Glass Wealth Management Co LLC Has $1.38 Million Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Glass Wealth Management Co LLC cut its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 11.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 23,972 shares of the semiconductor company’s stock after selling 3,040 shares during the quarter. Glass Wealth Management Co LLC’s holdings in Microchip Technology were worth $1,375,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of MCHP. Van ECK Associates Corp lifted its holdings in shares of Microchip Technology by 39.3% during the fourth quarter. Van ECK Associates Corp now owns 11,093,007 shares of the semiconductor company’s stock worth $636,184,000 after buying an additional 3,131,807 shares during the last quarter. Assenagon Asset Management S.A. raised its stake 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 in the last quarter. Franklin Resources Inc. raised its stake in shares of Microchip Technology by 30.2% in the third quarter. Franklin Resources Inc. now owns 3,347,643 shares of the semiconductor company’s stock valued at $264,430,000 after purchasing an additional 776,408 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its stake in shares of Microchip Technology by 20.1% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,751,987 shares of the semiconductor company’s stock valued at $220,957,000 after purchasing an additional 460,697 shares in the last quarter. Finally, DF Dent & Co. Inc. acquired a new position in shares of Microchip Technology in the third quarter valued at $27,744,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Microchip Technology Price Performance

Shares of MCHP stock opened at $58.14 on Wednesday. The stock’s fifty day moving average is $56.93 and its 200-day moving average is $67.04. 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 stock has a market capitalization of $31.27 billion, a PE ratio of 103.82 and a beta of 1.50. Microchip Technology Incorporated has a 52 week low of $50.21 and a 52 week high of $100.57.

Microchip Technology (NASDAQ:MCHP) last announced 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%. Equities research analysts expect that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Monday, February 24th will be issued a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a dividend yield of 3.13%. The ex-dividend date of this dividend is Monday, February 24th. Microchip Technology’s payout ratio is presently 325.00%.

Insider Activity

In other news, CFO James Eric Bjornholt sold 3,724 shares of the company’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total transaction of $226,717.12. Following the transaction, the chief financial officer now owns 33,272 shares of the company’s stock, valued at $2,025,599.36. This represents a 10.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 2.10% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

MCHP has been the subject of a number of recent research reports. Mizuho upped their target price on Microchip Technology from $58.00 to $68.00 and gave the company an “outperform” rating in a research note on Tuesday. Susquehanna cut their target price on Microchip Technology from $95.00 to $90.00 and set a “positive” rating for the company in a research note on Wednesday, November 6th. Needham & Company LLC upped their target price on Microchip Technology from $60.00 to $66.00 and gave the company a “buy” rating in a research note on Tuesday. Bank of America lowered Microchip Technology from a “neutral” rating to an “underperform” rating and cut their target price for the company from $80.00 to $65.00 in a research note on Monday, December 16th. Finally, KeyCorp lowered their price target on Microchip Technology from $70.00 to $60.00 and set an “overweight” rating on the stock in a research report on Friday, February 7th. 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 assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $74.37.

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.