Strategy Asset Managers LLC Sells 1,235 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Strategy Asset Managers LLC reduced its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 1.5% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 81,772 shares of the semiconductor company’s stock after selling 1,235 shares during the period. Strategy Asset Managers LLC’s holdings in Microchip Technology were worth $4,690,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of MCHP. Norges Bank purchased a new stake in shares of Microchip Technology during the fourth quarter valued at $452,627,000. Van ECK Associates Corp grew its stake in Microchip Technology by 39.3% during the 4th 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. Assenagon Asset Management S.A. increased its holdings in shares of Microchip Technology by 9,901.6% in the fourth quarter. Assenagon Asset Management S.A. now owns 2,857,654 shares of the semiconductor company’s stock valued at $163,886,000 after purchasing an additional 2,829,082 shares during the period. Madison Investment Advisors LLC purchased a new position in shares of Microchip Technology in the fourth quarter worth about $78,661,000. Finally, Pictet Asset Management Holding SA lifted its holdings in shares of Microchip Technology by 62.0% during the fourth quarter. Pictet Asset Management Holding SA now owns 3,575,544 shares of the semiconductor company’s stock worth $205,057,000 after purchasing an additional 1,368,322 shares during the period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Insider Transactions at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of the business’s stock in a transaction 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 transaction, the chief financial officer now owns 33,272 shares in the company, valued at $2,025,599.36. The trade was a 10.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 2.10% of the company’s stock.

Microchip Technology Trading Down 4.1 %

Shares of Microchip Technology stock opened at $48.70 on Friday. The stock has a 50 day moving average of $55.65 and a 200 day moving average of $63.98. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.23 and a current ratio of 2.25. The firm has a market capitalization of $26.19 billion, a price-to-earnings ratio of 86.96 and a beta of 1.52. Microchip Technology Incorporated has a fifty-two week low of $48.27 and a fifty-two week high of $100.57.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share 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, research analysts predict that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Monday, February 24th were paid a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.74%. The ex-dividend date was Monday, February 24th. Microchip Technology’s dividend payout ratio (DPR) is 325.00%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on MCHP. Mizuho increased their price target on shares of Microchip Technology from $58.00 to $68.00 and gave the stock an “outperform” rating in a report on Tuesday, March 4th. Rosenblatt Securities reaffirmed a “buy” rating and set a $70.00 target price on shares of Microchip Technology in a report on Tuesday, March 4th. Piper Sandler restated an “overweight” rating and issued a $65.00 price objective (down previously from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. Needham & Company LLC raised their price target on shares of Microchip Technology from $60.00 to $66.00 and gave the company a “buy” rating in a research report on Tuesday, March 4th. Finally, KeyCorp cut their target price on shares of Microchip Technology from $70.00 to $60.00 and set an “overweight” rating for the company in a research note on Friday, February 7th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Microchip Technology presently has a consensus rating of “Moderate Buy” and an average target price of $74.37.

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.