Allstate Corp Acquires Shares of 16,085 Microchip Technology Incorporated (NASDAQ:MCHP)

Allstate Corp bought a new stake in Microchip Technology Incorporated (NASDAQ:MCHP) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm bought 16,085 shares of the semiconductor company’s stock, valued at approximately $922,000.

Several other hedge funds and other institutional investors also recently modified their holdings of MCHP. Vanguard Group Inc. lifted its stake in Microchip Technology by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 68,912,345 shares of the semiconductor company’s stock valued at $3,952,123,000 after purchasing an additional 569,699 shares during the last quarter. Van ECK Associates Corp lifted its stake in shares of 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 acquiring an additional 3,131,807 shares during the last quarter. Norges Bank acquired a new stake in shares of Microchip Technology during the 4th quarter valued at $452,627,000. Pictet Asset Management Holding SA boosted its holdings in shares of Microchip Technology by 62.0% during the 4th quarter. Pictet Asset Management Holding SA now owns 3,575,544 shares of the semiconductor company’s stock valued at $205,057,000 after acquiring an additional 1,368,322 shares in the last quarter. Finally, Franklin Resources Inc. grew its position in Microchip Technology by 30.2% during the 3rd quarter. Franklin Resources Inc. now owns 3,347,643 shares of the semiconductor company’s stock worth $264,430,000 after acquiring an additional 776,408 shares during the last quarter. Institutional investors own 91.51% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on MCHP. Stifel Nicolaus cut their price target on Microchip Technology from $90.00 to $87.00 and set a “buy” rating on the stock in a research note on Tuesday, December 3rd. Piper Sandler reiterated an “overweight” rating and set a $65.00 target price (down from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. TD Cowen upped their price target on shares of Microchip Technology from $50.00 to $60.00 and gave the company a “hold” rating in a research report on Tuesday, March 4th. The Goldman Sachs Group cut their price target on shares of Microchip Technology from $72.00 to $63.00 and set a “neutral” rating on the stock in a report on Friday, January 10th. Finally, Mizuho increased their price objective on Microchip Technology from $58.00 to $68.00 and gave the company an “outperform” rating in a report on Tuesday, March 4th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Microchip Technology currently has a consensus rating of “Moderate Buy” and an average price target of $74.37.

Insider Buying and Selling at Microchip Technology

In related news, CFO James Eric Bjornholt sold 3,724 shares of the company’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total value of $226,717.12. Following the sale, the chief financial officer now 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 legal filing with the SEC, which is available at this link. Insiders own 2.10% of the company’s stock.

Microchip Technology Price Performance

MCHP stock opened at $48.41 on Tuesday. 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 company’s 50-day moving average is $55.46 and its 200-day moving average is $63.61. The stock has a market capitalization of $26.04 billion, a PE ratio of 86.45 and a beta of 1.52. Microchip Technology Incorporated has a 1 year low of $47.44 and a 1 year high of $100.57.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. 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 disclosed a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Monday, February 24th were issued a dividend of $0.455 per share. The ex-dividend date was Monday, February 24th. This represents a $1.82 annualized dividend and a yield of 3.76%. Microchip Technology’s payout ratio is 325.00%.

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.