Channing Capital Management LLC bought a new position in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund bought 139,341 shares of the semiconductor company's stock, valued at approximately $7,991,000.
A number of other large investors have also recently made changes to their positions in the company. Mainstream Capital Management LLC purchased a new stake in shares of Microchip Technology during the 4th quarter worth approximately $26,000. Prospera Private Wealth LLC acquired a new position in Microchip Technology in the 3rd quarter valued at about $29,000. OFI Invest Asset Management purchased a new stake in shares of Microchip Technology during the 4th quarter worth $29,000. Financial Life Planners purchased a new position in shares of Microchip Technology in the 4th quarter valued at about $32,000. Finally, Peterson Financial Group Inc. acquired a new stake in shares of Microchip Technology in the third quarter valued at about $34,000. 91.51% of the stock is currently owned by hedge funds and other institutional investors.
Insiders Place Their Bets
In related news, CFO James Eric Bjornholt sold 3,724 shares of the 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 completion of the transaction, the chief financial officer now directly owns 33,272 shares of the company's stock, valued at $2,025,599.36. This represents a 10.07 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 2.10% of the stock is owned by company insiders.
Wall Street Analyst Weigh In
A number of research firms have recently issued reports on MCHP. 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. Morgan Stanley reduced their price objective on Microchip Technology from $71.00 to $58.00 and set an "equal weight" rating for the company in a report on Tuesday, February 4th. The Goldman Sachs Group cut their price target on Microchip Technology from $72.00 to $63.00 and set a "neutral" rating for the company in a research note on Friday, January 10th. B. Riley reissued a "buy" rating and issued a $75.00 price objective (down from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Finally, StockNews.com cut shares of Microchip Technology from a "hold" rating to a "sell" rating in a research 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 assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $74.37.
Get Our Latest Analysis on MCHP
Microchip Technology Trading Up 0.1 %
Shares of MCHP traded up $0.07 during trading hours on Wednesday, hitting $52.31. The stock had a trading volume of 2,772,337 shares, compared to its average volume of 9,997,288. The company's fifty day simple moving average is $56.80 and its 200 day simple moving average is $66.17. Microchip Technology Incorporated has a 12-month low of $50.21 and a 12-month high of $100.57. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.23 and a current ratio of 2.25. The firm has a market cap of $28.14 billion, a P/E ratio of 93.31 and a beta of 1.52.
Microchip Technology (NASDAQ:MCHP - Get Free Report) last issued 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 return on equity of 12.62% and a net margin of 6.49%. Equities research analysts forecast that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.
Microchip Technology Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Monday, February 24th were paid a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.48%. The ex-dividend date was Monday, February 24th. Microchip Technology's dividend payout ratio is presently 325.00%.
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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