Clearstead Advisors LLC reduced its position in Microchip Technology Incorporated (NASDAQ:MCHP – Get Rating) by 14.6% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 4,551 shares of the semiconductor company’s stock after selling 776 shares during the period. Clearstead Advisors LLC’s holdings in Microchip Technology were worth $278,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently made changes to their positions in MCHP. Boston Partners increased its stake in shares of Microchip Technology by 17.2% in the 3rd quarter. Boston Partners now owns 7,665,626 shares of the semiconductor company’s stock valued at $467,751,000 after buying an additional 1,123,669 shares during the period. Prudential Financial Inc. increased its stake in shares of Microchip Technology by 98.5% in the 1st quarter. Prudential Financial Inc. now owns 2,056,405 shares of the semiconductor company’s stock valued at $154,518,000 after buying an additional 1,020,624 shares during the period. Coho Partners Ltd. increased its stake in shares of Microchip Technology by 21.7% in the 3rd quarter. Coho Partners Ltd. now owns 3,720,877 shares of the semiconductor company’s stock valued at $227,085,000 after buying an additional 664,472 shares during the period. Bank Julius Baer & Co. Ltd Zurich acquired a new stake in shares of Microchip Technology during the third quarter worth $35,477,000. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its stake in shares of Microchip Technology by 101.4% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,100,700 shares of the semiconductor company’s stock worth $63,929,000 after purchasing an additional 554,304 shares during the period. 89.85% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of equities research analysts recently commented on MCHP shares. Susquehanna lifted their price objective on Microchip Technology from $85.00 to $100.00 and gave the stock a “positive” rating in a research note on Friday, February 3rd. The Goldman Sachs Group lifted their price objective on Microchip Technology from $76.00 to $87.00 and gave the stock a “neutral” rating in a research note on Monday, February 6th. Stifel Nicolaus lifted their price objective on Microchip Technology from $77.00 to $80.00 and gave the stock a “buy” rating in a research note on Tuesday, November 29th. Needham & Company LLC reaffirmed a “buy” rating and set a $110.00 price objective on shares of Microchip Technology in a research note on Wednesday, March 8th. Finally, Wells Fargo & Company lifted their price objective on Microchip Technology from $80.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Friday, February 3rd. Five analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $90.58.
Microchip Technology Stock Performance
Microchip Technology Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Tuesday, March 7th. Stockholders of record on Tuesday, February 21st were issued a $0.358 dividend. This represents a $1.43 dividend on an annualized basis and a dividend yield of 1.72%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.33. The ex-dividend date was Friday, February 17th. Microchip Technology’s payout ratio is 38.75%.
About Microchip Technology
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.
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