Engineers Gate Manager LP Reduces Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Engineers Gate Manager LP reduced its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP – Get Rating) by 78.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,717 shares of the semiconductor company’s stock after selling 24,193 shares during the quarter. Engineers Gate Manager LP’s holdings in Microchip Technology were worth $410,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Dodge & Cox lifted its stake in Microchip Technology by 1.7% in the 2nd quarter. Dodge & Cox now owns 32,228,436 shares of the semiconductor company’s stock worth $1,871,828,000 after purchasing an additional 551,092 shares in the last quarter. Macquarie Group Ltd. lifted its stake in Microchip Technology by 1.6% in the 3rd quarter. Macquarie Group Ltd. now owns 8,517,994 shares of the semiconductor company’s stock worth $519,852,000 after purchasing an additional 131,879 shares in the last quarter. Boston Partners lifted its stake in Microchip Technology by 17.2% in the 3rd quarter. Boston Partners now owns 7,665,626 shares of the semiconductor company’s stock worth $467,751,000 after purchasing an additional 1,123,669 shares in the last quarter. Northern Trust Corp lifted its stake in Microchip Technology by 1.7% in the 1st quarter. Northern Trust Corp now owns 7,553,578 shares of the semiconductor company’s stock worth $567,576,000 after purchasing an additional 123,806 shares in the last quarter. Finally, Legal & General Group Plc lifted its stake in Microchip Technology by 1.3% in the 2nd quarter. Legal & General Group Plc now owns 3,763,483 shares of the semiconductor company’s stock worth $218,584,000 after purchasing an additional 48,753 shares in the last quarter. 89.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have issued reports on MCHP. Morgan Stanley increased their target price on shares of Microchip Technology from $80.00 to $99.00 and gave the stock an “overweight” rating in a research note on Friday, February 3rd. Piper Sandler raised their price objective on shares of Microchip Technology from $80.00 to $100.00 and gave the company an “overweight” rating in a research report on Friday, February 3rd. B. Riley raised their price objective on shares of Microchip Technology from $86.00 to $106.00 and gave the company a “buy” rating in a research report on Friday, February 3rd. Citigroup raised their price objective on shares of Microchip Technology from $74.00 to $85.00 and gave the company a “neutral” rating in a research report on Friday, February 3rd. Finally, Wells Fargo & Company raised their price objective on shares of Microchip Technology from $80.00 to $85.00 and gave the company an “equal weight” rating in a research report on Friday, February 3rd. Five research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $90.58.

Microchip Technology Price Performance

Shares of Microchip Technology stock opened at $81.57 on Monday. The firm has a market cap of $44.68 billion, a PE ratio of 22.11, a price-to-earnings-growth ratio of 0.84 and a beta of 1.58. Microchip Technology Incorporated has a 12-month low of $54.33 and a 12-month high of $87.76. The company has a quick ratio of 1.04, a current ratio of 1.76 and a debt-to-equity ratio of 1.04. The company’s fifty day simple moving average is $79.09 and its two-hundred day simple moving average is $71.74.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 7th. Stockholders of record on Tuesday, February 21st were paid a dividend of $0.358 per share. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.33. The ex-dividend date of this dividend was Friday, February 17th. This represents a $1.43 dividend on an annualized basis and a dividend yield of 1.76%. Microchip Technology’s payout ratio is presently 38.75%.

Microchip Technology Profile

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Microchip Technology, Inc engages in the provision of semiconductor products. It operates through the Semiconductor Products and Technology Licensing segments. The Semiconductor Products segment is involved in designing, developing, manufacturing, and marketing microcontrollers, development tools and analog, interface, mixed signal, connectivity devices, and timing products.