issued a $0.3625 dividend. This represents a $1.45 dividend on an annualized basis and a yield of 1.70%. The ex-dividend date was Monday, November 20th. This is a boost from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s dividend payout ratio is 58.00%.

A number of analysts have recently issued reports on the stock. Morgan Stanley lifted their price objective on shares of Microchip Technology from $97.00 to $99.00 and gave the stock an “equal weight” rating in a report on Wednesday. ValuEngine downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating in a research note on Saturday, September 30th. Stifel Nicolaus reissued a “buy” rating and issued a $94.00 price target on shares of Microchip Technology in a research note on Thursday, September 28th. B. Riley reissued a “buy” rating and issued a $123.00 price target (up from $120.00) on shares of Microchip Technology in a research note on Tuesday, November 7th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $120.00 price target on shares of Microchip Technology in a research note on Tuesday, September 19th. Five investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $99.71.

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Microchip Technology Company Profile

Microchip Technology Incorporated is engaged in developing, manufacturing and selling specialized semiconductor products used by its customers for a range of embedded control applications. The Company operates through two segments: semiconductor products and technology licensing. In the semiconductor products segment, the Company designs, develops, manufactures and markets microcontrollers, development tools and analog, interface, mixed signal and timing products.

Institutional Ownership by Quarter for Microchip Technology (NASDAQ:MCHP)

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