Logan Capital Management Inc. Sells 4,266 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Logan Capital Management Inc. trimmed its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 5.9% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 68,489 shares of the semiconductor company’s stock after selling 4,266 shares during the quarter. Logan Capital Management Inc.’s holdings in Microchip Technology were worth $5,499,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Healthcare of Ontario Pension Plan Trust Fund boosted its position in shares of Microchip Technology by 2,390.5% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,291,290 shares of the semiconductor company’s stock valued at $209,653,000 after acquiring an additional 2,199,290 shares during the period. Van ECK Associates Corp lifted its stake in Microchip Technology by 25.1% in the 3rd quarter. Van ECK Associates Corp now owns 7,961,200 shares of the semiconductor company’s stock worth $599,239,000 after purchasing an additional 1,597,263 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Microchip Technology by 78.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,189,390 shares of the semiconductor company’s stock valued at $200,329,000 after purchasing an additional 961,801 shares during the period. Franklin Resources Inc. grew its position in shares of Microchip Technology by 30.2% during the 3rd quarter. Franklin Resources Inc. now owns 3,347,643 shares of the semiconductor company’s stock valued at $264,430,000 after purchasing an additional 776,408 shares in the last quarter. Finally, National Bank of Canada FI grew its position in shares of Microchip Technology by 234.1% during the 2nd quarter. National Bank of Canada FI now owns 899,561 shares of the semiconductor company’s stock valued at $82,391,000 after purchasing an additional 630,285 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Microchip Technology Trading Down 1.0 %

Shares of NASDAQ MCHP traded down $0.59 during midday trading on Friday, reaching $60.91. The company had a trading volume of 469,876 shares, compared to its average volume of 6,167,586. The firm’s fifty day moving average price is $70.84 and its 200-day moving average price is $80.31. 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 one year low of $57.96 and a one year high of $100.57. The stock has a market cap of $32.71 billion, a PE ratio of 43.01 and a beta of 1.50.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data 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 firm had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter in the previous year, the company posted $1.54 earnings per share. The business’s revenue was down 48.4% on a year-over-year basis. On average, equities research analysts anticipate that Microchip Technology Incorporated will post 1.33 earnings per share for the current year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were issued a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a yield of 2.99%. The ex-dividend date was Friday, November 22nd. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio (DPR) is 127.27%.

Wall Street Analysts Forecast Growth

MCHP has been the subject of several research analyst reports. Evercore ISI reissued an “outperform” rating and set a $95.00 price objective (down previously from $101.00) on shares of Microchip Technology in a research note on Wednesday, November 6th. Rosenblatt Securities reiterated a “buy” rating and set a $90.00 price target on shares of Microchip Technology in a research report on Wednesday, November 6th. Stifel Nicolaus decreased their price objective on shares of Microchip Technology from $90.00 to $87.00 and set a “buy” rating on the stock in a research report on Tuesday, December 3rd. Piper Sandler dropped 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 report on Wednesday, November 6th. Finally, Truist Financial cut shares of Microchip Technology from a “buy” rating to a “hold” rating and cut their price target for the stock from $89.00 to $80.00 in a research note on Monday, September 23rd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, Microchip Technology presently has a consensus rating of “Moderate Buy” and an average target price of $90.95.

Microchip Technology 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.