Penserra Capital Management LLC Has $3.75 Million Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Penserra Capital Management LLC lessened its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 1.0% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 46,762 shares of the semiconductor company’s stock after selling 490 shares during the quarter. Penserra Capital Management LLC’s holdings in Microchip Technology were worth $3,753,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MCHP. Cerity Partners LLC grew its position in shares of Microchip Technology by 14.2% in the 3rd quarter. Cerity Partners LLC now owns 260,063 shares of the semiconductor company’s stock valued at $20,880,000 after acquiring an additional 32,340 shares during the period. Nicolet Advisory Services LLC increased its position in Microchip Technology by 11.5% during the third quarter. Nicolet Advisory Services LLC now owns 6,716 shares of the semiconductor company’s stock worth $519,000 after buying an additional 694 shares during the last quarter. Leelyn Smith LLC raised its stake in Microchip Technology by 2.2% in the third quarter. Leelyn Smith LLC now owns 12,401 shares of the semiconductor company’s stock valued at $996,000 after buying an additional 268 shares during the period. Camden National Bank bought a new stake in Microchip Technology in the third quarter valued at approximately $366,000. Finally, AlphaCore Capital LLC lifted its position in shares of Microchip Technology by 4.9% in the third quarter. AlphaCore Capital LLC now owns 15,386 shares of the semiconductor company’s stock valued at $1,235,000 after buying an additional 718 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Microchip Technology Stock Up 4.7 %

Shares of NASDAQ MCHP opened at $69.85 on Tuesday. Microchip Technology Incorporated has a 52-week low of $62.63 and a 52-week high of $100.57. The company’s 50 day moving average price is $74.44 and its 200-day moving average price is $82.96. The company has a market capitalization of $37.51 billion, a P/E ratio of 48.85 and a beta of 1.53. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The firm had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.15 billion. During the same period last year, the business posted $1.54 EPS. The business’s revenue was down 48.4% compared to the same quarter last year. Equities analysts forecast that Microchip Technology Incorporated will post 1.38 earnings per share for the current year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be issued a $0.455 dividend. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 dividend on an annualized basis and a yield of 2.61%. The ex-dividend date is Friday, November 22nd. Microchip Technology’s payout ratio is presently 127.27%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on MCHP shares. StockNews.com lowered Microchip Technology from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Piper Sandler cut their target price on shares of Microchip Technology from $100.00 to $85.00 and set an “overweight” rating for the company in a research note on Wednesday, November 6th. KeyCorp reduced their price target on Microchip Technology from $100.00 to $95.00 and set an “overweight” rating for the company in a research note on Wednesday, November 6th. TD Cowen lowered their price target on shares of Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a research report on Wednesday, November 6th. Finally, Needham & Company LLC cut their price objective on shares of Microchip Technology from $96.00 to $85.00 and set a “buy” 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 issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $92.00.

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.