Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Alliancebernstein L.P.

Alliancebernstein L.P. cut its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 4.2% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 613,786 shares of the semiconductor company’s stock after selling 27,013 shares during the quarter. Alliancebernstein L.P. owned about 0.11% of Microchip Technology worth $35,201,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the company. Coldstream Capital Management Inc. increased its position in Microchip Technology by 2.4% in the 3rd quarter. Coldstream Capital Management Inc. now owns 11,052 shares of the semiconductor company’s stock valued at $878,000 after acquiring an additional 260 shares during the period. EP Wealth Advisors LLC increased its holdings in shares of Microchip Technology by 1.8% during the third quarter. EP Wealth Advisors LLC now owns 14,725 shares of the semiconductor company’s stock valued at $1,182,000 after purchasing an additional 264 shares during the period. Lebenthal Global Advisors LLC raised its stake 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. Elmwood Wealth Management Inc. lifted its holdings in 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 purchasing an additional 300 shares during the period. Finally, Stratos Wealth Partners LTD. grew its position in Microchip Technology by 7.4% in the 4th quarter. Stratos Wealth Partners LTD. now owns 4,680 shares of the semiconductor company’s stock valued at $268,000 after buying an additional 321 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Stock Down 11.0 %

Shares of MCHP opened at $36.22 on Friday. 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 50-day simple moving average of $54.29 and a 200-day simple moving average of $62.76. Microchip Technology Incorporated has a 52 week low of $36.10 and a 52 week high of $100.57. The firm has a market capitalization of $19.48 billion, a P/E ratio of 64.68 and a beta of 1.51.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Thursday, February 6th. The semiconductor company reported $0.13 EPS 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%. On average, equities research analysts expect that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Monday, February 24th were given a dividend of $0.455 per share. The ex-dividend date was Monday, February 24th. This represents a $1.82 annualized dividend and a dividend yield of 5.02%. Microchip Technology’s dividend payout ratio (DPR) is presently 325.00%.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Raymond James reaffirmed a “strong-buy” rating and issued a $60.00 price target (down from $95.00) on shares of Microchip Technology in a research note on Friday, February 7th. KeyCorp decreased their price target on Microchip Technology from $70.00 to $60.00 and set an “overweight” rating for the company in a research note on Friday, February 7th. Evercore ISI boosted their price objective on Microchip Technology from $65.00 to $71.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 4th. Mizuho raised their target price on Microchip Technology from $58.00 to $68.00 and gave the company an “outperform” rating in a research note on Tuesday, March 4th. Finally, Needham & Company LLC lifted their price objective on shares of Microchip Technology from $60.00 to $66.00 and gave the stock a “buy” rating in a research note on Tuesday, March 4th. Two analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $74.37.

Insiders Place Their Bets

In other news, CFO James Eric Bjornholt sold 3,724 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total transaction of $226,717.12. Following the completion of the sale, the chief financial officer now owns 33,272 shares of the company’s stock, valued at approximately $2,025,599.36. This trade represents a 10.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 2.10% of the company’s stock.

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.