ICICI Prudential Asset Management Co Ltd Has $5.22 Million Position in Microchip Technology Incorporated (NASDAQ:MCHP)

ICICI Prudential Asset Management Co Ltd increased its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 35.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 65,023 shares of the semiconductor company’s stock after buying an additional 16,906 shares during the quarter. ICICI Prudential Asset Management Co Ltd’s holdings in Microchip Technology were worth $5,221,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. Pathway Financial Advisers LLC bought a new stake in Microchip Technology during the first quarter worth $39,000. Versant Capital Management Inc grew its stake in shares of Microchip Technology by 148.8% in the second quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock valued at $48,000 after acquiring an additional 317 shares in the last quarter. Wolff Wiese Magana LLC grew its stake in Microchip Technology by 55.2% during the third quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock worth $49,000 after buying an additional 218 shares in the last quarter. TruNorth Capital Management LLC bought a new position in shares of Microchip Technology in the second quarter worth about $55,000. Finally, Family Firm Inc. bought a new position in shares of Microchip Technology in the second quarter worth about $62,000. Institutional investors own 91.51% of the company’s stock.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $81.50, for a total value of $175,551.00. Following the completion of the sale, the chief financial officer now owns 33,257 shares in the company, valued at approximately $2,710,445.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 2.10% of the company’s stock.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Needham & Company LLC decreased their target price on shares of Microchip Technology from $96.00 to $85.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. TD Cowen reduced their price target on shares of Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a research report on Wednesday, November 6th. Jefferies Financial Group reduced their price target on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. B. Riley reduced their price target on shares of Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Finally, Bank of America cut Microchip Technology from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $110.00 to $90.00 in a research note on Friday, August 2nd. 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 company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $92.00.

Microchip Technology Price Performance

NASDAQ:MCHP traded down $1.29 during mid-day trading on Wednesday, reaching $66.01. The stock had a trading volume of 1,159,525 shares, compared to its average volume of 5,966,189. The firm has a 50 day moving average price of $76.31 and a two-hundred day moving average price of $84.58. The stock has a market capitalization of $35.45 billion, a P/E ratio of 46.45 and a beta of 1.53. Microchip Technology Incorporated has a one year low of $65.98 and a one year high of $100.57. 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 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. As a group, analysts expect that Microchip Technology Incorporated will post 1.38 earnings per share for the current year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders 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 annualized dividend and a yield of 2.76%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s payout ratio is presently 127.27%.

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.