Nomura Asset Management Co. Ltd. Sells 548,462 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Nomura Asset Management Co. Ltd. cut its position in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 49.6% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 557,437 shares of the semiconductor company's stock after selling 548,462 shares during the quarter. Nomura Asset Management Co. Ltd. owned about 0.10% of Microchip Technology worth $31,969,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in MCHP. United Bank increased its holdings in shares of Microchip Technology by 21.0% during the third quarter. United Bank now owns 9,871 shares of the semiconductor company's stock worth $793,000 after purchasing an additional 1,712 shares during the period. Townsquare Capital LLC raised its holdings in Microchip Technology by 10.7% in the 3rd quarter. Townsquare Capital LLC now owns 25,143 shares of the semiconductor company's stock valued at $2,019,000 after acquiring an additional 2,421 shares in the last quarter. Freedom Investment Management Inc. lifted its position in shares of Microchip Technology by 14.9% during the 3rd quarter. Freedom Investment Management Inc. now owns 5,569 shares of the semiconductor company's stock valued at $447,000 after acquiring an additional 721 shares during the period. Financial Counselors Inc. grew its holdings in shares of Microchip Technology by 55.3% during the 3rd quarter. Financial Counselors Inc. now owns 10,451 shares of the semiconductor company's stock worth $839,000 after purchasing an additional 3,723 shares in the last quarter. Finally, Edgestream Partners L.P. increased its position in shares of Microchip Technology by 190.1% in the third quarter. Edgestream Partners L.P. now owns 37,377 shares of the semiconductor company's stock worth $3,001,000 after purchasing an additional 24,491 shares during the period. 91.51% of the stock is owned by institutional investors and hedge funds.

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Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. TD Cowen upped their price objective on shares of Microchip Technology from $50.00 to $60.00 and gave the stock a "hold" rating in a research report on Tuesday, March 4th. StockNews.com downgraded shares of Microchip Technology from a "hold" rating to a "sell" rating in a report on Monday, February 10th. Evercore ISI lifted their price objective on shares of Microchip Technology from $65.00 to $71.00 and gave the company an "outperform" rating in a research note on Tuesday, March 4th. Rosenblatt Securities restated a "buy" rating and set a $70.00 target price on shares of Microchip Technology in a research note on Tuesday, March 4th. Finally, Mizuho lifted their price target on Microchip Technology from $58.00 to $68.00 and gave the company an "outperform" rating in a research note on Tuesday, March 4th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $74.37.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of the 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 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 legal filing with the SEC, which is accessible through this link. Corporate insiders own 2.10% of the company's stock.

Microchip Technology Trading Down 14.4 %

NASDAQ MCHP traded down $7.07 during trading hours on Thursday, reaching $41.86. The company's stock had a trading volume of 5,166,638 shares, compared to its average volume of 9,968,139. The firm has a fifty day simple moving average of $55.07 and a 200-day simple moving average of $63.30. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23. Microchip Technology Incorporated has a 52 week low of $41.81 and a 52 week high of $100.57. The stock has a market cap of $22.51 billion, a P/E ratio of 74.75 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share (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%. Equities analysts forecast that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Monday, February 24th were issued a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a yield of 4.35%. The ex-dividend date of this dividend was Monday, February 24th. Microchip Technology's payout ratio is presently 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.