829,523 Shares in Microchip Technology Incorporated (NASDAQ:MCHP) Purchased by Alyeska Investment Group L.P.

Alyeska Investment Group L.P. acquired a new stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 829,523 shares of the semiconductor company's stock, valued at approximately $47,573,000. Alyeska Investment Group L.P. owned about 0.15% of Microchip Technology at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Federated Hermes Inc. lifted its stake in Microchip Technology by 0.5% during the fourth quarter. Federated Hermes Inc. now owns 39,298 shares of the semiconductor company's stock worth $2,254,000 after purchasing an additional 209 shares in the last quarter. Lebenthal Global Advisors LLC lifted its stake in Microchip Technology by 7.3% during the 4th quarter. Lebenthal Global Advisors LLC now owns 3,894 shares of the semiconductor company's stock worth $223,000 after acquiring an additional 266 shares in the last quarter. CreativeOne Wealth LLC lifted its stake in Microchip Technology by 1.0% during the 4th quarter. CreativeOne Wealth LLC now owns 28,842 shares of the semiconductor company's stock worth $1,654,000 after acquiring an additional 283 shares in the last quarter. Elmwood Wealth Management Inc. grew its position in Microchip Technology by 1.5% in the 4th quarter. Elmwood Wealth Management Inc. now owns 20,558 shares of the semiconductor company's stock valued at $1,179,000 after acquiring an additional 300 shares in the last quarter. Finally, Legacy Financial Advisors Inc. lifted its position in shares of Microchip Technology by 8.1% during the fourth quarter. Legacy Financial Advisors Inc. now owns 4,176 shares of the semiconductor company's stock worth $239,000 after purchasing an additional 312 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on MCHP shares. TD Cowen lifted their price objective on shares of Microchip Technology from $35.00 to $55.00 and gave the company a "hold" rating in a report on Friday. Truist Financial upped their price objective on Microchip Technology from $43.00 to $52.00 and gave the stock a "hold" rating in a research report on Friday. Rosenblatt Securities reissued a "buy" rating and set a $70.00 target price on shares of Microchip Technology in a research note on Tuesday, March 4th. Raymond James upped their price target on Microchip Technology from $60.00 to $65.00 and gave the stock a "strong-buy" rating in a report on Friday. Finally, Bank of America upgraded shares of Microchip Technology from an "underperform" rating to a "neutral" rating and set a $56.00 price target for the company in a report on Friday. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $67.42.

Insider Buying and Selling

In other news, CFO James Eric Bjornholt sold 3,724 shares of Microchip Technology 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 directly owns 33,272 shares in the company, valued at approximately $2,025,599.36. This trade represents a 10.07 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.10% of the stock is owned by insiders.

Microchip Technology Stock Performance

Shares of MCHP stock traded up $5.61 during mid-day trading on Friday, hitting $54.75. The stock had a trading volume of 13,975,036 shares, compared to its average volume of 11,302,273. The firm has a market cap of $29.45 billion, a PE ratio of 97.77 and a beta of 1.42. The company's 50-day simple moving average is $47.11 and its 200-day simple moving average is $56.71. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23. Microchip Technology Incorporated has a fifty-two week low of $34.13 and a fifty-two week high of $100.57.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The semiconductor company reported $0.11 EPS for the quarter, beating analysts' consensus estimates of $0.10 by $0.01. Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. The firm had revenue of $970.50 million during the quarter, compared to the consensus estimate of $962.86 million. During the same quarter last year, the firm earned $0.57 earnings per share. The firm's revenue was down 26.8% compared to the same quarter last year. Sell-side analysts anticipate that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Thursday, May 22nd will be paid a $0.455 dividend. This represents a $1.82 annualized dividend and a dividend yield of 3.32%. Microchip Technology's dividend payout ratio (DPR) is 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.