Advisory Services Network LLC Has $2.92 Million Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Advisory Services Network LLC lowered its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 5.7% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 32,396 shares of the semiconductor company’s stock after selling 1,946 shares during the quarter. Advisory Services Network LLC’s holdings in Microchip Technology were worth $2,921,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Principal Financial Group Inc. lifted its position in Microchip Technology by 0.9% in the fourth quarter. Principal Financial Group Inc. now owns 9,279,166 shares of the semiconductor company’s stock worth $836,795,000 after purchasing an additional 87,203 shares during the period. Northern Trust Corp raised its stake in shares of Microchip Technology by 1.1% in the 3rd quarter. Northern Trust Corp now owns 7,521,409 shares of the semiconductor company’s stock valued at $587,046,000 after buying an additional 80,431 shares in the last quarter. Norges Bank bought a new position in shares of Microchip Technology during the 4th quarter worth about $672,196,000. Van ECK Associates Corp boosted its position in shares of Microchip Technology by 16.0% during the 4th quarter. Van ECK Associates Corp now owns 5,177,014 shares of the semiconductor company’s stock valued at $466,863,000 after acquiring an additional 714,376 shares in the last quarter. Finally, Mizuho Markets Americas LLC acquired a new stake in shares of Microchip Technology during the 3rd quarter valued at about $225,800,000. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Trading Up 0.1 %

MCHP stock opened at $98.23 on Monday. The company has a quick ratio of 0.67, a current ratio of 1.20 and a debt-to-equity ratio of 0.75. Microchip Technology Incorporated has a twelve month low of $68.75 and a twelve month high of $100.57. The company has a market cap of $52.74 billion, a P/E ratio of 28.31 and a beta of 1.60. The business has a fifty day moving average of $90.19 and a 200-day moving average of $87.33.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Monday, May 6th. The semiconductor company reported $0.57 earnings per share for the quarter, hitting the consensus estimate of $0.57. The firm had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.33 billion. Microchip Technology had a return on equity of 36.78% and a net margin of 24.98%. The company’s quarterly revenue was down 40.6% compared to the same quarter last year. During the same period in the previous year, the business posted $1.56 EPS. As a group, equities research analysts expect that Microchip Technology Incorporated will post 2.38 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 5th. Shareholders of record on Wednesday, May 22nd will be paid a $0.452 dividend. The ex-dividend date is Tuesday, May 21st. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.81 dividend on an annualized basis and a yield of 1.84%. Microchip Technology’s dividend payout ratio (DPR) is presently 52.16%.

Insiders Place Their Bets

In other news, CFO James Eric Bjornholt sold 3,188 shares of the stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $99.98, for a total value of $318,736.24. Following the transaction, the chief financial officer now owns 33,257 shares of the company’s stock, valued at approximately $3,325,034.86. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, VP Stephen V. Drehobl sold 7,830 shares of the business’s stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $95.06, for a total transaction of $744,319.80. Following the completion of the transaction, the vice president now owns 79,509 shares in the company, valued at $7,558,125.54. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO James Eric Bjornholt sold 3,188 shares of the stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $99.98, for a total transaction of $318,736.24. Following the completion of the sale, the chief financial officer now owns 33,257 shares in the company, valued at $3,325,034.86. The disclosure for this sale can be found here. In the last 90 days, insiders sold 21,018 shares of company stock valued at $1,971,856. Company insiders own 2.07% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Needham & Company LLC raised their price target on shares of Microchip Technology from $90.00 to $100.00 and gave the stock a “buy” rating in a research note on Tuesday, May 7th. KeyCorp raised their target price on Microchip Technology from $90.00 to $110.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 7th. TD Cowen upped their price target on Microchip Technology from $80.00 to $90.00 and gave the company a “hold” rating in a research report on Tuesday, May 7th. Jefferies Financial Group started coverage on Microchip Technology in a report on Monday, May 13th. They set a “buy” rating and a $115.00 price objective for the company. Finally, UBS Group upped their target price on shares of Microchip Technology from $95.00 to $103.00 and gave the stock a “buy” rating in a report on Tuesday, May 7th. Five equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Microchip Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $101.06.

Microchip Technology Company Profile

Microchip Technology Incorporated develops, manufactures, and sells 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 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.