Strategy Asset Managers LLC Has $6.67 Million Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Strategy Asset Managers LLC decreased its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 17.1% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 83,007 shares of the semiconductor company's stock after selling 17,134 shares during the period. Microchip Technology accounts for 1.3% of Strategy Asset Managers LLC's investment portfolio, making the stock its 25th biggest position. Strategy Asset Managers LLC's holdings in Microchip Technology were worth $6,665,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently made changes to their positions in the stock. Edgestream Partners L.P. purchased a new position in shares of Microchip Technology during the 1st quarter worth $871,000. Bessemer Group Inc. lifted its holdings in shares of Microchip Technology by 15.2% during the 1st quarter. Bessemer Group Inc. now owns 42,430 shares of the semiconductor company's stock worth $3,806,000 after acquiring an additional 5,597 shares during the period. CANADA LIFE ASSURANCE Co grew its holdings in Microchip Technology by 16.4% in the first quarter. CANADA LIFE ASSURANCE Co now owns 492,935 shares of the semiconductor company's stock valued at $44,211,000 after purchasing an additional 69,398 shares during the period. Natixis increased its position in Microchip Technology by 346.5% during the first quarter. Natixis now owns 43,133 shares of the semiconductor company's stock worth $3,869,000 after purchasing an additional 33,473 shares during the last quarter. Finally, CreativeOne Wealth LLC boosted its holdings in shares of Microchip Technology by 16.7% in the 1st quarter. CreativeOne Wealth LLC now owns 30,135 shares of the semiconductor company's stock valued at $2,703,000 after purchasing an additional 4,320 shares during the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of the business's stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $81.50, for a total value of $175,551.00. Following the transaction, the chief financial officer now owns 33,257 shares of the company's stock, valued at approximately $2,710,445.50. The trade was a 6.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 2.10% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Rosenblatt Securities reiterated a "buy" rating and issued a $90.00 target price on shares of Microchip Technology in a report on Wednesday, November 6th. B. Riley cut their price objective on Microchip Technology from $110.00 to $103.00 and set a "buy" rating on the stock in a research note on Friday, August 2nd. Bank of America cut Microchip Technology from a "buy" rating to a "neutral" rating and dropped their price target for the stock from $110.00 to $90.00 in a research report on Friday, August 2nd. Truist Financial downgraded shares of Microchip Technology from a "buy" rating to a "hold" rating and reduced their price target for the company from $89.00 to $80.00 in a report on Monday, September 23rd. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Microchip Technology from $110.00 to $100.00 and set an "overweight" rating on the stock in a report on Friday, August 2nd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $92.00.

Microchip Technology Stock Down 1.6 %

Shares of MCHP traded down $1.06 during trading hours on Wednesday, reaching $63.82. The company's stock had a trading volume of 1,983,040 shares, compared to its average volume of 6,014,650. The company has a 50 day moving average of $75.24 and a two-hundred day moving average of $83.67. Microchip Technology Incorporated has a 1-year low of $62.63 and a 1-year high of $100.57. The firm has a market cap of $34.27 billion, a price-to-earnings ratio of 45.37 and a beta of 1.53. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.43 by $0.03. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The firm had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter last year, the firm posted $1.54 EPS. The business's quarterly revenue was down 48.4% on a year-over-year basis. As a group, research analysts predict that Microchip Technology Incorporated will post 1.38 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be paid a dividend of $0.455 per share. This is a boost from Microchip Technology's previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 2.85%. Microchip Technology's dividend payout ratio (DPR) is currently 127.27%.

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.