Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Financial Counselors Inc.

Financial Counselors Inc. cut its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 3.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 10,122 shares of the semiconductor company’s stock after selling 329 shares during the quarter. Financial Counselors Inc.’s holdings in Microchip Technology were worth $580,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Meiji Yasuda Asset Management Co Ltd. boosted its holdings in shares of Microchip Technology by 5.2% in the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 92,043 shares of the semiconductor company’s stock valued at $5,279,000 after acquiring an additional 4,528 shares in the last quarter. TIAA Trust National Association lifted its position in Microchip Technology by 7.9% in the fourth quarter. TIAA Trust National Association now owns 11,055 shares of the semiconductor company’s stock valued at $634,000 after purchasing an additional 810 shares during the period. EntryPoint Capital LLC purchased a new stake in Microchip Technology in the 4th quarter valued at approximately $269,000. Congress Wealth Management LLC DE increased its position in Microchip Technology by 10.7% during the 4th quarter. Congress Wealth Management LLC DE now owns 15,952 shares of the semiconductor company’s stock worth $915,000 after purchasing an additional 1,539 shares during the period. Finally, Vanguard Group Inc. raised its stake in shares of Microchip Technology by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 68,912,345 shares of the semiconductor company’s stock worth $3,952,123,000 after buying an additional 569,699 shares in the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Microchip Technology

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 completion of the sale, the chief financial officer now directly owns 33,272 shares in the company, valued at $2,025,599.36. This represents a 10.07 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 2.10% of the company’s stock.

Microchip Technology Stock Down 4.1 %

Shares of NASDAQ MCHP opened at $48.70 on Friday. The firm has a market cap of $26.19 billion, a P/E ratio of 86.96 and a beta of 1.52. 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 1 year low of $48.27 and a 1 year high of $100.57. The firm’s 50 day moving average price is $55.65 and its 200 day moving average price is $63.98.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share (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%. As a group, sell-side analysts anticipate that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Dividend Announcement

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

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the company. KeyCorp decreased their price target on Microchip Technology from $70.00 to $60.00 and set an “overweight” rating on the stock in a research note on Friday, February 7th. TD Cowen increased their price target on shares of Microchip Technology from $50.00 to $60.00 and gave the company a “hold” rating in a report on Tuesday, March 4th. Needham & Company LLC boosted their price objective on shares of Microchip Technology from $60.00 to $66.00 and gave the stock a “buy” rating in a report on Tuesday, March 4th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $70.00 target price on shares of Microchip Technology in a report on Tuesday, March 4th. Finally, Piper Sandler reissued an “overweight” rating and set a $65.00 price target (down previously from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Two investment 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’s stock. According to data from MarketBeat, Microchip Technology currently has an average rating of “Moderate Buy” and a consensus target price of $74.37.

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.