Mutual of America Capital Management LLC Sells 2,701 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Mutual of America Capital Management LLC cut its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 3.5% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 75,209 shares of the semiconductor company’s stock after selling 2,701 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Microchip Technology were worth $6,882,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in Microchip Technology by 2.9% in the first quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company’s stock worth $6,152,646,000 after buying an additional 1,921,497 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of Microchip Technology by 0.4% in the 2nd quarter. Principal Financial Group Inc. now owns 9,246,403 shares of the semiconductor company’s stock worth $846,046,000 after acquiring an additional 33,603 shares in the last quarter. Boston Partners lifted its stake in shares of Microchip Technology by 10.7% in the 1st quarter. Boston Partners now owns 7,591,471 shares of the semiconductor company’s stock valued at $681,838,000 after purchasing an additional 736,818 shares during the period. Van ECK Associates Corp boosted its position in shares of Microchip Technology by 4.9% during the second quarter. Van ECK Associates Corp now owns 6,363,937 shares of the semiconductor company’s stock valued at $582,301,000 after purchasing an additional 295,626 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its stake in Microchip Technology by 17.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 4,527,709 shares of the semiconductor company’s stock worth $406,182,000 after purchasing an additional 673,992 shares during the period. 91.51% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

MCHP has been the topic of a number of research reports. Rosenblatt Securities restated a “buy” rating and set a $100.00 target price on shares of Microchip Technology in a report on Wednesday, July 31st. Mizuho raised shares of Microchip Technology from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $85.00 to $115.00 in a research note on Friday, May 24th. Citigroup decreased their target price on shares of Microchip Technology from $104.00 to $92.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Truist Financial dropped their price target on Microchip Technology from $96.00 to $89.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Finally, Susquehanna reduced their price objective on Microchip Technology from $115.00 to $105.00 and set a “positive” rating for the company in a research report on Friday, August 2nd. Five analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $99.95.

Microchip Technology Stock Performance

Shares of MCHP stock opened at $78.83 on Friday. The company has a quick ratio of 1.08, a current ratio of 1.94 and a debt-to-equity ratio of 0.96. The company has a 50 day moving average price of $81.46 and a 200-day moving average price of $87.80. Microchip Technology Incorporated has a 52 week low of $68.75 and a 52 week high of $100.57. The firm has a market capitalization of $42.29 billion, a PE ratio of 22.72 and a beta of 1.53.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.01. The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. The firm’s revenue was down 45.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.56 EPS. As a group, equities research analysts expect that Microchip Technology Incorporated will post 1.74 earnings per share for the current year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd were issued a $0.454 dividend. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Thursday, August 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 2.30%. Microchip Technology’s dividend payout ratio is currently 52.16%.

Insiders Place Their Bets

In other news, CFO James Eric Bjornholt sold 2,154 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total value of $175,551.00. Following the transaction, the chief financial officer now owns 33,257 shares in the company, valued at approximately $2,710,445.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.07% of the company’s stock.

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.