Man Group plc Sells 32,889,294 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Man Group plc decreased its stake in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 99.7% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 110,706 shares of the semiconductor company's stock after selling 32,889,294 shares during the quarter. Man Group plc's holdings in Microchip Technology were worth $6,349,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Mainstream Capital Management LLC bought a new position in shares of Microchip Technology during the 4th quarter valued at $26,000. Rakuten Securities Inc. raised its holdings in shares of 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 purchasing an additional 359 shares in the last quarter. OFI Invest Asset Management bought a new position in shares of Microchip Technology during the 4th quarter valued at $29,000. Financial Life Planners bought a new position in shares of Microchip Technology during the 4th quarter valued at $32,000. Finally, Kohmann Bosshard Financial Services LLC bought a new position in shares of Microchip Technology during the 4th quarter valued at $34,000. Hedge funds and other institutional investors own 91.51% of the company's stock.

Insider Activity

In other news, CFO James Eric Bjornholt sold 3,724 shares of Microchip Technology stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total transaction of $226,717.12. Following the sale, the chief financial officer now directly owns 33,272 shares in the company, valued at approximately $2,025,599.36. The trade was a 10.07% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Karlton D. Johnson sold 494 shares of Microchip Technology stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total transaction of $29,980.86. Following the sale, the director now owns 3,468 shares in the company, valued at approximately $210,472.92. This trade represents a 12.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.10% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

MCHP has been the topic of a number of recent research reports. Evercore ISI raised their price target on shares of Microchip Technology from $65.00 to $71.00 and gave the company an "outperform" rating in a report on Tuesday, March 4th. Citigroup raised their price target on shares of Microchip Technology from $50.00 to $55.00 and gave the company a "buy" rating in a report on Friday, May 9th. Wall Street Zen downgraded shares of Microchip Technology from a "hold" rating to a "sell" rating in a report on Monday, February 10th. B. Riley raised their price target on shares of Microchip Technology from $60.00 to $75.00 and gave the company a "buy" rating in a report on Friday, May 9th. Finally, Piper Sandler reiterated an "overweight" rating and issued a $65.00 target price (down from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Microchip Technology has an average rating of "Moderate Buy" and an average price target of $67.42.

Microchip Technology Stock Performance

NASDAQ MCHP traded down $1.86 during midday trading on Friday, hitting $56.19. The company had a trading volume of 10,093,410 shares, compared to its average volume of 8,587,152. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12. The stock has a market cap of $30.27 billion, a price-to-earnings ratio of 100.34 and a beta of 1.42. The firm has a fifty day simple moving average of $48.07 and a two-hundred day simple moving average of $55.50. 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 posted its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.01. The company had revenue of $970.50 million for the quarter, compared to analyst estimates of $962.86 million. Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. The business's quarterly revenue was down 26.8% on a year-over-year basis. During the same period last year, the business posted $0.57 EPS. Equities 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 announced a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd will be given a dividend of $0.455 per share. The ex-dividend date is Thursday, May 22nd. This represents a $1.82 annualized dividend and a dividend yield of 3.24%. Microchip Technology's dividend payout ratio (DPR) is currently -18,200.00%.

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.