American Century Companies Inc. reduced its stake in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 99.8% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 47,771 shares of the semiconductor company's stock after selling 22,918,626 shares during the period. American Century Companies Inc.'s holdings in Microchip Technology were worth $2,740,000 at the end of the most recent quarter.
Other institutional investors have also made changes to their positions in the company. Van ECK Associates Corp grew its holdings in Microchip Technology by 39.3% during the fourth quarter. Van ECK Associates Corp now owns 11,093,007 shares of the semiconductor company's stock valued at $636,184,000 after purchasing an additional 3,131,807 shares during the period. Franklin Resources Inc. grew its holdings in shares of Microchip Technology by 30.2% in the 3rd quarter. Franklin Resources Inc. now owns 3,347,643 shares of the semiconductor company's stock valued at $264,430,000 after buying an additional 776,408 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of Microchip Technology by 3.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,143,769 shares of the semiconductor company's stock valued at $180,295,000 after buying an additional 116,823 shares in the last quarter. Assenagon Asset Management S.A. increased its position in shares of Microchip Technology by 9,901.6% in the 4th quarter. Assenagon Asset Management S.A. now owns 2,857,654 shares of the semiconductor company's stock valued at $163,886,000 after buying an additional 2,829,082 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. raised its stake 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 buying an additional 25,451 shares during the period. 91.51% of the stock is owned by institutional investors and hedge funds.
Insider Buying and Selling at Microchip Technology
In related news, CFO James Eric Bjornholt sold 3,724 shares of the business's stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total transaction of $226,717.12. Following the transaction, the chief financial officer now owns 33,272 shares in the company, valued at $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 is available at the SEC website. Company insiders own 2.10% of the company's stock.
Microchip Technology Stock Performance
Microchip Technology stock traded down $0.10 during trading hours on Friday, hitting $38.71. The company had a trading volume of 20,658,618 shares, compared to its average volume of 7,984,067. Microchip Technology Incorporated has a one year low of $34.13 and a one year high of $100.57. The firm has a market cap of $20.82 billion, a PE ratio of 69.13 and a beta of 1.51. The firm has a 50-day moving average of $52.13 and a 200 day moving average of $61.03. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23.
Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its quarterly 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 net margin of 6.49% and a return on equity of 12.62%. On average, sell-side analysts expect that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.
Microchip Technology Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Monday, February 24th were given a dividend of $0.455 per share. The ex-dividend date of this dividend was Monday, February 24th. This represents a $1.82 annualized dividend and a yield of 4.70%. Microchip Technology's dividend payout ratio is currently 325.00%.
Wall Street Analysts Forecast Growth
Several analysts have commented on the stock. KeyCorp dropped their target price on shares of Microchip Technology from $70.00 to $60.00 and set an "overweight" rating on the stock in a report on Friday, February 7th. Bank of America lowered shares of Microchip Technology from a "neutral" rating to an "underperform" rating and dropped their price objective for the stock from $80.00 to $65.00 in a report on Monday, December 16th. Morgan Stanley cut their price objective on shares of Microchip Technology from $71.00 to $58.00 and set an "equal weight" rating on the stock in a research report on Tuesday, February 4th. Rosenblatt Securities reiterated a "buy" rating and set a $70.00 target price on shares of Microchip Technology in a report on Tuesday, March 4th. Finally, StockNews.com lowered Microchip Technology from a "hold" rating to a "sell" rating in a report on Monday, February 10th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $72.68.
Get Our Latest Analysis on Microchip Technology
Microchip Technology Company Profile
(
Free Report)
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.
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