Tortoise Investment Management LLC Sells 334 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Tortoise Investment Management LLC cut its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 42.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 452 shares of the semiconductor company’s stock after selling 334 shares during the quarter. Tortoise Investment Management LLC’s holdings in Microchip Technology were worth $26,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Pallas Capital Advisors LLC bought a new position in Microchip Technology during the fourth quarter worth about $5,917,000. Consolidated Planning Corp bought a new position in shares of Microchip Technology during the 4th quarter valued at about $308,000. Quadrature Capital Ltd acquired a new position in shares of Microchip Technology in the 3rd quarter valued at approximately $3,312,000. Symphony Financial Ltd. Co. bought a new stake in Microchip Technology during the 4th quarter worth approximately $520,000. Finally, Benjamin Edwards Inc. raised its holdings in Microchip Technology by 5,185.4% during the 3rd quarter. Benjamin Edwards Inc. now owns 9,408 shares of the semiconductor company’s stock worth $755,000 after buying an additional 9,230 shares during the period. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Microchip Technology

In related news, CFO James Eric Bjornholt sold 3,724 shares of the company’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total value of $226,717.12. Following the transaction, the chief financial officer now owns 33,272 shares in the company, valued at approximately $2,025,599.36. This represents a 10.07 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.10% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

MCHP has been the subject of several research analyst reports. Rosenblatt Securities reiterated a “buy” rating and issued a $70.00 price target on shares of Microchip Technology in a report on Tuesday, March 4th. StockNews.com cut Microchip Technology from a “hold” rating to a “sell” rating in a report on Monday, February 10th. Evercore ISI lifted their price target on Microchip Technology from $65.00 to $71.00 and gave the company an “outperform” rating in a research note on Tuesday, March 4th. The Goldman Sachs Group reduced their price objective on Microchip Technology from $72.00 to $63.00 and set a “neutral” rating for the company in a research report on Friday, January 10th. Finally, Mizuho lifted their target price on Microchip Technology from $58.00 to $68.00 and gave the company an “outperform” rating in a research report on Tuesday, March 4th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $74.37.

Microchip Technology Stock Performance

Shares of MCHP opened at $52.24 on Wednesday. The company has a market cap of $28.10 billion, a PE ratio of 93.29 and a beta of 1.52. The firm has a 50-day moving average of $56.80 and a 200-day moving average of $66.17. Microchip Technology Incorporated has a one year low of $50.21 and a one year high of $100.57. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.15). Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. As a group, equities analysts forecast that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Monday, February 24th were issued a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.48%. The ex-dividend date of this dividend was Monday, February 24th. Microchip Technology’s payout ratio is presently 325.00%.

About Microchip Technology

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.