Alley Investment Management Company LLC Purchases 12,398 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Alley Investment Management Company LLC boosted its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 7.2% during the 4th quarter, Holdings Channel.com reports. The fund owned 185,306 shares of the semiconductor company’s stock after buying an additional 12,398 shares during the quarter. Alley Investment Management Company LLC’s holdings in Microchip Technology were worth $10,627,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Metis Global Partners LLC lifted its stake in Microchip Technology by 1.0% in the third quarter. Metis Global Partners LLC now owns 17,161 shares of the semiconductor company’s stock valued at $1,378,000 after buying an additional 172 shares during the period. Plato Investment Management Ltd lifted its stake in Microchip Technology by 5.8% in the third quarter. Plato Investment Management Ltd now owns 3,499 shares of the semiconductor company’s stock valued at $281,000 after buying an additional 191 shares during the period. Summit Global Investments lifted its stake in Microchip Technology by 2.5% in the third quarter. Summit Global Investments now owns 8,463 shares of the semiconductor company’s stock valued at $679,000 after buying an additional 207 shares during the period. Apollon Wealth Management LLC lifted its stake in Microchip Technology by 0.8% in the third quarter. Apollon Wealth Management LLC now owns 26,475 shares of the semiconductor company’s stock valued at $2,126,000 after buying an additional 218 shares during the period. Finally, Empower Advisory Group LLC lifted its stake in Microchip Technology by 7.3% in the third quarter. Empower Advisory Group LLC now owns 3,470 shares of the semiconductor company’s stock valued at $279,000 after buying an additional 237 shares during the period. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Trading Down 1.5 %

NASDAQ MCHP opened at $57.95 on Tuesday. The stock has a market capitalization of $31.17 billion, a price-to-earnings ratio of 103.48 and a beta of 1.50. The stock’s 50 day moving average price is $56.94 and its two-hundred day moving average price is $67.20. 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 Incorporated has a 52 week low of $50.21 and a 52 week high of $100.57.

Microchip Technology (NASDAQ:MCHP) last posted 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 return on equity of 12.62% and a net margin of 6.49%. As a group, analysts anticipate that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Monday, February 24th will be given a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a dividend yield of 3.14%. The ex-dividend date of this dividend is Monday, February 24th. Microchip Technology’s dividend payout ratio (DPR) is 325.00%.

Analysts Set New Price Targets

MCHP has been the topic of several analyst reports. StockNews.com lowered Microchip Technology from a “hold” rating to a “sell” rating in a research note on Monday, February 10th. Stifel Nicolaus dropped their price target on Microchip Technology from $90.00 to $87.00 and set a “buy” rating on the stock in a research report on Tuesday, December 3rd. Jefferies Financial Group cut their price objective on Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. The Goldman Sachs Group cut their price objective on Microchip Technology from $72.00 to $63.00 and set a “neutral” rating on the stock in a report on Friday, January 10th. Finally, Bank of America cut Microchip Technology from a “neutral” rating to an “underperform” rating and cut their price objective for the company from $80.00 to $65.00 in a report on Monday, December 16th. Two equities research analysts have rated the stock with a sell rating, four have issued 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, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $77.11.

Insiders Place Their Bets

In related news, CFO James Eric Bjornholt sold 3,724 shares of the business’s stock in a transaction that occurred 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 directly owns 33,272 shares of the company’s stock, valued at approximately $2,025,599.36. The trade was a 10.07 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.10% of the company’s stock.

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.