Simplicity Wealth LLC Sells 3,347 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Simplicity Wealth LLC reduced its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 37.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,525 shares of the semiconductor company’s stock after selling 3,347 shares during the period. Simplicity Wealth LLC’s holdings in Microchip Technology were worth $317,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Van ECK Associates Corp lifted its position in Microchip Technology by 39.3% during the fourth quarter. Van ECK Associates Corp now owns 11,093,007 shares of the semiconductor company’s stock valued at $636,184,000 after purchasing an additional 3,131,807 shares in the last quarter. Franklin Resources Inc. raised its holdings in Microchip Technology by 30.2% during the third quarter. Franklin Resources Inc. now owns 3,347,643 shares of the semiconductor company’s stock valued at $264,430,000 after acquiring an additional 776,408 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Microchip Technology by 3.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,143,769 shares of the semiconductor company’s stock valued at $180,295,000 after acquiring an additional 116,823 shares during the period. Assenagon Asset Management S.A. raised its holdings in Microchip Technology by 9,901.6% during the fourth quarter. Assenagon Asset Management S.A. now owns 2,857,654 shares of the semiconductor company’s stock valued at $163,886,000 after acquiring an additional 2,829,082 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund increased its holdings in shares of Microchip Technology by 20.1% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,751,987 shares of the semiconductor company’s stock worth $220,957,000 after purchasing an additional 460,697 shares during the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

MCHP has been the topic of several research reports. Piper Sandler reaffirmed an “overweight” rating and issued a $65.00 target price (down from $85.00) on shares of Microchip Technology in a report on Friday, February 7th. Stifel Nicolaus dropped their target price on Microchip Technology from $90.00 to $87.00 and set a “buy” rating for the company in a research report on Tuesday, December 3rd. The Goldman Sachs Group dropped their target price on Microchip Technology from $72.00 to $63.00 and set a “neutral” rating for the company in a research report on Friday, January 10th. 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 report on Tuesday, March 4th. Finally, Bank of America lowered Microchip Technology from a “neutral” rating to an “underperform” rating and dropped their target price for the company from $80.00 to $65.00 in a research report on Monday, December 16th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $74.37.

Microchip Technology Stock Down 10.6 %

Microchip Technology stock opened at $53.45 on Tuesday. The business has a fifty day moving average of $56.90 and a two-hundred day moving average of $66.38. 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 firm has a market cap of $28.75 billion, a P/E ratio of 95.45 and a beta of 1.52. Microchip Technology Incorporated has a twelve month low of $50.21 and a twelve month high of $100.57.

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 return on equity of 12.62% and a net margin of 6.49%. On average, analysts forecast that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Monday, February 24th were given a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.41%. The ex-dividend date of this dividend was Monday, February 24th. Microchip Technology’s payout ratio is presently 325.00%.

Insider Transactions at Microchip Technology

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

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.