Voya Investment Management LLC Sells 972,633 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Voya Investment Management LLC cut its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 50.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 958,695 shares of the semiconductor company’s stock after selling 972,633 shares during the period. Voya Investment Management LLC owned 0.18% of Microchip Technology worth $54,981,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. Federated Hermes Inc. grew its stake in Microchip Technology by 0.5% during the fourth quarter. Federated Hermes Inc. now owns 39,298 shares of the semiconductor company’s stock valued at $2,254,000 after acquiring an additional 209 shares in the last quarter. Lebenthal Global Advisors LLC grew its position in shares of Microchip Technology by 7.3% during the fourth quarter. Lebenthal Global Advisors LLC now owns 3,894 shares of the semiconductor company’s stock valued at $223,000 after purchasing an additional 266 shares in the last quarter. CreativeOne Wealth LLC increased its holdings in shares of Microchip Technology by 1.0% in the fourth quarter. CreativeOne Wealth LLC now owns 28,842 shares of the semiconductor company’s stock worth $1,654,000 after purchasing an additional 283 shares during the last quarter. Elmwood Wealth Management Inc. lifted its position in shares of Microchip Technology by 1.5% in the fourth quarter. Elmwood Wealth Management Inc. now owns 20,558 shares of the semiconductor company’s stock worth $1,179,000 after buying an additional 300 shares in the last quarter. Finally, Legacy Financial Advisors Inc. boosted its stake in Microchip Technology by 8.1% during the fourth quarter. Legacy Financial Advisors Inc. now owns 4,176 shares of the semiconductor company’s stock valued at $239,000 after buying an additional 312 shares during the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling 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 value of $226,717.12. Following the transaction, the chief financial officer now directly owns 33,272 shares in the company, valued at approximately $2,025,599.36. This trade represents a 10.07 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 2.10% of the company’s stock.

Wall Street Analyst Weigh In

MCHP has been the topic of several recent research reports. Mizuho upped their price objective on Microchip Technology from $58.00 to $68.00 and gave the stock an “outperform” rating in a report on Tuesday, March 4th. Evercore ISI increased their price objective on shares of Microchip Technology from $65.00 to $71.00 and gave the company an “outperform” rating in a research report on Tuesday, March 4th. TD Cowen boosted their target price on shares of Microchip Technology from $50.00 to $60.00 and gave the stock a “hold” rating in a report on Tuesday, March 4th. Morgan Stanley lowered their price target on shares of Microchip Technology from $71.00 to $58.00 and set an “equal weight” rating for the company in a report on Tuesday, February 4th. Finally, KeyCorp decreased their price objective on Microchip Technology from $70.00 to $60.00 and set an “overweight” rating on the stock in a research report on Friday, February 7th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $69.32.

Microchip Technology Stock Performance

Shares of NASDAQ:MCHP opened at $46.89 on Friday. The firm’s 50 day simple moving average is $49.48 and its 200-day simple moving average is $58.56. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.23 and a current ratio of 2.25. Microchip Technology Incorporated has a one year low of $34.13 and a one year high of $100.57. The firm has a market cap of $25.22 billion, a PE ratio of 83.73 and a beta of 1.51.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.15). Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. As a group, equities analysts predict that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Monday, February 24th were issued a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a yield of 3.88%. The ex-dividend date was Monday, February 24th. Microchip Technology’s payout ratio is 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.