Lifeworks Advisors LLC Raises Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Lifeworks Advisors LLC grew its position in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 31.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 27,096 shares of the semiconductor company's stock after acquiring an additional 6,458 shares during the quarter. Lifeworks Advisors LLC's holdings in Microchip Technology were worth $1,554,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in MCHP. Mainstream Capital Management LLC purchased a new stake in Microchip Technology in the 4th quarter worth about $26,000. Prospera Private Wealth LLC bought a new position in shares of Microchip Technology during the third quarter valued at approximately $29,000. Financial Life Planners purchased a new stake in shares of Microchip Technology in the fourth quarter worth approximately $32,000. Peterson Financial Group Inc. purchased a new stake in shares of Microchip Technology in the third quarter worth approximately $34,000. Finally, Truvestments Capital LLC bought a new stake in shares of Microchip Technology during the 3rd quarter worth approximately $34,000. Institutional investors own 91.51% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on MCHP shares. The Goldman Sachs Group cut their price objective on Microchip Technology from $72.00 to $63.00 and set a "neutral" rating on the stock in a research report on Friday, January 10th. B. Riley reaffirmed a "buy" rating and issued a $75.00 price target (down previously from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Stifel Nicolaus decreased their price objective on shares of Microchip Technology from $90.00 to $87.00 and set a "buy" rating for the company in a report on Tuesday, December 3rd. Piper Sandler restated an "overweight" rating and issued a $65.00 target price (down from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Finally, KeyCorp reduced their target price on shares of Microchip Technology from $70.00 to $60.00 and set an "overweight" rating on the stock in a research report on Friday, February 7th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Microchip Technology has a consensus rating of "Moderate Buy" and an average price target of $74.37.

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Insider Buying and Selling at Microchip Technology

In other 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 value of $226,717.12. Following the transaction, the chief financial officer now directly 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 2.10% of the stock is currently owned by company insiders.

Microchip Technology Stock Down 0.7 %

Shares of NASDAQ:MCHP traded down $0.34 during trading on Wednesday, reaching $51.90. The stock had a trading volume of 7,247,814 shares, compared to its average volume of 10,097,159. The firm's 50-day simple moving average is $56.80 and its 200 day simple moving average is $66.17. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12. Microchip Technology Incorporated has a one year low of $50.21 and a one year high of $100.57. The company has a market capitalization of $27.91 billion, a P/E ratio of 92.68 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced 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%. As a group, research analysts expect that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Monday, February 24th were given a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a yield of 3.51%. The ex-dividend date of this dividend was Monday, February 24th. Microchip Technology's dividend payout ratio is presently 325.00%.

Microchip Technology 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.