Harvest Fund Management Co. Ltd Has $1.98 Million Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Harvest Fund Management Co. Ltd lifted its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 52.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 24,713 shares of the semiconductor company's stock after purchasing an additional 8,467 shares during the quarter. Harvest Fund Management Co. Ltd's holdings in Microchip Technology were worth $1,984,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in MCHP. Prospera Private Wealth LLC acquired a new stake in shares of Microchip Technology in the 3rd quarter valued at about $29,000. Peterson Financial Group Inc. bought a new stake in Microchip Technology in the 3rd quarter valued at approximately $34,000. Pathway Financial Advisers LLC acquired a new position in Microchip Technology during the 1st quarter worth approximately $39,000. Versant Capital Management Inc grew its stake in shares of Microchip Technology by 148.8% during the 2nd quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company's stock worth $48,000 after acquiring an additional 317 shares in the last quarter. Finally, Wolff Wiese Magana LLC raised its holdings in shares of Microchip Technology by 55.2% in the third quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company's stock valued at $49,000 after purchasing an additional 218 shares during the last quarter. Institutional investors own 91.51% of the company's stock.

Analyst Ratings Changes

Several brokerages have commented on MCHP. Susquehanna cut their price target on shares of Microchip Technology from $95.00 to $90.00 and set a "positive" rating on the stock in a research report on Wednesday, November 6th. Piper Sandler dropped their target price on Microchip Technology from $100.00 to $85.00 and set an "overweight" rating on the stock in a report on Wednesday, November 6th. KeyCorp decreased their price target on Microchip Technology from $100.00 to $95.00 and set an "overweight" rating for the company in a research note on Wednesday, November 6th. Rosenblatt Securities reiterated a "buy" rating and set a $90.00 price objective on shares of Microchip Technology in a research note on Wednesday, November 6th. Finally, Jefferies Financial Group decreased their target price on shares of 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 analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $92.00.

Microchip Technology Stock Performance

Shares of NASDAQ:MCHP traded down $1.44 on Tuesday, reaching $68.41. 8,777,280 shares of the company's stock were exchanged, compared to its average volume of 6,081,158. Microchip Technology Incorporated has a twelve month low of $62.63 and a twelve month high of $100.57. The company has a fifty day moving average of $74.27 and a 200-day moving average of $82.80. The company has a market capitalization of $36.74 billion, a price-to-earnings ratio of 47.84 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 (NASDAQ:MCHP - Get Free Report) last released its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analyst estimates of $1.15 billion. During the same period in the prior year, the firm posted $1.54 EPS. Microchip Technology's quarterly revenue was down 48.4% on a year-over-year basis. On average, research analysts predict that Microchip Technology Incorporated will post 1.38 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be paid a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a yield of 2.66%. 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. Microchip Technology's dividend payout ratio (DPR) is 127.27%.

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.