Legal & General Group Plc Has $197.36 Million Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Legal & General Group Plc cut its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 30.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,441,401 shares of the semiconductor company's stock after selling 1,489,111 shares during the period. Legal & General Group Plc owned about 0.64% of Microchip Technology worth $197,364,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. EP Wealth Advisors LLC boosted its position in Microchip Technology by 1.8% in the 3rd quarter. EP Wealth Advisors LLC now owns 14,725 shares of the semiconductor company's stock valued at $1,182,000 after buying an additional 264 shares during the period. Coldstream Capital Management Inc. boosted its holdings in Microchip Technology by 2.4% in the third quarter. Coldstream Capital Management Inc. now owns 11,052 shares of the semiconductor company's stock valued at $878,000 after purchasing an additional 260 shares during the period. Hobbs Group Advisors LLC grew its stake in Microchip Technology by 390.6% during the 3rd quarter. Hobbs Group Advisors LLC now owns 628 shares of the semiconductor company's stock worth $50,000 after purchasing an additional 500 shares in the last quarter. TD Private Client Wealth LLC raised its position in Microchip Technology by 5.6% in the 3rd quarter. TD Private Client Wealth LLC now owns 33,175 shares of the semiconductor company's stock valued at $2,664,000 after purchasing an additional 1,760 shares in the last quarter. Finally, Virtu Financial LLC acquired a new stake in Microchip Technology in the 3rd quarter valued at about $491,000. Institutional investors and hedge funds own 91.51% of the company's stock.

Remove Ads

Insider Activity at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of the stock in a transaction that occurred on 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 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 filing with the SEC, which is available at the SEC website. 2.10% of the stock is owned by insiders.

Analysts Set New Price Targets

Several brokerages recently weighed in on MCHP. KeyCorp reduced their target price on shares of Microchip Technology from $70.00 to $60.00 and set an "overweight" rating on the stock in a report on Friday, February 7th. Mizuho raised their price objective on shares of Microchip Technology from $58.00 to $68.00 and gave the company an "outperform" rating in a report on Tuesday, March 4th. Raymond James reiterated a "strong-buy" rating and set a $60.00 target price (down previously from $95.00) on shares of Microchip Technology in a research note on Friday, February 7th. Morgan Stanley cut 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. Finally, Rosenblatt Securities reaffirmed a "buy" rating and set a $70.00 price objective on shares of Microchip Technology in a research report on Tuesday, March 4th. 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 assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $72.68.

Microchip Technology Stock Performance

Microchip Technology stock traded down $0.02 during trading hours on Tuesday, reaching $38.86. 1,640,733 shares of the stock were exchanged, compared to its average volume of 7,977,637. 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 52-week low of $34.13 and a 52-week high of $100.57. The stock has a market cap of $20.90 billion, a P/E ratio of 69.39 and a beta of 1.51. The firm's 50 day moving average is $51.84 and its 200 day moving average is $60.60.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its earnings results 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 net margin of 6.49% and a return on equity of 12.62%. Analysts predict that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Monday, February 24th were issued a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a yield of 4.68%. The ex-dividend date of this dividend was Monday, February 24th. Microchip Technology's payout ratio is currently 325.00%.

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.