Meeder Asset Management Inc. Trims Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Meeder Asset Management Inc. reduced its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 99.3% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 518 shares of the semiconductor company’s stock after selling 70,918 shares during the quarter. Meeder Asset Management Inc.’s holdings in Microchip Technology were worth $42,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Quest Partners LLC increased its position in Microchip Technology by 463,300.0% during the 3rd quarter. Quest Partners LLC now owns 4,634 shares of the semiconductor company’s stock valued at $372,000 after purchasing an additional 4,633 shares during the period. TrinityPoint Wealth LLC increased its position in Microchip Technology by 6.6% during the 3rd quarter. TrinityPoint Wealth LLC now owns 4,883 shares of the semiconductor company’s stock valued at $392,000 after purchasing an additional 303 shares during the period. Glass Wealth Management Co LLC increased its position in Microchip Technology by 10.5% during the 3rd quarter. Glass Wealth Management Co LLC now owns 27,012 shares of the semiconductor company’s stock valued at $2,169,000 after purchasing an additional 2,575 shares during the period. Peterson Financial Group Inc. bought a new stake in shares of Microchip Technology during the 3rd quarter valued at $34,000. Finally, Natixis Advisors LLC boosted its holdings in shares of Microchip Technology by 35.8% during the 3rd quarter. Natixis Advisors LLC now owns 488,263 shares of the semiconductor company’s stock valued at $39,203,000 after buying an additional 128,809 shares in the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CFO James Eric Bjornholt sold 2,154 shares of the business’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $81.50, for a total transaction of $175,551.00. Following 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 6.08 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.10% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

MCHP has been the topic of a number of research reports. 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. StockNews.com cut shares of Microchip Technology from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Jefferies Financial Group dropped their price target on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. Piper Sandler dropped their price target on shares of Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 6th. Finally, Mizuho set a $95.00 target price on shares of Microchip Technology in a research note on Friday, October 18th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $92.00.

Microchip Technology Trading Up 0.4 %

Microchip Technology stock opened at $65.12 on Thursday. The firm’s 50 day moving average price is $75.00 and its 200-day moving average price is $83.54. 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 stock has a market cap of $34.97 billion, a P/E ratio of 45.54 and a beta of 1.53.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.43 by $0.03. The company had revenue of $1.16 billion during 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 quarterly revenue was down 48.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.54 earnings per share. On average, equities analysts predict that Microchip Technology Incorporated will post 1.38 earnings per share for the current fiscal 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. The ex-dividend date is Friday, November 22nd. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 dividend on an annualized basis and a yield of 2.79%. 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.