HighTower Advisors LLC Acquires 5,097 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

HighTower Advisors LLC boosted its holdings in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 5.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 95,983 shares of the semiconductor company's stock after acquiring an additional 5,097 shares during the period. HighTower Advisors LLC's holdings in Microchip Technology were worth $5,505,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the business. Van ECK Associates Corp raised its stake in Microchip Technology by 39.3% in 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. Franklin Resources Inc. increased its position in Microchip Technology by 30.2% during the 3rd 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. increased 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 worth $180,295,000 after buying an additional 116,823 shares during the period. Assenagon Asset Management S.A. increased its position in 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 buying an additional 2,829,082 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund increased its position in Microchip Technology by 20.1% during 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 buying an additional 460,697 shares during the period. Institutional investors own 91.51% of the company's stock.

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Insider Activity

In other news, CFO James Eric Bjornholt sold 3,724 shares of Microchip Technology 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 sale, the chief financial officer now directly owns 33,272 shares of the company's stock, valued at approximately $2,025,599.36. This trade represents a 10.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 2.10% of the company's stock.

Analysts Set New Price Targets

MCHP has been the topic of several recent research reports. TD Cowen increased their price objective on Microchip Technology from $50.00 to $60.00 and gave the stock a "hold" rating in a research report on Tuesday, March 4th. Mizuho increased their price objective on Microchip Technology from $58.00 to $68.00 and gave the stock an "outperform" rating in a research report on Tuesday, March 4th. Bank of America cut Microchip Technology from a "neutral" rating to an "underperform" rating and lowered their price objective for the stock from $80.00 to $65.00 in a research report on Monday, December 16th. StockNews.com cut Microchip Technology from a "hold" rating to a "sell" rating in a research report on Monday, February 10th. Finally, Piper Sandler reiterated an "overweight" rating and set a $65.00 price objective (down previously from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $74.37.

Microchip Technology Price Performance

NASDAQ:MCHP traded up $0.72 during trading hours on Friday, hitting $51.72. The company's stock had a trading volume of 29,769,902 shares, compared to its average volume of 7,015,224. The stock has a fifty day simple moving average of $56.17 and a 200-day simple moving average of $64.74. The company has a market capitalization of $27.82 billion, a P/E ratio of 92.36 and a beta of 1.52. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23. Microchip Technology Incorporated has a twelve month low of $49.92 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 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, analysts anticipate that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 7th. Stockholders 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 3.52%. The ex-dividend date was Monday, February 24th. Microchip Technology's payout ratio is 325.00%.

About Microchip Technology

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.