Massachusetts Financial Services Co. MA Has $131.55 Million Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Massachusetts Financial Services Co. MA lessened its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 6.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,437,645 shares of the semiconductor company’s stock after selling 106,154 shares during the quarter. Massachusetts Financial Services Co. MA owned 0.27% of Microchip Technology worth $131,545,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Clearbridge Investments LLC raised its position in shares of Microchip Technology by 18,944.8% during the first quarter. Clearbridge Investments LLC now owns 1,973,045 shares of the semiconductor company’s stock worth $177,002,000 after purchasing an additional 1,962,685 shares during the period. Vanguard Group Inc. raised its holdings in Microchip Technology by 2.9% during the 1st 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 during the period. Canada Pension Plan Investment Board lifted its stake in Microchip Technology by 425.3% in the first quarter. Canada Pension Plan Investment Board now owns 1,377,099 shares of the semiconductor company’s stock valued at $123,540,000 after buying an additional 1,114,962 shares in the last quarter. Van ECK Associates Corp boosted its holdings in shares of Microchip Technology by 17.2% in the first quarter. Van ECK Associates Corp now owns 6,068,311 shares of the semiconductor company’s stock valued at $544,388,000 after buying an additional 891,297 shares during the period. Finally, Boston Partners increased its position in shares of Microchip Technology by 10.7% during the first quarter. Boston Partners now owns 7,591,471 shares of the semiconductor company’s stock worth $681,838,000 after acquiring an additional 736,818 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,154 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was 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 of the company’s stock, valued at $2,710,445.50. The transaction 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.

Analyst Upgrades and Downgrades

MCHP has been the topic of several research reports. Bank of America cut shares of Microchip Technology from a “buy” rating to a “neutral” rating and cut their price objective for the company from $110.00 to $90.00 in a research report on Friday, August 2nd. Mizuho upgraded Microchip Technology from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $85.00 to $115.00 in a report on Friday, May 24th. Morgan Stanley lowered Microchip Technology from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $102.00 to $100.00 in a research report on Thursday, July 11th. B. Riley reduced their price target on Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Five analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat, Microchip Technology currently has an average rating of “Moderate Buy” and an average target price of $99.95.

Microchip Technology Trading Down 0.8 %

Microchip Technology stock opened at $76.36 on Thursday. The stock has a 50-day simple moving average of $81.73 and a 200 day simple moving average of $87.86. The stock has a market capitalization of $40.97 billion, a P/E ratio of 22.01 and a beta of 1.53. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.08 and a current ratio of 1.94. Microchip Technology Incorporated has a 52 week low of $68.75 and a 52 week high of $100.57.

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

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Thursday, August 22nd were paid a $0.454 dividend. The ex-dividend date was Thursday, August 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 2.38%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio is 52.16%.

Microchip Technology 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.