LPL Financial LLC Acquires 109,885 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

LPL Financial LLC boosted its stake in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 25.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 542,005 shares of the semiconductor company's stock after purchasing an additional 109,885 shares during the quarter. LPL Financial LLC owned about 0.10% of Microchip Technology worth $31,084,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in MCHP. Mainstream Capital Management LLC bought a new stake in Microchip Technology in the 4th quarter worth approximately $26,000. Rakuten Securities Inc. lifted its holdings in shares of 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 acquiring an additional 359 shares during the last quarter. OFI Invest Asset Management purchased a new stake in shares of Microchip Technology in the 4th quarter valued at $29,000. Financial Life Planners purchased a new stake in shares of Microchip Technology in the 4th quarter valued at $32,000. Finally, Kohmann Bosshard Financial Services LLC bought a new position in shares of Microchip Technology during the 4th quarter valued at $34,000. Institutional investors own 91.51% of the company's stock.

Analyst Upgrades and Downgrades

MCHP has been the subject of several analyst reports. TD Cowen upped their price target on shares of Microchip Technology from $50.00 to $60.00 and gave the company a "hold" rating in a research report on Tuesday, March 4th. Needham & Company LLC raised their price target on Microchip Technology from $60.00 to $66.00 and gave the stock a "buy" rating in a research report on Tuesday, March 4th. Piper Sandler reiterated an "overweight" rating and issued a $65.00 price objective (down previously from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. Raymond James restated a "strong-buy" rating and issued a $60.00 target price (down previously from $95.00) on shares of Microchip Technology in a report on Friday, February 7th. Finally, KeyCorp lowered their price target on shares of Microchip Technology from $70.00 to $60.00 and set an "overweight" rating for the company in a report on Friday, February 7th. Two analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $74.37.

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Microchip Technology Stock Down 16.8 %

Microchip Technology stock traded down $8.22 on Thursday, hitting $40.71. 29,164,477 shares of the stock traded hands, compared to its average volume of 7,522,950. Microchip Technology Incorporated has a 1 year low of $39.57 and a 1 year high of $100.57. The firm has a market cap of $21.89 billion, a P/E ratio of 72.70 and a beta of 1.52. 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 business's fifty day simple moving average is $54.69 and its 200 day simple moving average is $63.15.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.15). Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. As a group, sell-side analysts forecast that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Investors 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 yield of 4.47%. The ex-dividend date of this dividend was Monday, February 24th. Microchip Technology's dividend payout ratio (DPR) is presently 325.00%.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of Microchip Technology stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total value of $226,717.12. Following the completion of the transaction, the chief financial officer now directly owns 33,272 shares of the company's stock, valued at approximately $2,025,599.36. The trade was a 10.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 2.10% of the stock is owned by company insiders.

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.