Thrivent Financial for Lutherans Decreases Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Thrivent Financial for Lutherans reduced its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 99.9% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 25,357 shares of the semiconductor company’s stock after selling 19,808,358 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Microchip Technology were worth $2,036,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Principal Financial Group Inc. lifted its stake in shares of Microchip Technology by 0.4% in the second 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. Van ECK Associates Corp raised its position in shares of Microchip Technology by 25.1% in the 3rd quarter. Van ECK Associates Corp now owns 7,961,200 shares of the semiconductor company’s stock valued at $599,239,000 after purchasing an additional 1,597,263 shares in the last quarter. Legal & General Group Plc boosted its stake in shares of Microchip Technology by 2.4% during the 2nd quarter. Legal & General Group Plc now owns 4,455,317 shares of the semiconductor company’s stock valued at $407,660,000 after buying an additional 103,807 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Microchip Technology by 21.1% during the second quarter. Dimensional Fund Advisors LP now owns 3,298,771 shares of the semiconductor company’s stock worth $301,797,000 after buying an additional 575,087 shares in the last quarter. Finally, Envestnet Asset Management Inc. increased its stake in shares of Microchip Technology by 4.5% in the second quarter. Envestnet Asset Management Inc. now owns 3,164,101 shares of the semiconductor company’s stock worth $289,515,000 after buying an additional 136,995 shares during the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

MCHP has been the subject of several recent analyst reports. Rosenblatt Securities reissued a “buy” rating and set a $90.00 price objective on shares of Microchip Technology in a report on Wednesday, November 6th. TD Cowen decreased their price target on Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a research note on Wednesday, November 6th. JPMorgan Chase & Co. decreased their price target on Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Evercore ISI reiterated an “outperform” rating and issued a $95.00 price target (down from $101.00) on shares of Microchip Technology in a research note on Wednesday, November 6th. Finally, Jefferies Financial Group decreased their price target on Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $92.00.

Microchip Technology Stock Performance

MCHP opened at $67.87 on Friday. The business’s 50 day moving average is $73.88 and its 200-day moving average is $82.59. The stock has a market cap of $36.45 billion, a PE ratio of 47.46 and a beta of 1.53. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71. Microchip Technology Incorporated has a twelve month low of $62.63 and a twelve month high of $100.57.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.15 billion. During the same quarter in the previous year, the company posted $1.54 earnings per share. The business’s revenue for the quarter was down 48.4% compared to the same quarter last year. On average, analysts predict that Microchip Technology Incorporated will post 1.38 earnings per share for the current year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be issued a dividend of $0.455 per share. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $1.82 annualized dividend and a yield of 2.68%. Microchip Technology’s payout ratio is presently 127.27%.

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.