Boston Partners trimmed its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP – Free Report) by 6.3% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 15,208,270 shares of the semiconductor company’s stock after selling 1,026,062 shares during the quarter. Microchip Technology accounts for approximately 1.0% of Boston Partners’ portfolio, making the stock its 13th biggest holding. Boston Partners’ holdings in Microchip Technology were worth $974,180,000 at the end of the most recent quarter.
Several other large investors also recently added to or reduced their stakes in the business. Dynamic Technology Lab Private Ltd grew its position in Microchip Technology by 130.2% during the fourth quarter. Dynamic Technology Lab Private Ltd now owns 12,459 shares of the semiconductor company’s stock valued at $794,000 after buying an additional 7,046 shares during the period. Caitong International Asset Management Co. Ltd lifted its holdings in Microchip Technology by 4,663.6% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 524 shares of the semiconductor company’s stock valued at $33,000 after purchasing an additional 513 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Microchip Technology by 0.4% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,909,799 shares of the semiconductor company’s stock valued at $185,412,000 after purchasing an additional 10,295 shares in the last quarter. Gagnon Securities LLC lifted its holdings in shares of Microchip Technology by 0.5% in the fourth quarter. Gagnon Securities LLC now owns 27,162 shares of the semiconductor company’s stock worth $1,731,000 after buying an additional 137 shares in the last quarter. Finally, Wealthspire Advisors LLC lifted its holdings in shares of Microchip Technology by 883.8% in the fourth quarter. Wealthspire Advisors LLC now owns 3,591 shares of the semiconductor company’s stock worth $229,000 after buying an additional 3,226 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors.
Microchip Technology Stock Performance
MCHP stock opened at $95.24 on Friday. The firm has a market cap of $51.63 billion, a price-to-earnings ratio of 453.55, a PEG ratio of 0.98 and a beta of 1.73. The firm has a 50-day simple moving average of $87.85 and a two-hundred day simple moving average of $75.61. Microchip Technology Incorporated has a one year low of $48.52 and a one year high of $105.91. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.18 and a current ratio of 2.09.
Microchip Technology Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, June 5th. Stockholders of record on Friday, May 22nd were paid a dividend of $0.455 per share. The ex-dividend date of this dividend was Friday, May 22nd. This represents a $1.82 dividend on an annualized basis and a dividend yield of 1.9%. Microchip Technology’s dividend payout ratio (DPR) is presently 866.67%.
Analysts Set New Price Targets
MCHP has been the topic of several research analyst reports. Wells Fargo & Company boosted their target price on shares of Microchip Technology from $75.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday, May 8th. UBS Group restated a “buy” rating on shares of Microchip Technology in a research report on Tuesday, June 2nd. Barclays boosted their price target on shares of Microchip Technology from $80.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Monday, May 11th. Zacks Research upgraded shares of Microchip Technology from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 12th. Finally, Citigroup boosted their price target on shares of Microchip Technology from $91.00 to $113.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Four investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, Microchip Technology currently has an average rating of “Moderate Buy” and an average price target of $98.18.
Read Our Latest Stock Analysis on MCHP
Insider Activity
In other news, COO Richard J. Simoncic sold 5,000 shares of the stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $97.52, for a total transaction of $487,600.00. Following the transaction, the chief operating officer owned 130,508 shares in the company, valued at $12,727,140.16. This trade represents a 3.69% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Steve Sanghi sold 76,469 shares of Microchip Technology stock in a transaction on Friday, May 1st. The stock was sold at an average price of $93.58, for a total transaction of $7,155,969.02. Following the sale, the chief executive officer directly owned 9,385,834 shares in the company, valued at approximately $878,326,345.72. This trade represents a 0.81% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 553,302 shares of company stock worth $49,673,635 over the last 90 days. Company insiders own 1.94% of the company’s stock.
About Microchip Technology
Microchip Technology Inc is a semiconductor company headquartered in Chandler, Arizona, that designs, develops and supplies a broad portfolio of embedded control and analog semiconductors. Its product lineup centers on microcontrollers (including the well-known PIC family), digital signal controllers and associated development tools and software, along with a range of mixed-signal and analog devices, nonvolatile memory, power management, timing, interface, wireless and security products. The company also provides integrated hardware and software solutions intended to simplify embedded design and accelerate time to market for OEMs and contract manufacturers.
Microchip’s products are used across a wide range of end markets, including automotive, industrial automation, consumer electronics, communications, aerospace and defense, and Internet of Things (IoT) applications.
Featured Stories
- Five stocks we like better than Microchip Technology
- SpaceX Rings the Bell and Shatters Every Record
- Adobe Stock Just Got Cheaper—Is Wall Street Missing the Story?
- 3 Dividend Stocks Under $50 That Pay You to Wait Out Inflation
- The 127-Gigawatt Problem: Why AI Needs Its Own Power
Want to see what other hedge funds are holding MCHP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Microchip Technology Incorporated (NASDAQ:MCHP – Free Report).
Receive News & Ratings for Microchip Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Microchip Technology and related companies with MarketBeat.com's FREE daily email newsletter.
