Larson Financial Group LLC Has $236,000 Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Larson Financial Group LLC raised its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 55.9% in the third quarter, HoldingsChannel.com reports. The fund owned 2,938 shares of the semiconductor company’s stock after purchasing an additional 1,053 shares during the quarter. Larson Financial Group LLC’s holdings in Microchip Technology were worth $236,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently modified their holdings of MCHP. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in shares of Microchip Technology by 2,390.5% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,291,290 shares of the semiconductor company’s stock worth $209,653,000 after buying an additional 2,199,290 shares during the last quarter. Van ECK Associates Corp raised 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 raised its stake 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 worth $200,329,000 after purchasing an additional 961,801 shares in the last quarter. Boston Partners raised its stake in Microchip Technology by 10.7% in the 1st quarter. Boston Partners now owns 7,591,471 shares of the semiconductor company’s stock worth $681,838,000 after purchasing an additional 736,818 shares in the last quarter. Finally, National Bank of Canada FI raised its stake in Microchip Technology by 234.1% in the 2nd quarter. National Bank of Canada FI now owns 899,561 shares of the semiconductor company’s stock worth $82,391,000 after purchasing an additional 630,285 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on MCHP shares. Bank of America cut shares of Microchip Technology from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $110.00 to $90.00 in a research note on Friday, August 2nd. Evercore ISI reiterated an “outperform” rating and issued a $95.00 price objective (down previously from $101.00) on shares of Microchip Technology in a research note on Wednesday, November 6th. TD Cowen decreased their target price on shares of Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a report on Wednesday, November 6th. B. Riley decreased their target price on shares of Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Finally, Susquehanna decreased their target price on shares of Microchip Technology from $95.00 to $90.00 and set a “positive” rating on the stock in a report on Wednesday, November 6th. One investment 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 MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $92.00.

Microchip Technology Stock Down 0.8 %

NASDAQ:MCHP opened at $67.87 on Thursday. The firm’s 50 day simple moving average is $74.10 and its 200 day simple moving average is $82.69. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.88 and a quick ratio of 0.48. Microchip Technology Incorporated has a one year low of $62.63 and a one year high of $100.57. The company has a market cap of $36.45 billion, a PE ratio of 47.46 and a beta of 1.53.

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

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be given a $0.455 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.68%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s payout ratio is 127.27%.

Microchip Technology Company 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.