Sterling Capital Management LLC Has $96.75 Million Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Sterling Capital Management LLC increased its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 13.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,686,950 shares of the semiconductor company's stock after acquiring an additional 197,709 shares during the period. Microchip Technology comprises approximately 1.3% of Sterling Capital Management LLC's holdings, making the stock its 19th largest holding. Sterling Capital Management LLC owned approximately 0.31% of Microchip Technology worth $96,747,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of MCHP. Mainstream Capital Management LLC bought a new stake in shares of Microchip Technology during the fourth quarter worth $26,000. Rakuten Securities Inc. grew its holdings in Microchip Technology by 309.5% during the 4th quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company's stock worth $27,000 after acquiring an additional 359 shares during the last quarter. OFI Invest Asset Management bought a new stake in Microchip Technology during the 4th quarter worth about $29,000. Financial Life Planners acquired a new stake in Microchip Technology in the 4th quarter valued at about $32,000. Finally, Kohmann Bosshard Financial Services LLC bought a new position in shares of Microchip Technology in the fourth quarter worth about $34,000. 91.51% of the stock is owned by institutional investors and hedge funds.

Microchip Technology Stock Performance

Microchip Technology stock traded down $0.15 during midday trading on Tuesday, reaching $38.73. 6,692,789 shares of the company's stock were exchanged, compared to its average volume of 11,446,524. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.23 and a current ratio of 2.25. The stock's 50-day simple moving average is $51.84 and its 200 day simple moving average is $60.60. The firm has a market cap of $20.83 billion, a price-to-earnings ratio of 69.16 and a beta of 1.51. Microchip Technology Incorporated has a 52 week low of $34.13 and a 52 week high of $100.57.

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

Microchip Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Monday, February 24th were given a dividend of $0.455 per share. The ex-dividend date was Monday, February 24th. This represents a $1.82 annualized dividend and a yield of 4.70%. Microchip Technology's dividend payout ratio (DPR) is presently 325.00%.

Insider Transactions at Microchip Technology

In other news, CFO James Eric Bjornholt sold 3,724 shares of Microchip Technology stock in a transaction on 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 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 2.10% of the company's stock.

Analyst Ratings Changes

A number of analysts recently weighed in on MCHP shares. TD Cowen raised their price target on shares of Microchip Technology from $50.00 to $60.00 and gave the company a "hold" rating in a report on Tuesday, March 4th. Mizuho upped their target price on shares of Microchip Technology from $58.00 to $68.00 and gave the company an "outperform" rating in a research report on Tuesday, March 4th. Evercore ISI raised their price target on Microchip Technology from $65.00 to $71.00 and gave the stock an "outperform" rating in a research report on Tuesday, March 4th. KeyCorp cut their target price 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. Finally, The Goldman Sachs Group dropped their price objective on Microchip Technology from $72.00 to $63.00 and set a "neutral" rating on the stock in a research note on Friday, January 10th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Microchip Technology currently has an average rating of "Moderate Buy" and an average price target of $72.68.

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.