Edgestream Partners L.P. Raises Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Edgestream Partners L.P. boosted its stake in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 232.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 124,125 shares of the semiconductor company's stock after acquiring an additional 86,748 shares during the period. Edgestream Partners L.P.'s holdings in Microchip Technology were worth $7,119,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in MCHP. Van ECK Associates Corp boosted its stake in shares of Microchip Technology by 39.3% during the 4th quarter. Van ECK Associates Corp now owns 11,093,007 shares of the semiconductor company's stock valued at $636,184,000 after purchasing an additional 3,131,807 shares in the last quarter. Franklin Resources Inc. lifted its holdings in Microchip Technology by 30.2% in the third quarter. Franklin Resources Inc. now owns 3,347,643 shares of the semiconductor company's stock worth $264,430,000 after buying an additional 776,408 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Microchip Technology by 3.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,143,769 shares of the semiconductor company's stock valued at $180,295,000 after acquiring an additional 116,823 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings in shares of Microchip Technology by 9,901.6% during the 4th quarter. Assenagon Asset Management S.A. now owns 2,857,654 shares of the semiconductor company's stock worth $163,886,000 after acquiring an additional 2,829,082 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund raised its position in shares of Microchip Technology by 20.1% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,751,987 shares of the semiconductor company's stock worth $220,957,000 after acquiring an additional 460,697 shares in the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

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Insider Activity at Microchip Technology

In related news, CFO James Eric Bjornholt sold 3,724 shares of Microchip Technology stock in a transaction dated 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 in the company, valued at $2,025,599.36. This trade 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.

Microchip Technology Price Performance

NASDAQ MCHP traded down $1.21 during trading hours on Tuesday, reaching $52.24. The company's stock had a trading volume of 9,099,270 shares, compared to its average volume of 10,158,595. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12. Microchip Technology Incorporated has a 1 year low of $50.21 and a 1 year high of $100.57. The firm's 50-day moving average price is $56.90 and its 200-day moving average price is $66.38. The company has a market capitalization of $28.10 billion, a price-to-earnings ratio of 93.29 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share 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%. On average, equities research analysts predict that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 7th. Investors 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 of this dividend was Monday, February 24th. Microchip Technology's dividend payout ratio is currently 325.00%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on MCHP shares. Evercore ISI upped their price target on Microchip Technology from $65.00 to $71.00 and gave the stock an "outperform" rating in a research note on Tuesday, March 4th. Morgan Stanley decreased their price target on shares of Microchip Technology from $71.00 to $58.00 and set an "equal weight" rating for the company in a research note on Tuesday, February 4th. Stifel Nicolaus lowered their price target on shares of Microchip Technology from $90.00 to $87.00 and set a "buy" rating for the company in a research report on Tuesday, December 3rd. Bank of America cut shares of Microchip Technology from a "neutral" rating to an "underperform" rating and cut their price objective for the stock from $80.00 to $65.00 in a report on Monday, December 16th. Finally, Piper Sandler reiterated an "overweight" rating and set a $65.00 target price (down from $85.00) on shares of Microchip Technology in a report on Friday, February 7th. Two analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Microchip Technology presently has an average rating of "Moderate Buy" and a consensus target price of $74.37.

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.