Camden National Bank Acquires Shares of 4,564 Microchip Technology Incorporated (NASDAQ:MCHP)

Camden National Bank bought a new position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 4,564 shares of the semiconductor company’s stock, valued at approximately $366,000.

Several other hedge funds and other institutional investors have also modified their holdings of MCHP. Healthcare of Ontario Pension Plan Trust Fund increased its position in 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 period. Van ECK Associates Corp increased its position in Microchip Technology by 25.1% during the third quarter. Van ECK Associates Corp now owns 7,961,200 shares of the semiconductor company’s stock worth $599,239,000 after acquiring an additional 1,597,263 shares during the period. 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 boosted its holdings in Microchip Technology by 10.7% in the 1st quarter. Boston Partners now owns 7,591,471 shares of the semiconductor company’s stock valued at $681,838,000 after purchasing an additional 736,818 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its position in shares of Microchip Technology by 17.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,527,709 shares of the semiconductor company’s stock worth $406,182,000 after purchasing an additional 673,992 shares in the last quarter. Institutional investors own 91.51% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on MCHP. StockNews.com downgraded shares of Microchip Technology from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $90.00 price objective on shares of Microchip Technology in a report on Wednesday, November 6th. Evercore ISI reissued an “outperform” rating and set a $95.00 target price (down from $101.00) on shares of Microchip Technology in a report on Wednesday, November 6th. JPMorgan Chase & Co. dropped their price target on Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Finally, Needham & Company LLC decreased their target price on shares of Microchip Technology from $96.00 to $85.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Microchip Technology currently has an average rating of “Moderate Buy” and a consensus target price of $92.00.

Microchip Technology Trading Up 1.0 %

Shares of MCHP stock opened at $66.69 on Friday. The stock’s fifty day simple moving average is $74.59 and its 200 day simple moving average is $83.24. Microchip Technology Incorporated has a twelve month low of $62.63 and a twelve month high of $100.57. The firm has a market capitalization of $35.81 billion, a P/E ratio of 46.64 and a beta of 1.53. 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 (NASDAQ:MCHP) last issued its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, beating 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 business had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.15 billion. During the same quarter last year, the business earned $1.54 EPS. The firm’s quarterly revenue was down 48.4% on a year-over-year basis. As a group, sell-side analysts predict that Microchip Technology Incorporated will post 1.38 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be paid a $0.455 dividend. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date is Friday, November 22nd. This represents a $1.82 annualized dividend and a dividend yield of 2.73%. Microchip Technology’s 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.