Wellington Management Group LLP Cuts Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Wellington Management Group LLP lessened its holdings in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 73.2% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,241,180 shares of the semiconductor company's stock after selling 3,389,846 shares during the period. Wellington Management Group LLP owned approximately 0.23% of Microchip Technology worth $71,182,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the company. Mainstream Capital Management LLC purchased a new stake in Microchip Technology during the fourth quarter worth about $26,000. Rakuten Securities Inc. increased its position 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 worth $27,000 after acquiring an additional 359 shares in the last quarter. OFI Invest Asset Management purchased a new position in shares of Microchip Technology in the fourth quarter valued at $29,000. Financial Life Planners bought a new position in Microchip Technology during the 4th quarter valued at $32,000. Finally, Kohmann Bosshard Financial Services LLC acquired a new position in shares of Microchip Technology in the 4th quarter valued at about $34,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Microchip Technology

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

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Microchip Technology Trading Down 12.2 %

NASDAQ:MCHP traded down $5.49 during trading hours on Thursday, hitting $39.41. The stock had a trading volume of 5,647,386 shares, compared to its average volume of 7,832,752. Microchip Technology Incorporated has a one year low of $34.13 and a one year 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. The company has a market cap of $21.19 billion, a price-to-earnings ratio of 70.59 and a beta of 1.51. The business's 50 day moving average is $52.68 and its 200-day moving average is $61.56.

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%. Sell-side analysts anticipate that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Monday, February 24th were paid a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a dividend yield of 4.62%. The ex-dividend date was Monday, February 24th. Microchip Technology's dividend payout ratio (DPR) is presently 325.00%.

Analyst Ratings Changes

A number of analysts have commented on MCHP shares. Mizuho boosted their price target on shares of Microchip Technology from $58.00 to $68.00 and gave the stock an "outperform" rating in a research report on Tuesday, March 4th. Needham & Company LLC upped their target price on shares of Microchip Technology from $60.00 to $66.00 and gave the stock a "buy" rating in a report on Tuesday, March 4th. The Goldman Sachs Group lowered their target price on Microchip Technology from $72.00 to $63.00 and set a "neutral" rating for the company in a research note on Friday, January 10th. StockNews.com downgraded Microchip Technology from a "hold" rating to a "sell" rating in a report on Monday, February 10th. Finally, TD Cowen boosted their price target on Microchip Technology from $50.00 to $60.00 and gave the company a "hold" rating in a research note on Tuesday, March 4th. Two equities research analysts have rated the stock with a sell rating, four have assigned 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, the company has a consensus rating of "Moderate Buy" and a consensus target price of $74.37.

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.