Russell Investments Group Ltd. Acquires 69,016 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Russell Investments Group Ltd. raised its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 21.0% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 397,209 shares of the semiconductor company's stock after acquiring an additional 69,016 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.07% of Microchip Technology worth $22,745,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Mainstream Capital Management LLC bought a new position in Microchip Technology during the 4th quarter valued at about $26,000. Rakuten Securities Inc. boosted 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 in the last quarter. OFI Invest Asset Management bought a new stake in Microchip Technology during the 4th quarter worth approximately $29,000. Financial Life Planners bought a new position in Microchip Technology in the 4th quarter valued at $32,000. Finally, Kohmann Bosshard Financial Services LLC acquired a new position in Microchip Technology in the fourth quarter worth $34,000. Institutional investors and hedge funds own 91.51% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Piper Sandler reaffirmed an "overweight" rating and issued a $65.00 price target (down from $85.00) on shares of Microchip Technology in a report on Friday, February 7th. The Goldman Sachs Group lowered their price target on shares of Microchip Technology from $72.00 to $63.00 and set a "neutral" rating for the company in a report on Friday, January 10th. Citigroup decreased their price objective on Microchip Technology from $65.00 to $50.00 and set a "buy" rating on the stock in a research report on Friday. TD Cowen boosted 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. Finally, StockNews.com cut Microchip Technology from a "hold" rating to a "sell" rating in a report on Monday, February 10th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $72.68.

Microchip Technology Stock Up 2.6 %

NASDAQ MCHP traded up $1.02 during trading on Monday, hitting $39.73. The stock had a trading volume of 2,092,365 shares, compared to its average volume of 7,971,804. The company has a market capitalization of $21.37 billion, a PE ratio of 70.95 and a beta of 1.51. Microchip Technology Incorporated has a 12 month low of $34.13 and a 12 month high of $100.57. The company's 50-day moving average price is $52.13 and its two-hundred day moving average price is $60.90. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.23 and a current ratio of 2.25.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced its earnings results 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 EPS for the current year.

Microchip Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 7th. Investors 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 4.58%. The ex-dividend date was Monday, February 24th. Microchip Technology's dividend payout ratio is currently 325.00%.

Insider Activity

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of the stock in a transaction on 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 sale, the chief financial officer now owns 33,272 shares in the company, valued at $2,025,599.36. This trade represents a 10.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 2.10% of the stock is currently owned by 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.