First Trust Advisors LP Boosts Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

First Trust Advisors LP boosted its position in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 7.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,068,828 shares of the semiconductor company's stock after purchasing an additional 206,672 shares during the quarter. First Trust Advisors LP owned approximately 0.57% of Microchip Technology worth $175,997,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of MCHP. Virtu Financial LLC bought a new position in shares of Microchip Technology in the third quarter worth approximately $491,000. Stock Yards Bank & Trust Co. grew its holdings in shares of Microchip Technology by 3.3% in the third quarter. Stock Yards Bank & Trust Co. now owns 11,517 shares of the semiconductor company's stock worth $925,000 after acquiring an additional 368 shares during the period. World Investment Advisors LLC increased its position in Microchip Technology by 11.7% during the third quarter. World Investment Advisors LLC now owns 42,882 shares of the semiconductor company's stock valued at $3,443,000 after acquiring an additional 4,477 shares during the last quarter. Arvest Bank Trust Division bought a new position in Microchip Technology in the third quarter valued at about $223,000. Finally, Wilmington Savings Fund Society FSB increased its position in shares of Microchip Technology by 16.6% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 60,394 shares of the semiconductor company's stock valued at $4,849,000 after purchasing an additional 8,592 shares during the last quarter. Institutional investors own 91.51% of the company's stock.

Insider Activity

In related news, CFO James Eric Bjornholt sold 3,724 shares of the firm's stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total transaction 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. This trade represents a 10.07 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 2.10% of the company's stock.

Microchip Technology Price Performance

NASDAQ MCHP traded up $1.62 during trading hours on Wednesday, hitting $41.91. 10,225,794 shares of the company's stock traded hands, compared to its average volume of 8,154,090. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23. The firm's 50-day moving average is $50.15 and its 200-day moving average is $59.09. Microchip Technology Incorporated has a 52-week low of $34.13 and a 52-week high of $100.57. The company has a market capitalization of $22.54 billion, a PE ratio of 74.83 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 (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%. Equities analysts forecast that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Monday, February 24th were given a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a yield of 4.34%. The ex-dividend date was Monday, February 24th. Microchip Technology's payout ratio is 325.00%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on MCHP shares. Morgan Stanley cut their price objective on shares of Microchip Technology from $71.00 to $58.00 and set an "equal weight" rating for the company in a report on Tuesday, February 4th. Evercore ISI upped their target price on Microchip Technology from $65.00 to $71.00 and gave the stock an "outperform" rating in a report on Tuesday, March 4th. Citigroup lowered their price objective on shares of Microchip Technology from $65.00 to $50.00 and set a "buy" rating for the company in a research note on Friday, April 11th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $70.00 price objective on shares of Microchip Technology in a research report on Tuesday, March 4th. Finally, StockNews.com cut Microchip Technology from a "hold" rating to a "sell" rating in a research note 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 company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target 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.