Envestnet Asset Management Inc. Increases Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Envestnet Asset Management Inc. grew its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 9.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,511,663 shares of the semiconductor company's stock after purchasing an additional 309,193 shares during the period. Envestnet Asset Management Inc. owned approximately 0.65% of Microchip Technology worth $201,394,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of Microchip Technology by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 68,912,345 shares of the semiconductor company's stock valued at $3,952,123,000 after purchasing an additional 569,699 shares during the period. Van ECK Associates Corp lifted its position 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 acquiring an additional 3,131,807 shares during the period. Norges Bank purchased a new stake in shares of Microchip Technology during the 4th quarter worth approximately $452,627,000. Franklin Resources Inc. boosted its stake in shares of Microchip Technology by 90.0% during the 4th quarter. Franklin Resources Inc. now owns 6,360,805 shares of the semiconductor company's stock worth $364,792,000 after acquiring an additional 3,013,162 shares in the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC grew its holdings in shares of Microchip Technology by 273.2% in the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,345,096 shares of the semiconductor company's stock worth $306,541,000 after acquiring an additional 3,912,895 shares during the period. 91.51% of the stock is owned by hedge funds and other institutional investors.

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Analyst Upgrades and Downgrades

Several brokerages recently issued reports on MCHP. Bank of America downgraded Microchip Technology from a "neutral" rating to an "underperform" rating and decreased their target price for the stock from $80.00 to $65.00 in a research report on Monday, December 16th. Raymond James reaffirmed a "strong-buy" rating and set a $60.00 price target (down previously from $95.00) on shares of Microchip Technology in a research note on Friday, February 7th. Rosenblatt Securities reissued a "buy" rating and issued a $70.00 price objective on shares of Microchip Technology in a research note on Tuesday, March 4th. StockNews.com cut shares of Microchip Technology from a "hold" rating to a "sell" rating in a research report on Monday, February 10th. Finally, Citigroup lowered their price target on shares of Microchip Technology from $65.00 to $50.00 and set a "buy" rating on the stock in a research report on Friday. Two analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Microchip Technology has an average rating of "Moderate Buy" and an average target price of $72.68.

Microchip Technology Trading Down 0.3 %

NASDAQ MCHP traded down $0.10 during trading hours on Friday, hitting $38.71. 20,658,618 shares of the company's stock were exchanged, compared to its average volume of 7,984,067. The business's 50 day moving average is $52.13 and its 200-day moving average is $61.03. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.23 and a current ratio of 2.25. Microchip Technology Incorporated has a 12-month low of $34.13 and a 12-month high of $100.57. The firm has a market capitalization of $20.82 billion, a P/E ratio of 69.13 and a beta of 1.51.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced its quarterly earnings data 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 return on equity of 12.62% and a net margin of 6.49%. As a group, analysts anticipate that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Monday, February 24th were issued a $0.455 dividend. The ex-dividend date of this dividend was Monday, February 24th. This represents a $1.82 dividend on an annualized basis and a dividend yield of 4.70%. Microchip Technology's dividend payout ratio (DPR) is presently 325.00%.

Insider Activity

In other 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 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 approximately $2,025,599.36. The trade was a 10.07 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 2.10% of the company's stock.

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.