Canada Pension Plan Investment Board Sells 567,208 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Canada Pension Plan Investment Board cut its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 93.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 39,736 shares of the semiconductor company's stock after selling 567,208 shares during the period. Canada Pension Plan Investment Board's holdings in Microchip Technology were worth $2,279,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Norges Bank purchased a new position in Microchip Technology during the fourth quarter worth about $452,627,000. Barrow Hanley Mewhinney & Strauss LLC boosted its stake in shares of Microchip Technology by 273.2% in the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,345,096 shares of the semiconductor company's stock worth $306,541,000 after buying an additional 3,912,895 shares during the last quarter. Van ECK Associates Corp boosted its stake in shares of Microchip Technology by 39.3% in the 4th quarter. Van ECK Associates Corp now owns 11,093,007 shares of the semiconductor company's stock worth $636,184,000 after buying an additional 3,131,807 shares during the last quarter. Franklin Resources Inc. grew its holdings in shares of Microchip Technology by 90.0% in the fourth quarter. Franklin Resources Inc. now owns 6,360,805 shares of the semiconductor company's stock valued at $364,792,000 after acquiring an additional 3,013,162 shares in the last quarter. Finally, Assenagon Asset Management S.A. increased its position in shares of Microchip Technology by 9,901.6% during the fourth quarter. Assenagon Asset Management S.A. now owns 2,857,654 shares of the semiconductor company's stock valued at $163,886,000 after acquiring an additional 2,829,082 shares during the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Microchip Technology Price Performance

Shares of MCHP traded down $0.74 during trading hours on Tuesday, reaching $46.27. 1,849,602 shares of the company's stock traded hands, compared to its average volume of 8,205,588. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12. The firm's 50 day simple moving average is $49.15 and its 200-day simple moving average is $58.07. The stock has a market cap of $24.89 billion, a PE ratio of 82.64 and a beta of 1.51. Microchip Technology Incorporated has a 12 month low of $34.13 and a 12 month high of $100.57.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. Equities analysts expect that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Monday, February 24th were paid a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a dividend yield of 3.93%. The ex-dividend date was Monday, February 24th. Microchip Technology's dividend payout ratio (DPR) is presently 325.00%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. The Goldman Sachs Group reduced their price objective on Microchip Technology from $72.00 to $63.00 and set a "neutral" rating for the company in a research note on Friday, January 10th. UBS Group decreased their price objective on shares of Microchip Technology from $70.00 to $55.00 and set a "buy" rating for the company in a report on Tuesday. TD Cowen boosted their target price on shares of Microchip Technology from $50.00 to $60.00 and gave the company a "hold" rating in a research note on Tuesday, March 4th. Rosenblatt Securities restated a "buy" rating and set a $70.00 price target on shares of Microchip Technology in a research note on Tuesday, March 4th. Finally, Needham & Company LLC upped their price objective on Microchip Technology from $60.00 to $66.00 and gave the company a "buy" rating in a research note on Tuesday, March 4th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $66.79.

Insider Activity at Microchip Technology

In other news, CFO James Eric Bjornholt sold 3,724 shares of Microchip Technology stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total value of $226,717.12. Following the transaction, the chief financial officer now owns 33,272 shares in the company, valued at approximately $2,025,599.36. The trade was a 10.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.10% of the stock is owned by 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.