Aristotle Capital Management LLC Trims Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Aristotle Capital Management LLC lowered its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 3.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 14,042,403 shares of the semiconductor company's stock after selling 455,965 shares during the period. Aristotle Capital Management LLC owned about 2.61% of Microchip Technology worth $805,332,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Federated Hermes Inc. boosted its position 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 position in shares of Microchip Technology by 7.3% during the 4th quarter. Lebenthal Global Advisors LLC now owns 3,894 shares of the semiconductor company's stock valued at $223,000 after buying an additional 266 shares in the last quarter. CreativeOne Wealth LLC grew its stake in Microchip Technology by 1.0% in the 4th quarter. CreativeOne Wealth LLC now owns 28,842 shares of the semiconductor company's stock valued at $1,654,000 after acquiring an additional 283 shares during the period. Elmwood Wealth Management Inc. increased its holdings 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 worth $1,179,000 after acquiring an additional 300 shares in the last quarter. Finally, Legacy Financial Advisors Inc. raised its position in 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 acquiring an additional 312 shares during the period. Institutional investors own 91.51% of the company's stock.

Microchip Technology Trading Down 1.1 %

Shares of MCHP stock traded down $0.54 on Tuesday, hitting $47.24. The stock had a trading volume of 6,495,787 shares, compared to its average volume of 8,281,725. The company's 50 day moving average price is $47.70 and its 200-day moving average price is $57.02. Microchip Technology Incorporated has a 1 year low of $34.13 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 firm has a market capitalization of $25.41 billion, a P/E ratio of 84.36 and a beta of 1.42.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last issued its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.15). Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. 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 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 3.85%. The ex-dividend date of this dividend was Monday, February 24th. Microchip Technology's dividend payout ratio is presently 325.00%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Morgan Stanley reduced their price target on shares of Microchip Technology from $71.00 to $58.00 and set an "equal weight" rating for the company in a research report on Tuesday, February 4th. Truist Financial dropped their price target on Microchip Technology from $56.00 to $43.00 and set a "hold" rating for the company in a research report on Monday, April 21st. TD Cowen lifted their target price on shares of Microchip Technology from $50.00 to $60.00 and gave the stock a "hold" rating in a research note on Tuesday, March 4th. Citigroup decreased their price target on shares of Microchip Technology from $65.00 to $50.00 and set a "buy" rating on the stock in a research note on Friday, April 11th. Finally, UBS Group dropped their price objective on shares of Microchip Technology from $70.00 to $55.00 and set a "buy" rating for the company in a research note on Tuesday, April 29th. Two investment 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 stock. According to MarketBeat, Microchip Technology has a consensus rating of "Moderate Buy" and a consensus target price of $66.79.

Insiders Place Their Bets

In related news, CFO James Eric Bjornholt sold 3,724 shares of the company's stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total value of $226,717.12. Following the completion of the transaction, the chief financial officer now directly owns 33,272 shares of the company's stock, valued at $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 available through this hyperlink. 2.10% of the stock is currently owned by company insiders.

Microchip Technology 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.