CANADA LIFE ASSURANCE Co Buys 7,620 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

CANADA LIFE ASSURANCE Co lifted its position in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 1.4% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 562,004 shares of the semiconductor company's stock after buying an additional 7,620 shares during the period. CANADA LIFE ASSURANCE Co owned approximately 0.10% of Microchip Technology worth $32,218,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Mainstream Capital Management LLC bought a new stake in Microchip Technology in the fourth quarter worth about $26,000. Rakuten Securities Inc. raised its holdings in shares of Microchip Technology by 309.5% in 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 in the last quarter. OFI Invest Asset Management acquired a new stake in Microchip Technology during the fourth quarter valued at approximately $29,000. Financial Life Planners bought a new stake in Microchip Technology during the fourth quarter worth approximately $32,000. Finally, Kohmann Bosshard Financial Services LLC acquired a new position in Microchip Technology in the fourth quarter worth approximately $34,000. Institutional investors and hedge funds own 91.51% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on MCHP. KeyCorp reduced their price objective on Microchip Technology from $70.00 to $60.00 and set an "overweight" rating for the company in a research note on Friday, February 7th. Piper Sandler reissued an "overweight" rating and issued a $65.00 price target (down previously from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. The Goldman Sachs Group reduced their price objective on shares of Microchip Technology from $72.00 to $63.00 and set a "neutral" rating for the company in a research note on Friday, January 10th. StockNews.com downgraded shares of Microchip Technology from a "hold" rating to a "sell" rating in a research report on Monday, February 10th. Finally, TD Cowen upped their price target on shares of Microchip Technology from $50.00 to $60.00 and gave the company a "hold" rating in a research report on Tuesday, March 4th. 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 assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $69.32.

Insider Activity

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of Microchip Technology 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 transaction, the chief financial officer now directly owns 33,272 shares of the company's stock, valued at $2,025,599.36. The trade was a 10.07 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 2.10% of the company's stock.

Microchip Technology Stock Up 12.0 %

MCHP traded up $5.03 during midday trading on Thursday, hitting $46.96. 10,010,383 shares of the company's stock traded hands, compared to its average volume of 8,181,240. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23. The company has a market cap of $25.26 billion, a PE ratio of 83.74 and a beta of 1.51. The stock's fifty day simple moving average is $49.88 and its 200-day simple moving average is $58.97. Microchip Technology Incorporated has a one year low of $34.13 and a one year high of $100.57.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share (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%. As a group, equities analysts anticipate that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Dividend Announcement

The business also recently announced 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 was Monday, February 24th. This represents a $1.82 dividend on an annualized basis and a yield of 3.88%. Microchip Technology's payout ratio is currently 325.00%.

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.