Envestnet Portfolio Solutions Inc. Increases Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Envestnet Portfolio Solutions Inc. lifted its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 2.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 116,940 shares of the semiconductor company’s stock after buying an additional 2,789 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Microchip Technology were worth $6,706,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. United Bank boosted its position in Microchip Technology by 21.0% in the third quarter. United Bank now owns 9,871 shares of the semiconductor company’s stock worth $793,000 after purchasing an additional 1,712 shares during the last quarter. GSA Capital Partners LLP purchased a new position in Microchip Technology in the third quarter worth $548,000. OneDigital Investment Advisors LLC boosted its position in Microchip Technology by 6.7% in the third quarter. OneDigital Investment Advisors LLC now owns 4,458 shares of the semiconductor company’s stock worth $358,000 after purchasing an additional 280 shares during the last quarter. Natixis Advisors LLC boosted its position in Microchip Technology by 35.8% in the third quarter. Natixis Advisors LLC now owns 488,263 shares of the semiconductor company’s stock worth $39,203,000 after purchasing an additional 128,809 shares during the last quarter. Finally, Glass Wealth Management Co LLC boosted its position in Microchip Technology by 10.5% in the third quarter. Glass Wealth Management Co LLC now owns 27,012 shares of the semiconductor company’s stock worth $2,169,000 after purchasing an additional 2,575 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Insider Transactions at Microchip Technology

In other news, CFO James Eric Bjornholt sold 3,724 shares of the company’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 approximately $2,025,599.36. This represents a 10.07 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.10% of the company’s stock.

Microchip Technology Price Performance

Shares of NASDAQ MCHP opened at $55.26 on Tuesday. The firm has a market capitalization of $29.72 billion, a P/E ratio of 98.68 and a beta of 1.52. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12. The stock’s 50-day simple moving average is $56.45 and its two-hundred day simple moving average is $65.40. Microchip Technology Incorporated has a twelve month low of $50.21 and a twelve month high of $100.57.

Microchip Technology (NASDAQ:MCHP) last announced its 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 return on equity of 12.62% and a net margin of 6.49%. As a group, equities analysts anticipate that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Monday, February 24th were issued a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.29%. The ex-dividend date of this dividend was Monday, February 24th. Microchip Technology’s payout ratio is currently 325.00%.

Analyst Ratings Changes

Several research analysts have weighed in on MCHP shares. Stifel Nicolaus cut their price objective on Microchip Technology from $90.00 to $87.00 and set a “buy” rating on the stock in a research report on Tuesday, December 3rd. Rosenblatt Securities restated a “buy” rating and issued a $70.00 target price on shares of Microchip Technology in a research note on Tuesday, March 4th. Needham & Company LLC boosted their target price on Microchip Technology from $60.00 to $66.00 and gave the company a “buy” rating in a research note on Tuesday, March 4th. Evercore ISI boosted their target price on Microchip Technology from $65.00 to $71.00 and gave the company an “outperform” rating in a research note on Tuesday, March 4th. Finally, Bank of America lowered Microchip Technology from a “neutral” rating to an “underperform” rating and lowered their target price for the company from $80.00 to $65.00 in a research note on Monday, December 16th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $74.37.

About Microchip Technology

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.