USS Investment Management Ltd Decreases Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

USS Investment Management Ltd cut its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 11.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 120,480 shares of the semiconductor company’s stock after selling 15,879 shares during the period. USS Investment Management Ltd’s holdings in Microchip Technology were worth $6,909,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Microchip Technology in the fourth quarter valued at $452,627,000. Barrow Hanley Mewhinney & Strauss LLC raised its stake in Microchip Technology by 273.2% during the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,345,096 shares of the semiconductor company’s stock valued at $306,541,000 after purchasing an additional 3,912,895 shares in the last quarter. Van ECK Associates Corp lifted its position in Microchip Technology by 39.3% during the fourth quarter. Van ECK Associates Corp now owns 11,093,007 shares of the semiconductor company’s stock valued at $636,184,000 after purchasing an additional 3,131,807 shares during the last quarter. Franklin Resources Inc. grew its stake in shares of Microchip Technology by 90.0% in the 4th quarter. Franklin Resources Inc. now owns 6,360,805 shares of the semiconductor company’s stock worth $364,792,000 after buying an additional 3,013,162 shares in the last quarter. Finally, Meritage Group LP bought a new stake in shares of Microchip Technology in the 4th quarter worth about $145,033,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently commented on MCHP. Mizuho increased their price target on shares of Microchip Technology from $58.00 to $68.00 and gave the company an “outperform” rating in a report on Tuesday, March 4th. Truist Financial raised their price objective on Microchip Technology from $43.00 to $52.00 and gave the company a “hold” rating in a research note on Friday, May 9th. Morgan Stanley boosted their target price on Microchip Technology from $39.00 to $50.00 and gave the company an “equal weight” rating in a research report on Friday, May 9th. Piper Sandler restated an “overweight” rating and set a $65.00 price target (down previously from $85.00) on shares of Microchip Technology in a report on Friday, February 7th. Finally, StockNews.com downgraded Microchip Technology from a “hold” rating to a “sell” rating in a research report on Monday, February 10th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Microchip Technology has an average rating of “Moderate Buy” and a consensus target price of $67.42.

Insider Activity

In other news, CFO James Eric Bjornholt sold 3,724 shares of the company’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total value of $226,717.12. Following the completion of the sale, the chief financial officer now owns 33,272 shares of the company’s stock, valued at approximately $2,025,599.36. This represents a 10.07% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.10% of the company’s stock.

Microchip Technology Price Performance

Microchip Technology stock opened at $59.25 on Thursday. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23. The stock has a market cap of $31.92 billion, a price-to-earnings ratio of 105.80 and a beta of 1.42. The firm has a 50-day moving average of $47.98 and a two-hundred day moving average of $55.74. Microchip Technology Incorporated has a 1 year low of $34.13 and a 1 year high of $100.57.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.01. The firm had revenue of $970.50 million during the quarter, compared to analyst estimates of $962.86 million. Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. Microchip Technology’s quarterly revenue was down 26.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.57 earnings per share. On average, research analysts forecast that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd will be given a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.07%. The ex-dividend date is Thursday, May 22nd. Microchip Technology’s payout ratio is -18,200.00%.

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.