Corebridge Financial Inc. Reduces Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Corebridge Financial Inc. lowered its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 4.9% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 162,030 shares of the semiconductor company’s stock after selling 8,266 shares during the period. Corebridge Financial Inc.’s holdings in Microchip Technology were worth $9,292,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MCHP. Congress Wealth Management LLC DE raised its position in shares of Microchip Technology by 10.7% in the fourth quarter. Congress Wealth Management LLC DE now owns 15,952 shares of the semiconductor company’s stock valued at $915,000 after buying an additional 1,539 shares during the last quarter. Vanguard Group Inc. grew its stake in Microchip Technology by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 68,912,345 shares of the semiconductor company’s stock valued at $3,952,123,000 after acquiring an additional 569,699 shares in the last quarter. LPL Financial LLC grew its stake in Microchip Technology by 25.4% during the 4th quarter. LPL Financial LLC now owns 542,005 shares of the semiconductor company’s stock valued at $31,084,000 after acquiring an additional 109,885 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new position in Microchip Technology in the 4th quarter worth approximately $10,224,000. Finally, AXQ Capital LP lifted its stake in Microchip Technology by 68.4% in the 4th quarter. AXQ Capital LP now owns 4,616 shares of the semiconductor company’s stock worth $265,000 after purchasing an additional 1,875 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Stock Performance

NASDAQ:MCHP opened at $50.79 on Friday. Microchip Technology Incorporated has a 52 week low of $49.92 and a 52 week high of $100.57. The company has a fifty day simple moving average of $55.83 and a two-hundred day simple moving average of $64.16. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12. The company has a market cap of $27.32 billion, a price-to-earnings ratio of 90.70 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Thursday, February 6th. The semiconductor company reported $0.13 EPS for the quarter, missing the consensus estimate 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 anticipate that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Monday, February 24th were paid a dividend of $0.455 per share. The ex-dividend date was Monday, February 24th. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.58%. Microchip Technology’s payout ratio is 325.00%.

Wall Street Analyst Weigh In

Several research firms recently commented on MCHP. StockNews.com cut Microchip Technology from a “hold” rating to a “sell” rating in a report on Monday, February 10th. Morgan Stanley decreased their price objective on Microchip Technology from $71.00 to $58.00 and set an “equal weight” rating on the stock in a report on Tuesday, February 4th. Needham & Company LLC increased their price objective on Microchip Technology from $60.00 to $66.00 and gave the stock a “buy” rating in a research report on Tuesday, March 4th. Piper Sandler restated an “overweight” rating and issued a $65.00 target price (down previously from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. Finally, Stifel Nicolaus lowered their price target on Microchip Technology from $90.00 to $87.00 and set a “buy” rating for the company in a report on Tuesday, December 3rd. Two research analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Microchip Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $74.37.

Insider Activity at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of the 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 sale, the chief financial officer now directly 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 SEC, which is available at this link. 2.10% of the stock is owned by corporate insiders.

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.