Alliancebernstein L.P. Sells 27,013 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Alliancebernstein L.P. decreased its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 4.2% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 613,786 shares of the semiconductor company's stock after selling 27,013 shares during the period. Alliancebernstein L.P. owned 0.11% of Microchip Technology worth $35,201,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. Coldstream Capital Management Inc. lifted its holdings in Microchip Technology by 2.4% during the 3rd quarter. Coldstream Capital Management Inc. now owns 11,052 shares of the semiconductor company's stock worth $878,000 after purchasing an additional 260 shares in the last quarter. EP Wealth Advisors LLC lifted its holdings in Microchip Technology by 1.8% during the 3rd quarter. EP Wealth Advisors LLC now owns 14,725 shares of the semiconductor company's stock worth $1,182,000 after purchasing an additional 264 shares in the last quarter. Lebenthal Global Advisors LLC lifted its holdings in Microchip Technology by 7.3% during the 4th quarter. Lebenthal Global Advisors LLC now owns 3,894 shares of the semiconductor company's stock worth $223,000 after purchasing an additional 266 shares in the last quarter. Elmwood Wealth Management Inc. lifted its holdings in Microchip Technology by 1.5% during the 4th quarter. Elmwood Wealth Management Inc. now owns 20,558 shares of the semiconductor company's stock worth $1,179,000 after purchasing an additional 300 shares in the last quarter. Finally, Stratos Wealth Partners LTD. raised its holdings in shares of Microchip Technology by 7.4% in the 4th quarter. Stratos Wealth Partners LTD. now owns 4,680 shares of the semiconductor company's stock valued at $268,000 after acquiring an additional 321 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company's stock.

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Microchip Technology Stock Performance

Shares of NASDAQ:MCHP traded down $5.52 during midday trading on Thursday, reaching $39.38. 5,647,386 shares of the company's stock traded hands, compared to its average volume of 7,832,752. The company has a market cap of $21.18 billion, a price-to-earnings ratio of 70.59 and a beta of 1.51. 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 Incorporated has a one year low of $34.13 and a one year high of $100.57. The stock has a 50 day moving average of $52.68 and a 200 day moving average of $61.56.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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, equities research analysts anticipate that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Monday, February 24th were given a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a yield of 4.62%. The ex-dividend date was Monday, February 24th. Microchip Technology's payout ratio is 325.00%.

Insiders Place Their Bets

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of the company's 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 completion of the sale, the chief financial officer now owns 33,272 shares in the company, valued at $2,025,599.36. This represents a 10.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 2.10% of the company's stock.

Analyst Ratings Changes

Several research firms have weighed in on MCHP. Piper Sandler reaffirmed an "overweight" rating and issued a $65.00 price target (down previously from $85.00) on shares of Microchip Technology in a report on Friday, February 7th. Rosenblatt Securities reiterated a "buy" rating and set a $70.00 price objective on shares of Microchip Technology in a research report on Tuesday, March 4th. KeyCorp reduced their price objective 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. Needham & Company LLC increased their price objective on Microchip Technology from $60.00 to $66.00 and gave the company a "buy" rating in a research report on Tuesday, March 4th. Finally, Morgan Stanley reduced their price objective on Microchip Technology from $71.00 to $58.00 and set an "equal weight" rating on the stock in a research report on Tuesday, February 4th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Microchip Technology has a consensus rating of "Moderate Buy" and an average price target of $74.37.

Microchip Technology Company 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.