Bessemer Group Inc. Has $4.62 Million Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Bessemer Group Inc. reduced its holdings in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 49.0% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 80,550 shares of the semiconductor company's stock after selling 77,272 shares during the quarter. Bessemer Group Inc.'s holdings in Microchip Technology were worth $4,619,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of MCHP. Mainstream Capital Management LLC bought a new position in Microchip Technology in the fourth quarter worth about $26,000. Rakuten Securities Inc. raised its position in shares of Microchip Technology by 309.5% during the 4th quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company's stock worth $27,000 after purchasing an additional 359 shares during the period. OFI Invest Asset Management acquired a new stake in shares of Microchip Technology during the 4th quarter worth approximately $29,000. Financial Life Planners bought a new stake in shares of Microchip Technology in the 4th quarter worth approximately $32,000. Finally, Kohmann Bosshard Financial Services LLC acquired a new position in Microchip Technology during the 4th quarter valued at approximately $34,000. 91.51% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on MCHP shares. Rosenblatt Securities reiterated a "buy" rating and issued a $70.00 target price on shares of Microchip Technology in a research note on Tuesday, March 4th. Raymond James reiterated a "strong-buy" rating and issued a $60.00 price objective (down from $95.00) on shares of Microchip Technology in a research report on Friday, February 7th. StockNews.com cut shares of Microchip Technology from a "hold" rating to a "sell" rating in a research report on Monday, February 10th. Morgan Stanley cut their price target on Microchip Technology from $71.00 to $58.00 and set an "equal weight" rating on the stock in a report on Tuesday, February 4th. Finally, TD Cowen increased 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. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $72.68.

Remove Ads

Insider Activity 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 shares were sold at an average price of $60.88, for a total value of $226,717.12. Following the transaction, the chief financial officer now owns 33,272 shares in the company, valued at approximately $2,025,599.36. This represents a 10.07 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 2.10% of the stock is owned by insiders.

Microchip Technology Price Performance

Shares of NASDAQ MCHP traded down $0.15 during midday trading on Tuesday, reaching $38.73. The company's stock had a trading volume of 6,695,739 shares, compared to its average volume of 8,011,089. The company has a market cap of $20.83 billion, a price-to-earnings ratio of 69.16 and a beta of 1.51. Microchip Technology Incorporated has a one year low of $34.13 and a one year high of $100.57. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12. The company has a 50 day moving average price of $51.84 and a 200 day moving average price of $60.60.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced 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%. On average, equities research analysts expect that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Announces Dividend

The firm also recently declared 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. The ex-dividend date was Monday, February 24th. This represents a $1.82 dividend on an annualized basis and a dividend yield of 4.70%. Microchip Technology's dividend payout ratio is 325.00%.

Microchip Technology Company 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.