Geode Capital Management LLC Sells 934,953 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Geode Capital Management LLC trimmed its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 6.5% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 13,342,944 shares of the semiconductor company’s stock after selling 934,953 shares during the period. Geode Capital Management LLC owned approximately 2.48% of Microchip Technology worth $764,151,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in the business. United Bank grew its stake in shares of Microchip Technology by 21.0% in the 3rd quarter. United Bank now owns 9,871 shares of the semiconductor company’s stock valued at $793,000 after purchasing an additional 1,712 shares during the period. Benjamin Edwards Inc. boosted its stake in shares of Microchip Technology by 5,185.4% in the 3rd quarter. Benjamin Edwards Inc. now owns 9,408 shares of the semiconductor company’s stock valued at $755,000 after purchasing an additional 9,230 shares in the last quarter. Integrated Wealth Concepts LLC lifted its holdings in Microchip Technology by 149.0% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 11,638 shares of the semiconductor company’s stock valued at $934,000 after purchasing an additional 6,965 shares during the last quarter. IHT Wealth Management LLC grew its stake in Microchip Technology by 12.8% during the third quarter. IHT Wealth Management LLC now owns 6,192 shares of the semiconductor company’s stock worth $494,000 after buying an additional 702 shares during the last quarter. Finally, Menard Financial Group LLC acquired a new stake in shares of Microchip Technology during the third quarter worth approximately $286,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Microchip Technology Trading Up 0.9 %

NASDAQ:MCHP opened at $48.93 on Thursday. The business’s 50-day simple moving average is $55.07 and its 200-day simple moving average is $63.30. Microchip Technology Incorporated has a fifty-two week low of $47.21 and a fifty-two week 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. The stock has a market capitalization of $26.32 billion, a PE ratio of 87.38 and a beta of 1.52.

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 the consensus estimate of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. Sell-side analysts expect that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Monday, February 24th were issued a $0.455 dividend. The ex-dividend date was Monday, February 24th. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.72%. Microchip Technology’s dividend payout ratio (DPR) is 325.00%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on MCHP shares. StockNews.com lowered shares of Microchip Technology from a “hold” rating to a “sell” rating in a report on Monday, February 10th. The Goldman Sachs Group cut their price target on Microchip Technology from $72.00 to $63.00 and set a “neutral” rating on the stock in a research note on Friday, January 10th. Rosenblatt Securities reiterated a “buy” rating and issued a $70.00 price objective on shares of Microchip Technology in a research report on Tuesday, March 4th. Mizuho upped their target price on shares of Microchip Technology from $58.00 to $68.00 and gave the company an “outperform” rating in a research report on Tuesday, March 4th. Finally, Needham & Company LLC lifted their price target on shares of Microchip Technology from $60.00 to $66.00 and gave the stock a “buy” rating in a research report on Tuesday, March 4th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $74.37.

Insider Buying and Selling at Microchip Technology

In related news, CFO James Eric Bjornholt sold 3,724 shares of the firm’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 of the company’s stock, valued at approximately $2,025,599.36. This trade represents a 10.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 2.10% of the company’s stock.

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.