Resona Asset Management Co. Ltd. Invests $8.91 Million in Microchip Technology Incorporated (NASDAQ:MCHP)

Resona Asset Management Co. Ltd. purchased a new position in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 154,961 shares of the semiconductor company's stock, valued at approximately $8,908,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Mainstream Capital Management LLC acquired a new stake in shares of Microchip Technology during the 4th quarter valued at $26,000. Rakuten Securities Inc. increased its stake in 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 acquiring an additional 359 shares during the period. OFI Invest Asset Management bought a new stake in Microchip Technology in the fourth quarter valued at $29,000. Financial Life Planners acquired a new stake in shares of Microchip Technology during the fourth quarter worth approximately $32,000. Finally, Kohmann Bosshard Financial Services LLC bought a new position in shares of Microchip Technology in the fourth quarter valued at about $34,000. 91.51% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on MCHP. Bank of America cut shares of Microchip Technology from a "neutral" rating to an "underperform" rating and reduced their price target for the stock from $80.00 to $65.00 in a research report on Monday, December 16th. Raymond James restated a "strong-buy" rating and set a $60.00 price objective (down previously from $95.00) on shares of Microchip Technology in a report on Friday, February 7th. StockNews.com cut Microchip Technology from a "hold" rating to a "sell" rating in a report on Monday, February 10th. Mizuho raised their price objective on Microchip Technology from $58.00 to $68.00 and gave the company an "outperform" rating in a research note on Tuesday, March 4th. Finally, Morgan Stanley lowered their price objective on 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 investment analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $72.68.

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Microchip Technology Stock Down 0.3 %

Shares of NASDAQ:MCHP traded down $0.10 during trading on Friday, hitting $38.71. The company's stock had a trading volume of 20,658,618 shares, compared to its average volume of 7,994,266. The business has a 50 day moving average price of $52.13 and a two-hundred day moving average price of $60.90. The company has a market capitalization of $20.82 billion, a PE ratio of 69.13 and a beta of 1.51. Microchip Technology Incorporated has a fifty-two week low of $34.13 and a fifty-two week high of $100.57. 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 (NASDAQ:MCHP - Get Free Report) last announced 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, research analysts expect that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Monday, February 24th were paid a $0.455 dividend. This represents a $1.82 annualized dividend and a dividend yield of 4.70%. The ex-dividend date was Monday, February 24th. Microchip Technology's dividend payout ratio is currently 325.00%.

Insider Activity at Microchip Technology

In other news, CFO James Eric Bjornholt sold 3,724 shares of the company's stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total transaction of $226,717.12. Following the completion of the transaction, the chief financial officer now owns 33,272 shares in the company, valued at approximately $2,025,599.36. This represents a 10.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.10% of the stock is owned by insiders.

About Microchip Technology

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.