Cresset Asset Management LLC Has $761,000 Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Cresset Asset Management LLC lessened its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 82.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 13,268 shares of the semiconductor company's stock after selling 62,930 shares during the period. Cresset Asset Management LLC's holdings in Microchip Technology were worth $761,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Czech National Bank grew its position in Microchip Technology by 6.5% during the 4th quarter. Czech National Bank now owns 116,435 shares of the semiconductor company's stock worth $6,678,000 after purchasing an additional 7,144 shares in the last quarter. Matrix Trust Co grew its holdings in shares of Microchip Technology by 815.9% during the fourth quarter. Matrix Trust Co now owns 1,667 shares of the semiconductor company's stock valued at $96,000 after buying an additional 1,485 shares in the last quarter. Reinhart Partners LLC. acquired a new position in Microchip Technology during the fourth quarter valued at $5,736,000. Enterprise Bank & Trust Co raised its position in Microchip Technology by 12.1% during the fourth quarter. Enterprise Bank & Trust Co now owns 3,947 shares of the semiconductor company's stock valued at $226,000 after buying an additional 425 shares during the period. Finally, Elmwood Wealth Management Inc. lifted its position in shares of Microchip Technology by 1.5% in the fourth quarter. Elmwood Wealth Management Inc. now owns 20,558 shares of the semiconductor company's stock worth $1,179,000 after purchasing an additional 300 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. KeyCorp reduced their price objective on Microchip Technology from $70.00 to $60.00 and set an "overweight" rating for the company in a research report on Friday, February 7th. Citigroup boosted their target price on shares of Microchip Technology from $50.00 to $55.00 and gave the stock a "buy" rating in a research report on Friday. Morgan Stanley increased their target price on shares of Microchip Technology from $39.00 to $50.00 and gave the company an "equal weight" rating in a research note on Friday. Stifel Nicolaus lifted their price target on shares of Microchip Technology from $60.00 to $70.00 and gave the stock a "buy" rating in a research note on Friday. Finally, Mizuho increased their price objective on shares of Microchip Technology from $58.00 to $68.00 and gave the company an "outperform" rating in a research note on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $67.42.

Microchip Technology Price Performance

Microchip Technology stock opened at $60.96 on Tuesday. The business's fifty day moving average is $47.08 and its two-hundred day moving average is $56.20. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.23 and a current ratio of 2.25. The firm has a market cap of $32.79 billion, a P/E ratio of 108.86 and a beta of 1.42. Microchip Technology Incorporated has a 52 week low of $34.13 and a 52 week high of $100.57.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The semiconductor company reported $0.11 EPS for the quarter, topping 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 for the quarter, compared to analyst estimates of $962.86 million. During the same quarter in the prior year, the firm earned $0.57 EPS. The company's revenue was down 26.8% on a year-over-year basis. Equities research analysts forecast that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Shareholders of record on Thursday, May 22nd will be paid a $0.455 dividend. The ex-dividend date of this dividend is Thursday, May 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 2.99%. Microchip Technology's payout ratio is presently -18,200.00%.

Insiders Place Their Bets

In related news, CFO James Eric Bjornholt sold 3,724 shares of Microchip Technology stock in a transaction on Tuesday, February 25th. The stock was 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 of the company's stock, valued at $2,025,599.36. The trade was a 10.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 2.10% of the company's stock.

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.

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.