West Family Investments Inc. Purchases Shares of 2,525 Microchip Technology Incorporated (NASDAQ:MCHP)

West Family Investments Inc. acquired a new position in Microchip Technology Incorporated (NASDAQ:MCHP) during the third quarter, according to its most recent 13F filing with the SEC. The firm acquired 2,525 shares of the semiconductor company’s stock, valued at approximately $203,000.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Edgestream Partners L.P. acquired a new position in shares of Microchip Technology during the 1st quarter valued at $871,000. Bessemer Group Inc. lifted its stake in shares of Microchip Technology by 15.2% during the first quarter. Bessemer Group Inc. now owns 42,430 shares of the semiconductor company’s stock worth $3,806,000 after purchasing an additional 5,597 shares in the last quarter. Natixis boosted its position in shares of Microchip Technology by 346.5% in the first quarter. Natixis now owns 43,133 shares of the semiconductor company’s stock worth $3,869,000 after buying an additional 33,473 shares during the period. EP Wealth Advisors LLC grew its stake in shares of Microchip Technology by 15.8% in the first quarter. EP Wealth Advisors LLC now owns 14,195 shares of the semiconductor company’s stock valued at $1,273,000 after buying an additional 1,940 shares in the last quarter. Finally, Canada Pension Plan Investment Board raised its holdings in shares of Microchip Technology by 425.3% during the 1st quarter. Canada Pension Plan Investment Board now owns 1,377,099 shares of the semiconductor company’s stock valued at $123,540,000 after buying an additional 1,114,962 shares during the period. 91.51% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $81.50, for a total transaction of $175,551.00. Following the completion of the transaction, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at approximately $2,710,445.50. This trade represents a 6.08 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.10% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities analysts have weighed in on MCHP shares. Rosenblatt Securities restated a “buy” rating and issued a $90.00 price target on shares of Microchip Technology in a report on Wednesday, November 6th. Needham & Company LLC lowered their price target 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. Jefferies Financial Group cut their price objective on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Citigroup decreased their price objective on shares of Microchip Technology from $92.00 to $82.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. Finally, Bank of America cut Microchip Technology from a “buy” rating to a “neutral” rating and cut their price target for the stock from $110.00 to $90.00 in a research note on Friday, August 2nd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $92.00.

Microchip Technology Stock Up 0.4 %

Shares of NASDAQ:MCHP opened at $65.12 on Thursday. The company’s fifty day moving average is $75.00 and its two-hundred day moving average is $83.54. 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 Incorporated has a 1-year low of $62.63 and a 1-year high of $100.57. The stock has a market capitalization of $34.97 billion, a price-to-earnings ratio of 45.54 and a beta of 1.53.

Microchip Technology (NASDAQ:MCHP) last issued its 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. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The firm had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.15 billion. During the same quarter last year, the company posted $1.54 earnings per share. Microchip Technology’s revenue was down 48.4% on a year-over-year basis. Equities analysts anticipate that Microchip Technology Incorporated will post 1.38 EPS 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 dividend of $0.455 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $1.82 annualized dividend and a dividend yield of 2.79%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio is currently 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.