Aviva PLC Reduces Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Aviva PLC lessened its position in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 50.2% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 108,913 shares of the semiconductor company's stock after selling 109,869 shares during the period. Aviva PLC's holdings in Microchip Technology were worth $6,246,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. lifted its position in Microchip Technology by 0.8% in the fourth 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 period. Van ECK Associates Corp boosted its stake in shares of Microchip Technology by 39.3% in 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 buying an additional 3,131,807 shares in the last quarter. Norges Bank acquired a new position in Microchip Technology during the fourth quarter worth $452,627,000. Franklin Resources Inc. raised its position in Microchip Technology by 90.0% in the fourth quarter. Franklin Resources Inc. now owns 6,360,805 shares of the semiconductor company's stock worth $364,792,000 after acquiring an additional 3,013,162 shares in the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC lifted its holdings in Microchip Technology by 273.2% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,345,096 shares of the semiconductor company's stock valued at $306,541,000 after acquiring an additional 3,912,895 shares during the period. Hedge funds and other institutional investors own 91.51% of the company's stock.

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Insider Buying and Selling

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of the firm's stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total value of $226,717.12. Following the transaction, the chief financial officer now directly 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 2.10% of the company's stock.

Microchip Technology Trading Up 3.8 %

Shares of MCHP stock traded up $1.49 during trading hours on Monday, hitting $40.20. 1,743,450 shares of the company were exchanged, compared to its average volume of 7,970,416. Microchip Technology Incorporated has a 1 year low of $34.13 and a 1 year high of $100.57. The firm has a fifty day moving average of $52.13 and a 200 day moving average of $60.90. The firm has a market cap of $21.62 billion, a PE ratio of 71.79 and a beta of 1.51. 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 (NASDAQ:MCHP - Get Free Report) last released 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 return on equity of 12.62% and a net margin of 6.49%. Analysts expect that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Monday, February 24th were issued a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a dividend yield of 4.53%. The ex-dividend date was Monday, February 24th. Microchip Technology's payout ratio is currently 325.00%.

Wall Street Analysts Forecast Growth

MCHP has been the subject of a number of research analyst reports. B. Riley reiterated a "buy" rating and issued a $75.00 price target (down previously from $85.00) on shares of Microchip Technology in a report on Friday, February 7th. Piper Sandler reiterated an "overweight" rating and set a $65.00 price target (down from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. Needham & Company LLC upped their price target on Microchip Technology from $60.00 to $66.00 and gave the stock a "buy" rating in a report on Tuesday, March 4th. TD Cowen lifted their price objective on Microchip Technology from $50.00 to $60.00 and gave the stock a "hold" rating 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 investment 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. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $72.68.

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.