16,085 Shares in Microchip Technology Incorporated (NASDAQ:MCHP) Bought by Allstate Corp

Allstate Corp acquired a new position in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 16,085 shares of the semiconductor company's stock, valued at approximately $922,000.

A number of other large investors have also recently made changes to their positions in the business. DnB Asset Management AS lifted its position in Microchip Technology by 1.0% in the 4th quarter. DnB Asset Management AS now owns 91,118 shares of the semiconductor company's stock valued at $5,226,000 after acquiring an additional 940 shares in the last quarter. Alerus Financial NA bought a new position in shares of Microchip Technology in the fourth quarter valued at approximately $1,969,000. Level Four Advisory Services LLC grew its holdings in Microchip Technology by 6.3% during the fourth quarter. Level Four Advisory Services LLC now owns 67,598 shares of the semiconductor company's stock worth $3,877,000 after buying an additional 3,977 shares in the last quarter. Pictet Asset Management Holding SA raised its position in Microchip Technology by 62.0% in 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 buying an additional 1,368,322 shares during the last quarter. Finally, Broadway Wealth Solutions Inc. bought a new position in Microchip Technology during the 4th quarter valued at $364,000. 91.51% of the stock is owned by institutional investors.

Microchip Technology Price Performance

MCHP traded down $4.49 during trading on Friday, reaching $36.22. 26,402,713 shares of the company were exchanged, compared to its average volume of 7,622,366. The company's 50-day moving average is $54.29 and its two-hundred day moving average is $62.76. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12. Microchip Technology Incorporated has a 12-month low of $36.10 and a 12-month high of $100.57. The company has a market cap of $19.48 billion, a price-to-earnings ratio of 64.68 and a beta of 1.51.

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Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its earnings results on Thursday, February 6th. The semiconductor company reported $0.13 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%. Research analysts forecast 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 was paid on Friday, March 7th. Stockholders of record on Monday, February 24th were issued a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 5.02%. The ex-dividend date of this dividend was Monday, February 24th. Microchip Technology's payout ratio is 325.00%.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of the company'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 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 represents a 10.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 2.10% of the company's stock.

Wall Street Analysts Forecast Growth

MCHP has been the subject of several analyst reports. Bank of America downgraded shares of Microchip Technology from a "neutral" rating to an "underperform" rating and lowered their target price for the company from $80.00 to $65.00 in a report on Monday, December 16th. B. Riley restated a "buy" rating and issued a $75.00 target price (down previously from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. TD Cowen increased their price target on Microchip Technology from $50.00 to $60.00 and gave the company a "hold" rating in a research report on Tuesday, March 4th. Evercore ISI boosted their price objective on Microchip Technology from $65.00 to $71.00 and gave the stock an "outperform" rating in a research report on Tuesday, March 4th. Finally, Piper Sandler reaffirmed 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 equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $74.37.

About Microchip Technology

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.