Motco Purchases 68,485 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Motco boosted its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 62.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 178,208 shares of the semiconductor company’s stock after purchasing an additional 68,485 shares during the period. Motco’s holdings in Microchip Technology were worth $10,220,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in the company. Prospera Private Wealth LLC purchased a new position in shares of Microchip Technology during the third quarter worth approximately $29,000. Financial Life Planners purchased a new position in shares of Microchip Technology during the fourth quarter worth approximately $32,000. Peterson Financial Group Inc. purchased a new position in shares of Microchip Technology during the third quarter worth approximately $34,000. Truvestments Capital LLC purchased a new position in shares of Microchip Technology during the third quarter worth approximately $34,000. Finally, Hobbs Group Advisors LLC increased its position in shares of Microchip Technology by 390.6% during the third quarter. Hobbs Group Advisors LLC now owns 628 shares of the semiconductor company’s stock worth $50,000 after acquiring an additional 500 shares during the period. Institutional investors own 91.51% of the company’s stock.

Insider Transactions 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 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 represents a 10.07 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.10% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on MCHP. Rosenblatt Securities reaffirmed a “buy” rating and set a $90.00 target price on shares of Microchip Technology in a research report on Thursday, February 6th. TD Cowen cut their price objective on shares of Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a report on Wednesday, November 6th. Mizuho cut their price objective on shares of Microchip Technology from $85.00 to $72.00 and set an “outperform” rating on the stock in a report on Friday, January 10th. Bank of America lowered shares of Microchip Technology from a “neutral” rating to an “underperform” rating and cut their price objective for the company from $80.00 to $65.00 in a report on Monday, December 16th. Finally, B. Riley reissued a “buy” rating and set a $75.00 price objective (down from $85.00) on shares of Microchip Technology in a report on Friday, February 7th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $77.11.

Microchip Technology Trading Down 4.4 %

NASDAQ MCHP opened at $57.12 on Friday. Microchip Technology Incorporated has a 1 year low of $50.21 and a 1 year high of $100.57. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23. The company has a fifty day moving average of $56.87 and a 200 day moving average of $67.64. The company has a market capitalization of $30.72 billion, a PE ratio of 102.00 and a beta of 1.50.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data 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%. Research analysts forecast that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Monday, February 24th will be paid a dividend of $0.455 per share. The ex-dividend date is Monday, February 24th. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.19%. Microchip Technology’s dividend payout ratio is currently 325.00%.

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.