QRG Capital Management Inc. Has $6.70 Million Position in Microchip Technology Incorporated (NASDAQ:MCHP)

QRG Capital Management Inc. lowered its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 9.6% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 116,788 shares of the semiconductor company’s stock after selling 12,347 shares during the period. QRG Capital Management Inc.’s holdings in Microchip Technology were worth $6,698,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of MCHP. Prospera Private Wealth LLC acquired a new stake in shares of Microchip Technology during the 3rd quarter valued at $29,000. Financial Life Planners acquired a new stake in shares of Microchip Technology in the 4th quarter valued at $32,000. Peterson Financial Group Inc. acquired a new stake in shares of Microchip Technology in the 3rd quarter valued at $34,000. Truvestments Capital LLC acquired a new stake in shares of Microchip Technology in the 3rd quarter valued at $34,000. Finally, Hobbs Group Advisors LLC lifted its stake in shares of Microchip Technology by 390.6% in the 3rd quarter. Hobbs Group Advisors LLC now owns 628 shares of the semiconductor company’s stock valued at $50,000 after purchasing an additional 500 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on MCHP. KeyCorp reduced their price objective on shares of Microchip Technology from $70.00 to $60.00 and set an “overweight” rating for the company in a research note on Friday, February 7th. TD Cowen reduced their price objective on shares of Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a research note on Wednesday, November 6th. B. Riley reaffirmed a “buy” rating and issued a $75.00 price objective (down previously from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Needham & Company LLC reduced their price objective on shares of Microchip Technology from $85.00 to $60.00 and set a “buy” rating for the company in a research note on Friday, February 7th. Finally, Citigroup reduced their price objective on shares of Microchip Technology from $92.00 to $82.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $77.11.

Insider Activity at Microchip Technology

In related news, CFO James Eric Bjornholt sold 3,724 shares of the company’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total value of $226,717.12. Following the sale, the chief financial officer now owns 33,272 shares of the company’s stock, valued at $2,025,599.36. The trade was a 10.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 2.10% of the stock is currently owned by insiders.

Microchip Technology Stock Performance

NASDAQ:MCHP opened at $58.86 on Friday. The firm’s 50-day moving average is $56.94 and its 200-day moving average is $67.52. Microchip Technology Incorporated has a 52-week low of $50.21 and a 52-week high of $100.57. 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 market cap of $31.66 billion, a price-to-earnings ratio of 105.11 and a beta of 1.50.

Microchip Technology (NASDAQ:MCHP) last posted 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 net margin of 6.49% and a return on equity of 12.62%. Equities research analysts anticipate that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Monday, February 24th will be paid a $0.455 dividend. The ex-dividend date is Monday, February 24th. This represents a $1.82 dividend on an annualized basis and a yield of 3.09%. Microchip Technology’s payout ratio is currently 325.00%.

Microchip Technology Company 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.