Cerity Partners LLC Buys 32,340 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Cerity Partners LLC raised its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 14.2% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 260,063 shares of the semiconductor company's stock after purchasing an additional 32,340 shares during the quarter. Cerity Partners LLC's holdings in Microchip Technology were worth $20,880,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Prospera Private Wealth LLC bought a new stake in shares of Microchip Technology during the third quarter valued at approximately $29,000. Peterson Financial Group Inc. purchased a new stake in shares of Microchip Technology in the 3rd quarter worth about $34,000. Pathway Financial Advisers LLC bought a new position in shares of Microchip Technology in the 1st quarter worth about $39,000. Versant Capital Management Inc lifted its position in Microchip Technology by 148.8% during the 2nd quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company's stock valued at $48,000 after acquiring an additional 317 shares during the period. Finally, Wolff Wiese Magana LLC boosted its stake in Microchip Technology by 55.2% during the third quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company's stock worth $49,000 after acquiring an additional 218 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Rosenblatt Securities reaffirmed a "buy" rating and set a $90.00 target price on shares of Microchip Technology in a research note on Wednesday, November 6th. Susquehanna lowered their price objective on Microchip Technology from $95.00 to $90.00 and set a "positive" rating for the company in a research note on Wednesday, November 6th. Evercore ISI reissued an "outperform" rating and issued a $95.00 target price (down from $101.00) on shares of Microchip Technology in a research note on Wednesday, November 6th. Bank of America downgraded Microchip Technology from a "buy" rating to a "neutral" rating and reduced their price target for the company from $110.00 to $90.00 in a report on Friday, August 2nd. Finally, Citigroup dropped their price target on shares of Microchip Technology from $92.00 to $82.00 and set a "buy" rating on the stock in a research note on Wednesday, November 6th. One analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $92.00.

Microchip Technology Stock Performance

Shares of MCHP traded up $3.16 during trading hours on Monday, hitting $69.85. The stock had a trading volume of 11,090,893 shares, compared to its average volume of 6,069,330. Microchip Technology Incorporated has a 12 month low of $62.63 and a 12 month high of $100.57. The stock has a fifty day moving average price of $74.59 and a 200 day moving average price of $83.11. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.88 and a quick ratio of 0.48. The firm has a market capitalization of $37.51 billion, a PE ratio of 46.64 and a beta of 1.53.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.43 by $0.03. The firm had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The business's revenue for the quarter was down 48.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.54 EPS. Analysts anticipate that Microchip Technology Incorporated will post 1.38 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be given a dividend of $0.455 per share. This is an increase from Microchip Technology's previous quarterly dividend of $0.45. The ex-dividend date is Friday, November 22nd. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.61%. 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.