Microchip Technology Incorporated (NASDAQ:MCHP) Stock Holdings Trimmed by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board trimmed its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 93.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 39,736 shares of the semiconductor company's stock after selling 567,208 shares during the quarter. Canada Pension Plan Investment Board's holdings in Microchip Technology were worth $2,279,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Federated Hermes Inc. grew its holdings in Microchip Technology by 0.5% during the 4th quarter. Federated Hermes Inc. now owns 39,298 shares of the semiconductor company's stock worth $2,254,000 after acquiring an additional 209 shares in the last quarter. Lebenthal Global Advisors LLC raised its stake in Microchip Technology by 7.3% in the fourth quarter. Lebenthal Global Advisors LLC now owns 3,894 shares of the semiconductor company's stock valued at $223,000 after buying an additional 266 shares in the last quarter. CreativeOne Wealth LLC lifted its holdings in Microchip Technology by 1.0% during the 4th quarter. CreativeOne Wealth LLC now owns 28,842 shares of the semiconductor company's stock worth $1,654,000 after buying an additional 283 shares during the last quarter. Elmwood Wealth Management Inc. boosted its position in shares of Microchip Technology by 1.5% during the 4th quarter. Elmwood Wealth Management Inc. now owns 20,558 shares of the semiconductor company's stock worth $1,179,000 after acquiring an additional 300 shares in the last quarter. Finally, Legacy Financial Advisors Inc. boosted its position in shares of Microchip Technology by 8.1% during the 4th quarter. Legacy Financial Advisors Inc. now owns 4,176 shares of the semiconductor company's stock worth $239,000 after acquiring an additional 312 shares in the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Microchip Technology

In related news, CFO James Eric Bjornholt sold 3,724 shares of the stock in a transaction that occurred 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 completion of the sale, the chief financial officer now owns 33,272 shares of the company's stock, valued at approximately $2,025,599.36. This represents a 10.07 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.10% of the company's stock.

Microchip Technology Price Performance

Shares of NASDAQ MCHP traded down $0.23 during trading on Friday, reaching $46.89. The company had a trading volume of 7,677,163 shares, compared to its average volume of 8,234,723. 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 stock has a market capitalization of $25.22 billion, a PE ratio of 83.73 and a beta of 1.51. Microchip Technology Incorporated has a twelve month low of $34.13 and a twelve month high of $100.57. The stock has a 50-day moving average price of $49.48 and a two-hundred day moving average price of $58.42.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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, sell-side analysts predict that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Monday, February 24th were given a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.88%. The ex-dividend date of this dividend was Monday, February 24th. Microchip Technology's dividend payout ratio is currently 325.00%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on MCHP. Citigroup lowered their price target on Microchip Technology from $65.00 to $50.00 and set a "buy" rating for the company in a report on Friday, April 11th. Raymond James reiterated a "strong-buy" rating and set a $60.00 price target (down from $95.00) on shares of Microchip Technology in a research note on Friday, February 7th. KeyCorp decreased their price objective on shares of Microchip Technology from $70.00 to $60.00 and set an "overweight" rating for the company in a research note on Friday, February 7th. Mizuho boosted their target price on Microchip Technology from $58.00 to $68.00 and gave the company an "outperform" rating in a report on Tuesday, March 4th. Finally, Evercore ISI raised their price objective on shares of Microchip Technology from $65.00 to $71.00 and gave the stock an "outperform" rating in a research report on Tuesday, March 4th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $69.32.

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.