Korea Investment CORP Sells 122,598 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Korea Investment CORP decreased its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 30.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 284,223 shares of the semiconductor company's stock after selling 122,598 shares during the period. Korea Investment CORP owned about 0.05% of Microchip Technology worth $16,300,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of MCHP. United Bank boosted its stake in shares of Microchip Technology by 21.0% in the 3rd quarter. United Bank now owns 9,871 shares of the semiconductor company's stock valued at $793,000 after purchasing an additional 1,712 shares in the last quarter. Townsquare Capital LLC grew its stake in Microchip Technology by 10.7% during the third quarter. Townsquare Capital LLC now owns 25,143 shares of the semiconductor company's stock worth $2,019,000 after buying an additional 2,421 shares during the last quarter. Freedom Investment Management Inc. increased its holdings in shares of Microchip Technology by 14.9% during the third quarter. Freedom Investment Management Inc. now owns 5,569 shares of the semiconductor company's stock worth $447,000 after buying an additional 721 shares in the last quarter. Financial Counselors Inc. raised its stake in shares of Microchip Technology by 55.3% in the third quarter. Financial Counselors Inc. now owns 10,451 shares of the semiconductor company's stock valued at $839,000 after acquiring an additional 3,723 shares during the last quarter. Finally, Edgestream Partners L.P. boosted its holdings in shares of Microchip Technology by 190.1% in the 3rd quarter. Edgestream Partners L.P. now owns 37,377 shares of the semiconductor company's stock worth $3,001,000 after acquiring an additional 24,491 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors.

Remove Ads

Microchip Technology Trading Down 14.2 %

Microchip Technology stock traded down $6.93 during midday trading on Thursday, hitting $42.00. 4,893,890 shares of the stock were exchanged, compared to its average volume of 9,968,139. Microchip Technology Incorporated has a 52 week low of $41.95 and a 52 week high of $100.57. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12. The stock has a market capitalization of $22.59 billion, a PE ratio of 75.00 and a beta of 1.52. The company has a fifty day simple moving average of $55.07 and a two-hundred day simple moving average of $63.30.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $0.13 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 research analysts anticipate that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Monday, February 24th were given a $0.455 dividend. The ex-dividend date was Monday, February 24th. This represents a $1.82 annualized dividend and a dividend yield of 4.33%. Microchip Technology's dividend payout ratio is presently 325.00%.

Analyst Ratings Changes

A number of research firms have commented on MCHP. KeyCorp reduced their price objective on Microchip Technology from $70.00 to $60.00 and set an "overweight" rating on the stock in a research note on Friday, February 7th. TD Cowen boosted their target price on shares of Microchip Technology from $50.00 to $60.00 and gave the stock a "hold" rating in a research note on Tuesday, March 4th. Evercore ISI upped their target price on shares of Microchip Technology from $65.00 to $71.00 and gave the stock an "outperform" rating in a research report on Tuesday, March 4th. Bank of America lowered shares of Microchip Technology from a "neutral" rating to an "underperform" rating and lowered their price target for the company from $80.00 to $65.00 in a report on Monday, December 16th. Finally, Needham & Company LLC upped their price objective on Microchip Technology from $60.00 to $66.00 and gave the stock a "buy" rating in a report on Tuesday, March 4th. Two analysts have rated the stock with a sell rating, four have assigned 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, the company currently has a consensus rating of "Moderate Buy" and an average target price of $74.37.

Insider Buying and Selling

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of the 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 transaction, the chief financial officer now owns 33,272 shares in the company, valued at approximately $2,025,599.36. This represents a 10.07 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.10% of the stock is owned by company insiders.

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.