Exchange Capital Management Inc. Sells 520 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Exchange Capital Management Inc. cut its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 1.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 37,541 shares of the semiconductor company’s stock after selling 520 shares during the period. Exchange Capital Management Inc.’s holdings in Microchip Technology were worth $2,153,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Van ECK Associates Corp lifted its stake in Microchip Technology by 39.3% in 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. Franklin Resources Inc. boosted its holdings in Microchip Technology by 30.2% during the third quarter. Franklin Resources Inc. now owns 3,347,643 shares of the semiconductor company’s stock worth $264,430,000 after purchasing an additional 776,408 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Microchip Technology by 0.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,026,946 shares of the semiconductor company’s stock valued at $243,034,000 after acquiring an additional 25,872 shares during the last quarter. Assenagon Asset Management S.A. boosted its stake in 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 acquiring an additional 2,829,082 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its stake in shares of Microchip Technology by 20.1% during the 3rd 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 buying an additional 460,697 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Trading Down 0.4 %

Microchip Technology stock opened at $60.83 on Tuesday. Microchip Technology Incorporated has a 52 week low of $50.21 and a 52 week high of $100.57. The stock has a market capitalization of $32.72 billion, a P/E ratio of 108.63 and a beta of 1.50. The stock has a 50-day simple moving average of $56.74 and a 200 day simple moving average of $67.88. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.23 and a current ratio of 2.25.

Microchip Technology (NASDAQ:MCHP) last issued 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%. Analysts expect that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Monday, February 24th will be paid a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a yield of 2.99%. The ex-dividend date of this dividend is Monday, February 24th. Microchip Technology’s payout ratio is currently 325.00%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Jefferies Financial Group decreased their price target on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Evercore ISI reaffirmed an “outperform” rating and issued a $95.00 target price (down from $101.00) on shares of Microchip Technology in a research report on Wednesday, November 6th. Piper Sandler reiterated an “overweight” rating and issued a $65.00 price target (down from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. The Goldman Sachs Group reduced their price objective on shares of Microchip Technology from $72.00 to $63.00 and set a “neutral” rating for the company in a research note on Friday, January 10th. Finally, Needham & Company LLC dropped their price target on shares of Microchip Technology from $85.00 to $60.00 and set a “buy” rating on the stock in a report on Friday, February 7th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Microchip Technology has an average rating of “Moderate Buy” and an average target price of $77.11.

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.