Erste Asset Management GmbH Has $2.25 Million Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Erste Asset Management GmbH reduced its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 43.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 38,516 shares of the semiconductor company’s stock after selling 29,848 shares during the period. Erste Asset Management GmbH’s holdings in Microchip Technology were worth $2,247,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in MCHP. Van ECK Associates Corp boosted its position in Microchip Technology by 39.3% in 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 buying an additional 3,131,807 shares in the last quarter. Franklin Resources Inc. boosted its holdings in shares of Microchip Technology by 30.2% during the 3rd 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 in the last quarter. Charles Schwab Investment Management Inc. grew its position in Microchip Technology by 3.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,143,769 shares of the semiconductor company’s stock worth $180,295,000 after acquiring an additional 116,823 shares during the last quarter. Assenagon Asset Management S.A. increased its holdings in Microchip Technology by 9,901.6% in the 4th quarter. Assenagon Asset Management S.A. now owns 2,857,654 shares of the semiconductor company’s stock worth $163,886,000 after purchasing an additional 2,829,082 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund increased its holdings in Microchip Technology by 20.1% in the 3rd 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 in the last quarter. 91.51% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of the business’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 transaction, the chief financial officer now directly owns 33,272 shares in the company, 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 Securities & Exchange Commission, which is available through the SEC website. 2.10% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

MCHP has been the topic of several research reports. TD Cowen boosted their price target on Microchip Technology from $50.00 to $60.00 and gave the stock a “hold” rating in a report on Tuesday, March 4th. Stifel Nicolaus decreased their price target on shares of Microchip Technology from $90.00 to $87.00 and set a “buy” rating for the company in a research report on Tuesday, December 3rd. Piper Sandler reissued an “overweight” rating and issued a $65.00 price objective (down previously from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Raymond James reaffirmed a “strong-buy” rating and set a $60.00 target price (down from $95.00) on shares of Microchip Technology in a research report on Friday, February 7th. Finally, Needham & Company LLC upped their price target on Microchip Technology from $60.00 to $66.00 and gave the company a “buy” rating in a research report on Tuesday, March 4th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $74.37.

Microchip Technology Stock Up 3.1 %

Shares of NASDAQ:MCHP opened at $53.50 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. Microchip Technology Incorporated has a 52-week low of $50.21 and a 52-week high of $100.57. The business’s 50 day simple moving average is $56.51 and its two-hundred day simple moving average is $65.79. The firm has a market cap of $28.77 billion, a P/E ratio of 95.54 and a beta of 1.52.

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

Microchip Technology Announces Dividend

The firm also recently announced 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 annualized dividend and a dividend yield of 3.40%. The ex-dividend date was Monday, February 24th. Microchip Technology’s payout ratio is presently 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.