Bristol Gate Capital Partners Inc. Raises Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Bristol Gate Capital Partners Inc. grew its position in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 23.4% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,184,159 shares of the semiconductor company's stock after buying an additional 224,841 shares during the quarter. Microchip Technology accounts for about 3.3% of Bristol Gate Capital Partners Inc.'s portfolio, making the stock its 21st largest holding. Bristol Gate Capital Partners Inc. owned about 0.22% of Microchip Technology worth $67,912,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Invesco Ltd. lifted its position in shares of Microchip Technology by 9.5% during the 4th quarter. Invesco Ltd. now owns 10,247,908 shares of the semiconductor company's stock worth $587,718,000 after buying an additional 890,819 shares during the last quarter. Federated Hermes Inc. lifted its stake in Microchip Technology by 0.5% in the 4th quarter. Federated Hermes Inc. now owns 39,298 shares of the semiconductor company's stock valued at $2,254,000 after purchasing an additional 209 shares during the last quarter. Aster Capital Management DIFC Ltd grew its stake in shares of Microchip Technology by 399.4% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 809 shares of the semiconductor company's stock worth $46,000 after buying an additional 647 shares during the last quarter. Oribel Capital Management LP bought a new stake in Microchip Technology during the 4th quarter worth $33,527,000. Finally, Ilmarinen Mutual Pension Insurance Co acquired a new stake in Microchip Technology during the 4th quarter worth approximately $6,882,000. Institutional investors own 91.51% of the company's stock.

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Microchip Technology Price Performance

Shares of Microchip Technology stock traded down $0.10 during trading on Friday, hitting $38.71. The stock had a trading volume of 20,658,618 shares, compared to its average volume of 7,984,067. The business's 50-day moving average is $52.13 and its 200 day moving average is $61.03. Microchip Technology Incorporated has a 12 month low of $34.13 and a 12 month high of $100.57. The firm has a market cap of $20.82 billion, a price-to-earnings ratio of 69.13 and a beta of 1.51. 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 (NASDAQ:MCHP - Get Free Report) last posted its quarterly earnings data 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 return on equity of 12.62% and a net margin of 6.49%. As a group, sell-side analysts anticipate that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Monday, February 24th were issued a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 4.70%. The ex-dividend date of this dividend was Monday, February 24th. Microchip Technology's payout ratio is currently 325.00%.

Insider Activity

In other news, CFO James Eric Bjornholt sold 3,724 shares of the firm's 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 transaction, the chief financial officer now directly owns 33,272 shares of the company's stock, valued at approximately $2,025,599.36. This trade represents a 10.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 2.10% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on MCHP shares. TD Cowen raised their target price on Microchip Technology from $50.00 to $60.00 and gave the stock a "hold" rating in a research report on Tuesday, March 4th. Morgan Stanley dropped their price target on Microchip Technology from $71.00 to $58.00 and set an "equal weight" rating on the stock in a research note on Tuesday, February 4th. KeyCorp cut their target price on Microchip Technology from $70.00 to $60.00 and set an "overweight" rating on the stock in a report on Friday, February 7th. Bank of America downgraded Microchip Technology from a "neutral" rating to an "underperform" rating and decreased their price target for the stock from $80.00 to $65.00 in a report on Monday, December 16th. Finally, Citigroup decreased their price objective on shares of Microchip Technology from $65.00 to $50.00 and set a "buy" rating for the company in a research note on Friday. Two analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $72.68.

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.