Massachusetts Financial Services Co. MA Sells 292,256 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Massachusetts Financial Services Co. MA lessened its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 20.3% in the third quarter, HoldingsChannel reports. The fund owned 1,145,389 shares of the semiconductor company’s stock after selling 292,256 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Microchip Technology were worth $91,963,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently made changes to their positions in MCHP. Prospera Private Wealth LLC acquired a new stake in shares of Microchip Technology during the third quarter worth $29,000. Peterson Financial Group Inc. bought a new position in shares of Microchip Technology during the third quarter worth approximately $34,000. Pathway Financial Advisers LLC acquired a new stake in shares of Microchip Technology in the first quarter valued at approximately $39,000. Versant Capital Management Inc boosted 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 buying an additional 317 shares during the period. Finally, TruNorth Capital Management LLC acquired a new stake in Microchip Technology during the second quarter worth approximately $55,000. Institutional investors own 91.51% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Bank of America lowered Microchip Technology from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $110.00 to $90.00 in a report on Friday, August 2nd. Citigroup reduced their price objective on shares of Microchip Technology from $92.00 to $82.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. KeyCorp dropped their target price on shares of Microchip Technology from $100.00 to $95.00 and set an “overweight” rating for the company in a research report on Wednesday, November 6th. JPMorgan Chase & Co. reduced their price target on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. Finally, Mizuho set a $95.00 price objective on shares of Microchip Technology in a research note on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $92.00.

Microchip Technology Stock Up 1.0 %

Shares of NASDAQ MCHP opened at $66.69 on Friday. Microchip Technology Incorporated has a 1 year low of $62.63 and a 1 year high of $100.57. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.88 and a quick ratio of 0.48. The firm has a market cap of $35.81 billion, a PE ratio of 46.64 and a beta of 1.53. The company has a 50 day simple moving average of $74.59 and a 200 day simple moving average of $83.17.

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

Microchip Technology Increases Dividend

The business also recently disclosed 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. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.73%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Friday, November 22nd. Microchip Technology’s dividend payout ratio (DPR) 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.