Kayne Anderson Rudnick Investment Management LLC Decreases Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Kayne Anderson Rudnick Investment Management LLC lowered its holdings in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 70.8% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 25,613 shares of the semiconductor company's stock after selling 62,214 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC's holdings in Microchip Technology were worth $1,469,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Federated Hermes Inc. raised its holdings in Microchip Technology by 0.5% during the fourth quarter. Federated Hermes Inc. now owns 39,298 shares of the semiconductor company's stock worth $2,254,000 after purchasing an additional 209 shares in the last quarter. Lebenthal Global Advisors LLC grew its position in shares of Microchip Technology by 7.3% in the 4th quarter. Lebenthal Global Advisors LLC now owns 3,894 shares of the semiconductor company's stock valued at $223,000 after buying an additional 266 shares during the last quarter. CreativeOne Wealth LLC raised its stake in Microchip Technology by 1.0% during the 4th quarter. CreativeOne Wealth LLC now owns 28,842 shares of the semiconductor company's stock worth $1,654,000 after acquiring an additional 283 shares in the last quarter. Elmwood Wealth Management Inc. lifted its position in Microchip Technology by 1.5% in the fourth quarter. Elmwood Wealth Management Inc. now owns 20,558 shares of the semiconductor company's stock valued at $1,179,000 after acquiring an additional 300 shares during the last quarter. Finally, Legacy Financial Advisors Inc. boosted its stake in Microchip Technology by 8.1% in the fourth quarter. Legacy Financial Advisors Inc. now owns 4,176 shares of the semiconductor company's stock valued at $239,000 after acquiring an additional 312 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company's stock.

Microchip Technology Stock Performance

NASDAQ MCHP opened at $40.29 on Wednesday. The business has a 50 day moving average price of $50.15 and a 200 day moving average price of $59.09. 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 company has a market capitalization of $21.67 billion, a P/E ratio of 71.95 and a beta of 1.51. Microchip Technology Incorporated has a 1-year low of $34.13 and a 1-year high of $100.57.

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%. Sell-side analysts expect that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Monday, February 24th were given a $0.455 dividend. The ex-dividend date of this dividend was Monday, February 24th. This represents a $1.82 annualized dividend and a dividend yield of 4.52%. Microchip Technology's dividend payout ratio is currently 325.00%.

Wall Street Analysts Forecast Growth

MCHP has been the subject of several research reports. Raymond James reissued a "strong-buy" rating and issued a $60.00 target price (down from $95.00) on shares of Microchip Technology in a report on Friday, February 7th. Rosenblatt Securities reiterated a "buy" rating and issued a $70.00 price objective on shares of Microchip Technology in a research note on Tuesday, March 4th. Morgan Stanley decreased their price objective on Microchip Technology from $71.00 to $58.00 and set an "equal weight" rating for the company in a report on Tuesday, February 4th. Piper Sandler restated an "overweight" rating and issued a $65.00 price target (down previously from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. Finally, Needham & Company LLC upped their price objective on shares of Microchip Technology from $60.00 to $66.00 and gave the stock a "buy" rating in a research report on Tuesday, March 4th. Two equities research analysts have rated the stock with a sell rating, four have assigned 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, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $69.32.

Insider Activity at Microchip Technology

In related news, CFO James Eric Bjornholt sold 3,724 shares of the company's stock in a transaction that occurred on Tuesday, February 25th. The shares were 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 of the company's stock, valued at approximately $2,025,599.36. This represents a 10.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.