Cramer Rosenthal Mcglynn LLC Increases Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Cramer Rosenthal Mcglynn LLC grew its stake in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 15.4% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 163,464 shares of the semiconductor company's stock after acquiring an additional 21,776 shares during the quarter. Cramer Rosenthal Mcglynn LLC's holdings in Microchip Technology were worth $9,375,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. Federated Hermes Inc. increased its position in Microchip Technology by 0.5% during the fourth quarter. Federated Hermes Inc. now owns 39,298 shares of the semiconductor company's stock worth $2,254,000 after purchasing an additional 209 shares during the last quarter. Lebenthal Global Advisors LLC grew its stake in shares of Microchip Technology by 7.3% in the 4th 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 during the period. CreativeOne Wealth LLC increased its holdings in shares of 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. raised 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 valued at $1,179,000 after buying an additional 300 shares during the period. Finally, Legacy Financial Advisors Inc. lifted its holdings in Microchip Technology by 8.1% in the fourth quarter. Legacy Financial Advisors Inc. now owns 4,176 shares of the semiconductor company's stock valued at $239,000 after acquiring an additional 312 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company's stock.

Insider Activity at Microchip Technology

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

Analysts Set New Price Targets

A number of equities research analysts have commented on MCHP shares. B. Riley restated a "buy" rating and issued a $75.00 target price (down previously from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. Morgan Stanley decreased their target price on shares of Microchip Technology from $71.00 to $58.00 and set an "equal weight" rating on the stock in a research report on Tuesday, February 4th. Truist Financial dropped their price target on shares of Microchip Technology from $56.00 to $43.00 and set a "hold" rating for the company in a research report on Monday. Mizuho upped their price objective on shares of Microchip Technology from $58.00 to $68.00 and gave the stock an "outperform" rating in a report on Tuesday, March 4th. Finally, Stifel Nicolaus dropped their target price on shares of Microchip Technology from $80.00 to $60.00 and set a "buy" rating for the company in a report on Thursday, April 17th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Microchip Technology has an average rating of "Moderate Buy" and an average target price of $69.32.

Microchip Technology Stock Up 5.2 %

Shares of MCHP stock traded up $2.08 on Wednesday, reaching $42.37. 3,762,720 shares of the stock were exchanged, compared to its average volume of 8,129,349. The company has a market capitalization of $22.79 billion, a price-to-earnings ratio of 75.66 and a beta of 1.51. The business's 50 day moving average price is $50.15 and its 200 day moving average price is $59.09. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12. Microchip Technology Incorporated has a twelve month low of $34.13 and a twelve month 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 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%. As a group, sell-side analysts expect that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal 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 given a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a dividend yield of 4.30%. The ex-dividend date was Monday, February 24th. Microchip Technology's dividend payout ratio (DPR) 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.