Microchip Technology Incorporated (NASDAQ:MCHP) Shares Bought by Franklin Resources Inc.

Franklin Resources Inc. boosted its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 90.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,360,805 shares of the semiconductor company's stock after buying an additional 3,013,162 shares during the period. Franklin Resources Inc. owned approximately 1.18% of Microchip Technology worth $364,792,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Mainstream Capital Management LLC purchased a new position in shares of Microchip Technology in the 4th quarter worth $26,000. Rakuten Securities Inc. grew its position in Microchip Technology by 309.5% in the fourth quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company's stock worth $27,000 after acquiring an additional 359 shares in the last quarter. OFI Invest Asset Management bought a new stake in Microchip Technology during the fourth quarter worth approximately $29,000. Financial Life Planners purchased a new stake in Microchip Technology during the fourth quarter valued at approximately $32,000. Finally, Kohmann Bosshard Financial Services LLC bought a new stake in shares of Microchip Technology in the 4th quarter valued at approximately $34,000. Hedge funds and other institutional investors own 91.51% of the company's stock.

Microchip Technology Stock Down 11.0 %

NASDAQ:MCHP traded down $4.49 during trading hours on Friday, reaching $36.22. The company's stock had a trading volume of 26,402,713 shares, compared to its average volume of 7,622,366. The stock has a 50 day moving average price of $54.29 and a two-hundred day moving average price of $62.76. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.23 and a current ratio of 2.25. The company has a market capitalization of $19.48 billion, a P/E ratio of 64.68 and a beta of 1.51. Microchip Technology Incorporated has a 12 month low of $36.10 and a 12 month high of $100.57.

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

Microchip Technology Announces Dividend

The company 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. This represents a $1.82 dividend on an annualized basis and a dividend yield of 5.02%. The ex-dividend date was Monday, February 24th. Microchip Technology's payout ratio is currently 325.00%.

Insider Transactions at Microchip Technology

In other news, CFO James Eric Bjornholt sold 3,724 shares of the firm's stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total value of $226,717.12. Following the completion of the sale, the chief financial officer now owns 33,272 shares of the company's stock, valued at $2,025,599.36. This trade represents a 10.07 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 2.10% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on MCHP. KeyCorp cut their target price on Microchip Technology from $70.00 to $60.00 and set an "overweight" rating on the stock in a research report on Friday, February 7th. TD Cowen boosted their target price on Microchip Technology from $50.00 to $60.00 and gave the company a "hold" rating in a research report on Tuesday, March 4th. Mizuho increased their price target on Microchip Technology from $58.00 to $68.00 and gave the stock an "outperform" rating in a report on Tuesday, March 4th. Piper Sandler restated an "overweight" rating and set a $65.00 price objective (down previously from $85.00) on shares of Microchip Technology in a report on Friday, February 7th. Finally, Bank of America lowered Microchip Technology from a "neutral" rating to an "underperform" rating and reduced their target price for the stock from $80.00 to $65.00 in a research note on Monday, December 16th. 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 company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $74.37.

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.