Geode Capital Management LLC Cuts Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Geode Capital Management LLC lessened its holdings in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 6.5% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 13,342,944 shares of the semiconductor company's stock after selling 934,953 shares during the period. Geode Capital Management LLC owned 2.48% of Microchip Technology worth $764,151,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Mainstream Capital Management LLC purchased a new stake in shares of Microchip Technology during the fourth quarter worth about $26,000. Rakuten Securities Inc. boosted its stake in Microchip Technology by 309.5% in the 4th quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company's stock worth $27,000 after purchasing an additional 359 shares during the period. OFI Invest Asset Management purchased a new stake in Microchip Technology during the 4th quarter valued at approximately $29,000. Financial Life Planners bought a new stake in shares of Microchip Technology during the fourth quarter valued at approximately $32,000. Finally, Kohmann Bosshard Financial Services LLC purchased a new position in shares of Microchip Technology in the fourth quarter worth $34,000. 91.51% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Piper Sandler reiterated an "overweight" rating and issued a $65.00 price target (down previously from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Evercore ISI boosted their target price on Microchip Technology from $65.00 to $71.00 and gave the stock an "outperform" rating in a research report on Tuesday, March 4th. Rosenblatt Securities restated a "buy" rating and set a $70.00 price target on shares of Microchip Technology in a report on Tuesday, March 4th. StockNews.com downgraded Microchip Technology from a "hold" rating to a "sell" rating in a research note on Monday, February 10th. Finally, Bank of America downgraded Microchip Technology from a "neutral" rating to an "underperform" rating and lowered their target price for the company from $80.00 to $65.00 in a research report on Monday, December 16th. Two research analysts have rated the stock with a sell rating, four have issued 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.com, the company presently has an average rating of "Moderate Buy" and an average target price of $74.37.

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Microchip Technology Trading Up 3.5 %

Shares of MCHP stock traded up $1.25 on Monday, reaching $37.47. 9,196,391 shares of the company's stock were exchanged, compared to its average volume of 7,630,379. The company's fifty day simple moving average is $54.29 and its 200 day simple moving average is $62.67. Microchip Technology Incorporated has a 52 week low of $32.46 and a 52 week high of $100.57. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12. The stock has a market capitalization of $20.15 billion, a PE ratio of 66.31 and a beta of 1.51.

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 net margin of 6.49% and a return on equity of 12.62%. As a group, analysts forecast that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Announces Dividend

The business 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 4.86%. The ex-dividend date was Monday, February 24th. Microchip Technology's dividend payout ratio (DPR) is presently 325.00%.

Insider Activity

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of the company's stock in a transaction 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 completion of the sale, the chief financial officer now owns 33,272 shares in the company, valued at $2,025,599.36. This represents a 10.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 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.