Baird Financial Group Inc. Sells 491,854 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Baird Financial Group Inc. decreased its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 41.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 684,728 shares of the semiconductor company's stock after selling 491,854 shares during the quarter. Baird Financial Group Inc. owned about 0.13% of Microchip Technology worth $39,269,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in MCHP. Mainstream Capital Management LLC bought a new stake in shares of Microchip Technology during the 4th quarter valued at $26,000. Rakuten Securities Inc. grew its holdings in Microchip Technology by 309.5% during the 4th quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company's stock valued at $27,000 after buying an additional 359 shares in the last quarter. OFI Invest Asset Management purchased a new position in Microchip Technology during the 4th quarter valued at about $29,000. Financial Life Planners purchased a new stake in shares of Microchip Technology in the fourth quarter worth about $32,000. Finally, Kohmann Bosshard Financial Services LLC purchased a new stake in shares of Microchip Technology in the fourth quarter worth about $34,000. Hedge funds and other institutional investors own 91.51% of the company's stock.

Insider Buying and Selling

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of the 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 sale, the chief financial officer now 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 filing with the SEC, which can be accessed through the SEC website. 2.10% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on MCHP shares. UBS Group decreased their target price on shares of Microchip Technology from $70.00 to $55.00 and set a "buy" rating on the stock in a report on Tuesday, April 29th. B. Riley reiterated a "buy" rating and issued a $75.00 price objective (down previously from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. Truist Financial reduced their target price 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. Rosenblatt Securities reaffirmed a "buy" rating and issued a $70.00 price target on shares of Microchip Technology in a report on Tuesday, March 4th. Finally, Citigroup dropped their price target on Microchip Technology from $65.00 to $50.00 and set a "buy" rating for the company in a research report on Friday, April 11th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $66.79.

Microchip Technology Price Performance

Shares of Microchip Technology stock opened at $47.78 on Tuesday. 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 one year low of $34.13 and a one year high of $100.57. The business's 50 day simple moving average is $47.70 and its two-hundred day simple moving average is $57.02. The stock has a market capitalization of $25.70 billion, a P/E ratio of 85.32 and a beta of 1.42.

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

Microchip Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Monday, February 24th were issued a dividend of $0.455 per share. The ex-dividend date was Monday, February 24th. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.81%. Microchip Technology's dividend payout ratio is currently 325.00%.

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.

Want to see what other hedge funds are holding MCHP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Microchip Technology Incorporated (NASDAQ:MCHP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.