LPL Financial LLC Increases Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

LPL Financial LLC raised its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 25.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 542,005 shares of the semiconductor company’s stock after acquiring an additional 109,885 shares during the quarter. LPL Financial LLC’s holdings in Microchip Technology were worth $31,084,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the stock. Van ECK Associates Corp lifted its holdings in Microchip Technology by 39.3% during the 4th quarter. Van ECK Associates Corp now owns 11,093,007 shares of the semiconductor company’s stock worth $636,184,000 after purchasing an additional 3,131,807 shares in the last quarter. Franklin Resources Inc. lifted its holdings 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 worth $264,430,000 after buying an additional 776,408 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Microchip Technology by 3.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,143,769 shares of the semiconductor company’s stock valued at $180,295,000 after acquiring an additional 116,823 shares during the period. Assenagon Asset Management S.A. grew its stake in Microchip Technology by 9,901.6% during 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 in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. increased its holdings in Microchip Technology by 1.2% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,144,811 shares of the semiconductor company’s stock worth $123,005,000 after acquiring an additional 25,451 shares during the period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Insider Transactions at Microchip Technology

In related news, CFO James Eric Bjornholt sold 3,724 shares of the firm’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total value of $226,717.12. Following the completion of the sale, the chief financial officer now owns 33,272 shares of the company’s stock, valued at $2,025,599.36. This trade 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. Corporate insiders own 2.10% of the company’s stock.

Microchip Technology Stock Down 4.1 %

Shares of Microchip Technology stock opened at $48.70 on Friday. 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 $48.27 and a 52-week high of $100.57. The company’s 50 day moving average price is $55.65 and its 200-day moving average price is $63.90. The stock has a market capitalization of $26.19 billion, a price-to-earnings ratio of 86.96 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share (EPS) 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%. Equities research analysts forecast that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Announces Dividend

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 $0.455 dividend. This represents a $1.82 annualized dividend and a yield of 3.74%. The ex-dividend date was Monday, February 24th. Microchip Technology’s dividend payout ratio (DPR) is currently 325.00%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Rosenblatt Securities restated a “buy” rating and set a $70.00 price target on shares of Microchip Technology in a research report on Tuesday, March 4th. Morgan Stanley decreased their target price on Microchip Technology from $71.00 to $58.00 and set an “equal weight” rating on the stock in a research note on Tuesday, February 4th. Mizuho lifted their price target on Microchip Technology from $58.00 to $68.00 and gave the company an “outperform” rating in a research report on Tuesday, March 4th. Needham & Company LLC upped their price objective on shares of Microchip Technology from $60.00 to $66.00 and gave the stock a “buy” rating in a research report on Tuesday, March 4th. Finally, 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. Two analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Microchip Technology presently has an average rating of “Moderate Buy” and an average price target 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.