Barrow Hanley Mewhinney & Strauss LLC Buys 3,912,895 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Barrow Hanley Mewhinney & Strauss LLC lifted its stake in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 273.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,345,096 shares of the semiconductor company's stock after buying an additional 3,912,895 shares during the period. Barrow Hanley Mewhinney & Strauss LLC owned about 1.00% of Microchip Technology worth $306,541,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of MCHP. Pallas Capital Advisors LLC bought a new position in shares of Microchip Technology in the fourth quarter valued at approximately $5,917,000. Consolidated Planning Corp bought a new position in Microchip Technology in the 4th quarter valued at $308,000. Quadrature Capital Ltd acquired a new position in Microchip Technology in the third quarter worth $3,312,000. one8zero8 LLC bought a new stake in shares of Microchip Technology during the fourth quarter worth $384,000. Finally, Symphony Financial Ltd. Co. acquired a new stake in shares of Microchip Technology in the fourth quarter valued at $520,000. Institutional investors and hedge funds own 91.51% of the company's stock.

Insider Activity

In related news, CFO James Eric Bjornholt sold 3,724 shares of the firm's stock in a transaction dated 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 directly owns 33,272 shares in the company, valued at approximately $2,025,599.36. This trade represents a 10.07 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 2.10% of the company's stock.

Remove Ads

Wall Street Analyst Weigh In

Several research analysts recently issued reports on MCHP shares. Mizuho upped their price target on shares of Microchip Technology from $58.00 to $68.00 and gave the stock an "outperform" rating in a research report on Tuesday, March 4th. Evercore ISI raised their price target on shares of Microchip Technology from $65.00 to $71.00 and gave the company an "outperform" rating in a report on Tuesday, March 4th. The Goldman Sachs Group reduced their price objective on Microchip Technology from $72.00 to $63.00 and set a "neutral" rating on the stock in a report on Friday, January 10th. KeyCorp decreased 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. Finally, TD Cowen upped their price target on Microchip Technology from $50.00 to $60.00 and gave the company a "hold" rating in a research note on Tuesday, March 4th. Two research 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 company's stock. Based on data from MarketBeat.com, Microchip Technology presently has an average rating of "Moderate Buy" and an average price target of $74.37.

Microchip Technology Stock Down 15.7 %

NASDAQ:MCHP traded down $7.67 on Thursday, hitting $41.26. 7,285,506 shares of the company's stock were exchanged, compared to its average volume of 7,420,958. The firm has a 50-day moving average price of $55.07 and a 200-day moving average price of $63.30. Microchip Technology Incorporated has a 52 week low of $41.03 and a 52 week high of $100.57. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23. The company has a market cap of $22.19 billion, a P/E ratio of 73.68 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last issued its quarterly 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 net margin of 6.49% and a return on equity of 12.62%. As a group, analysts expect that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Monday, February 24th were paid a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a yield of 4.41%. The ex-dividend date of this dividend was Monday, February 24th. Microchip Technology's dividend 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.