Metis Global Partners LLC Decreases Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Metis Global Partners LLC lowered its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 11.2% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 17,580 shares of the semiconductor company’s stock after selling 2,210 shares during the quarter. Metis Global Partners LLC’s holdings in Microchip Technology were worth $1,585,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Mizuho Markets Americas LLC purchased a new stake in shares of Microchip Technology during the third quarter worth $225,800,000. Truist Financial Corp grew its stake in Microchip Technology by 324.0% during the fourth quarter. Truist Financial Corp now owns 1,815,013 shares of the semiconductor company’s stock valued at $163,678,000 after acquiring an additional 1,386,924 shares in the last quarter. Qube Research & Technologies Ltd increased its holdings in Microchip Technology by 122.1% during the 3rd quarter. Qube Research & Technologies Ltd now owns 1,529,186 shares of the semiconductor company’s stock worth $119,353,000 after acquiring an additional 840,526 shares during the period. Van ECK Associates Corp lifted its stake in Microchip Technology by 16.0% in the 4th quarter. Van ECK Associates Corp now owns 5,177,014 shares of the semiconductor company’s stock worth $466,863,000 after purchasing an additional 714,376 shares in the last quarter. Finally, Public Sector Pension Investment Board grew its position in shares of Microchip Technology by 173.4% during the 3rd quarter. Public Sector Pension Investment Board now owns 1,062,611 shares of the semiconductor company’s stock valued at $82,937,000 after purchasing an additional 673,924 shares in the last quarter. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Down 1.8 %

Shares of Microchip Technology stock opened at $92.06 on Wednesday. The company has a 50-day simple moving average of $88.45 and a two-hundred day simple moving average of $85.37. Microchip Technology Incorporated has a 52-week low of $68.75 and a 52-week high of $96.14. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.58 and a current ratio of 0.98. The stock has a market capitalization of $49.75 billion, a PE ratio of 21.51, a price-to-earnings-growth ratio of 2.79 and a beta of 1.60.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Monday, May 6th. The semiconductor company reported $0.57 EPS for the quarter, meeting the consensus estimate of $0.57. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The company had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.33 billion. During the same period last year, the firm posted $1.56 earnings per share. Microchip Technology’s revenue was down 40.6% compared to the same quarter last year. On average, analysts anticipate that Microchip Technology Incorporated will post 4.64 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 5th. Shareholders of record on Wednesday, May 22nd will be paid a dividend of $0.452 per share. The ex-dividend date is Tuesday, May 21st. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.81 dividend on an annualized basis and a yield of 1.96%. Microchip Technology’s payout ratio is currently 42.06%.

Analyst Ratings Changes

MCHP has been the subject of several recent analyst reports. The Goldman Sachs Group boosted their target price on Microchip Technology from $77.00 to $88.00 and gave the stock a “neutral” rating in a research report on Tuesday. Truist Financial boosted their price target on shares of Microchip Technology from $93.00 to $96.00 and gave the stock a “buy” rating in a research note on Tuesday. Citigroup upped their target price on shares of Microchip Technology from $100.00 to $104.00 and gave the stock a “buy” rating in a research report on Tuesday. Stifel Nicolaus lifted their price target on Microchip Technology from $98.00 to $102.00 and gave the stock a “buy” rating in a research note on Wednesday, May 1st. Finally, KeyCorp increased their price target on shares of Microchip Technology from $90.00 to $110.00 and gave the company an “overweight” rating in a research report on Tuesday. Six investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $98.47.

Insider Activity

In other Microchip Technology news, CFO James Eric Bjornholt sold 1,970 shares of the firm’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $83.90, for a total value of $165,283.00. Following the transaction, the chief financial officer now directly owns 32,893 shares of the company’s stock, valued at $2,759,722.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.07% of the company’s stock.

Microchip Technology Company Profile

Microchip Technology Incorporated develops, manufactures, and sells 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 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.