NZS Capital LLC Grows Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

NZS Capital LLC grew its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 14.2% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,085,648 shares of the semiconductor company's stock after buying an additional 134,913 shares during the quarter. Microchip Technology accounts for about 2.6% of NZS Capital LLC's investment portfolio, making the stock its 13th biggest position. NZS Capital LLC owned 0.20% of Microchip Technology worth $62,262,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Mainstream Capital Management LLC bought a new position in shares of Microchip Technology in the fourth quarter worth about $26,000. Rakuten Securities Inc. boosted its holdings in shares of Microchip Technology by 309.5% in the fourth quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company's stock valued at $27,000 after purchasing an additional 359 shares during the period. OFI Invest Asset Management purchased a new stake in shares of Microchip Technology in the fourth quarter valued at approximately $29,000. Financial Life Planners purchased a new stake in shares of Microchip Technology in the fourth quarter valued at approximately $32,000. Finally, Kohmann Bosshard Financial Services LLC purchased a new stake in shares of Microchip Technology in the fourth quarter valued at approximately $34,000. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on MCHP shares. B. Riley reiterated a "buy" rating and issued a $75.00 price target (down previously from $85.00) on shares of Microchip Technology in a report on Friday, February 7th. Truist Financial reduced their price objective on shares of Microchip Technology from $56.00 to $43.00 and set a "hold" rating for the company in a research note on Monday, April 21st. Piper Sandler reissued an "overweight" rating and issued a $65.00 price objective (down previously from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Mizuho boosted their price objective on shares of Microchip Technology from $58.00 to $68.00 and gave the stock an "outperform" rating in a research note on Tuesday, March 4th. Finally, Morgan Stanley reduced their price objective on shares of Microchip Technology from $71.00 to $58.00 and set an "equal weight" rating for the company in a research note on Tuesday, February 4th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Microchip Technology has a consensus rating of "Moderate Buy" and an average price target of $66.79.

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 transaction, the chief financial officer now directly owns 33,272 shares of the company's stock, valued at approximately $2,025,599.36. This trade represents a 10.07 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 2.10% of the company's stock.

Microchip Technology Stock Performance

MCHP traded down $1.09 during midday trading on Tuesday, hitting $45.92. 8,287,173 shares of the company were exchanged, compared to its average volume of 8,238,846. The company's 50 day simple moving average is $48.79 and its 200 day simple moving average is $57.99. The firm has a market capitalization of $24.70 billion, a price-to-earnings ratio of 82.00 and a beta of 1.51. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12. Microchip Technology Incorporated has a 1-year low of $34.13 and a 1-year high of $100.57.

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

Microchip Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Monday, February 24th were given a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.96%. The ex-dividend date of this dividend was Monday, February 24th. Microchip Technology's dividend payout ratio (DPR) is presently 325.00%.

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.