Cerity Partners LLC Purchases 32,340 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Cerity Partners LLC boosted its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 14.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 260,063 shares of the semiconductor company’s stock after purchasing an additional 32,340 shares during the period. Cerity Partners LLC’s holdings in Microchip Technology were worth $20,880,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Empowered Funds LLC raised its holdings in shares of Microchip Technology by 25.7% during the third quarter. Empowered Funds LLC now owns 96,163 shares of the semiconductor company’s stock valued at $7,721,000 after acquiring an additional 19,663 shares in the last quarter. Pinnacle Associates Ltd. lifted its position in shares of Microchip Technology by 50.0% in the 3rd quarter. Pinnacle Associates Ltd. now owns 105,694 shares of the semiconductor company’s stock worth $8,486,000 after purchasing an additional 35,213 shares during the period. Swedbank AB purchased a new position in shares of Microchip Technology during the first quarter valued at about $1,079,000. Aigen Investment Management LP bought a new position in Microchip Technology in the third quarter worth about $2,391,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in Microchip Technology by 12.0% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 870,072 shares of the semiconductor company’s stock worth $69,355,000 after buying an additional 93,464 shares during the period. Institutional investors own 91.51% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on MCHP shares. Rosenblatt Securities reissued a “buy” rating and issued a $90.00 target price on shares of Microchip Technology in a research report on Wednesday, November 6th. Needham & Company LLC lowered their price objective on Microchip Technology from $96.00 to $85.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. Bank of America cut shares of Microchip Technology from a “buy” rating to a “neutral” rating and dropped their target price for the company from $110.00 to $90.00 in a report on Friday, August 2nd. KeyCorp lowered their price target 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. 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 given a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, Microchip Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $92.00.

Microchip Technology Price Performance

Shares of NASDAQ:MCHP opened at $66.69 on Monday. The business has a 50-day simple moving average of $74.59 and a two-hundred day simple moving average of $83.11. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88. The firm has a market cap of $35.81 billion, a price-to-earnings ratio of 46.64 and a beta of 1.53. Microchip Technology Incorporated has a fifty-two week low of $62.63 and a fifty-two week high of $100.57.

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 the consensus estimate of $0.43 by $0.03. The company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The firm’s quarterly revenue was down 48.4% on a year-over-year basis. During the same quarter last year, the company posted $1.54 earnings per share. On average, analysts expect that Microchip Technology Incorporated will post 1.38 earnings per share for the current year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be issued a $0.455 dividend. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date is Friday, November 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 2.73%. Microchip Technology’s dividend payout ratio is currently 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.