Sei Investments Co. Cuts Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Sei Investments Co. cut its stake in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 26.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 979,809 shares of the semiconductor company's stock after selling 347,389 shares during the quarter. Sei Investments Co. owned 0.18% of Microchip Technology worth $56,192,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of the stock. Truvestments Capital LLC bought a new stake in shares of Microchip Technology in the 3rd quarter worth $34,000. Mainstream Capital Management LLC bought a new stake in Microchip Technology in the 4th quarter worth about $26,000. Rakuten Securities Inc. grew its position in Microchip Technology by 309.5% in the 4th quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company's stock worth $27,000 after purchasing an additional 359 shares in the last quarter. OFI Invest Asset Management purchased a new stake in Microchip Technology in the 4th quarter valued at about $29,000. Finally, Financial Life Planners bought a new position in shares of Microchip Technology during the 4th quarter worth approximately $32,000. Institutional investors own 91.51% of the company's stock.

Insider Transactions at Microchip Technology

In other news, CFO James Eric Bjornholt sold 3,724 shares of the business's 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 transaction, the chief financial officer now owns 33,272 shares of the company's stock, valued at approximately $2,025,599.36. The trade was a 10.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.10% of the company's stock.

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Analysts Set New Price Targets

MCHP has been the subject of a number of research analyst reports. Raymond James reaffirmed a "strong-buy" rating and set a $60.00 price target (down from $95.00) on shares of Microchip Technology in a research report on Friday, February 7th. TD Cowen raised their target price on Microchip Technology from $50.00 to $60.00 and gave the company a "hold" rating in a research report on Tuesday, March 4th. KeyCorp cut their price target 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. StockNews.com downgraded shares of Microchip Technology from a "hold" rating to a "sell" rating in a report on Monday, February 10th. Finally, Piper Sandler reaffirmed an "overweight" rating and issued a $65.00 price objective (down previously from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. Two analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Microchip Technology has an average rating of "Moderate Buy" and a consensus price target of $74.37.

Microchip Technology Stock Performance

Shares of NASDAQ:MCHP traded down $1.38 during midday trading on Thursday, reaching $50.79. 5,488,507 shares of the company traded hands, compared to its average volume of 7,044,717. The firm's fifty day moving average price is $55.94 and its two-hundred day moving average price is $64.26. The firm has a market capitalization of $27.32 billion, a price-to-earnings ratio of 90.70 and a beta of 1.52. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12. Microchip Technology Incorporated has a 12 month low of $49.92 and a 12 month high of $100.57.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced its quarterly 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%. On average, equities analysts expect that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Announces Dividend

The company also recently declared 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. The ex-dividend date of this dividend was Monday, February 24th. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.58%. Microchip Technology's dividend payout ratio (DPR) 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.