Microchip Technology Inc. (MCHP) Holdings Decreased by Jennison Associates LLC

Jennison Associates LLC trimmed its position in Microchip Technology Inc. (NASDAQ:MCHP) by 1.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 894,520 shares of the semiconductor company’s stock after selling 9,123 shares during the quarter. Jennison Associates LLC owned 0.38% of Microchip Technology worth $78,610,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the business. Sumitomo Mitsui Asset Management Company LTD lifted its stake in shares of Microchip Technology by 13.0% during the 4th quarter. Sumitomo Mitsui Asset Management Company LTD now owns 749,783 shares of the semiconductor company’s stock worth $65,890,000 after purchasing an additional 86,448 shares during the last quarter. IFP Advisors Inc raised its stake in Microchip Technology by 87.8% in the fourth quarter. IFP Advisors Inc now owns 8,173 shares of the semiconductor company’s stock valued at $718,000 after buying an additional 3,822 shares during the last quarter. State of Alaska Department of Revenue raised its stake in Microchip Technology by 176.3% in the fourth quarter. State of Alaska Department of Revenue now owns 32,467 shares of the semiconductor company’s stock valued at $2,851,000 after buying an additional 20,717 shares during the last quarter. Syntal Capital Partners LLC raised its stake in Microchip Technology by 82.2% in the fourth quarter. Syntal Capital Partners LLC now owns 17,022 shares of the semiconductor company’s stock valued at $1,495,000 after buying an additional 7,678 shares during the last quarter. Finally, Livforsakringsbolaget Skandia Omsesidigt raised its stake in Microchip Technology by 307.3% in the fourth quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 16,965 shares of the semiconductor company’s stock valued at $1,491,000 after buying an additional 12,800 shares during the last quarter.

A number of research analysts have recently weighed in on MCHP shares. Jefferies Group reissued a “buy” rating and issued a $106.00 price objective on shares of Microchip Technology in a report on Thursday, October 19th. Zacks Investment Research lowered Microchip Technology from a “buy” rating to a “hold” rating in a report on Monday, October 23rd. Morgan Stanley lowered Microchip Technology from an “overweight” rating to an “equal weight” rating in a report on Wednesday, November 1st. JPMorgan Chase & Co. reiterated an “overweight” rating and set a $120.00 price target on shares of Microchip Technology in a research report on Tuesday, November 7th. Finally, Needham & Company LLC increased their price target on Microchip Technology from $120.00 to $130.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, November 7th. Five research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $102.35.

Shares of Microchip Technology Inc. (MCHP) opened at $83.02 on Tuesday. Microchip Technology Inc. has a one year low of $70.18 and a one year high of $99.17. The firm has a market capitalization of $19,320.00, a price-to-earnings ratio of 85.59, a PEG ratio of 1.08 and a beta of 1.05. The company has a quick ratio of 2.33, a current ratio of 2.98 and a debt-to-equity ratio of 0.95.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Tuesday, February 6th. The semiconductor company reported $1.36 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.35 by $0.01. The firm had revenue of $994.10 million during the quarter, compared to analysts’ expectations of $992.10 million. Microchip Technology had a return on equity of 36.54% and a net margin of 6.33%. Microchip Technology’s revenue for the quarter was up 19.1% on a year-over-year basis. During the same period in the previous year, the firm posted $1.05 EPS. sell-side analysts predict that Microchip Technology Inc. will post 5.13 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 6th. Shareholders of record on Wednesday, February 21st will be issued a dividend of $0.363 per share. This represents a $1.45 dividend on an annualized basis and a yield of 1.75%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend is Tuesday, February 20th. Microchip Technology’s payout ratio is 149.48%.

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

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About Microchip Technology

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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