Westwood Holdings Group Inc. Boosts Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Westwood Holdings Group Inc. grew its holdings in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 33.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,311,966 shares of the semiconductor company's stock after purchasing an additional 329,255 shares during the period. Westwood Holdings Group Inc. owned approximately 0.24% of Microchip Technology worth $75,241,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Twinbeech Capital LP bought a new stake in Microchip Technology during the 4th quarter worth approximately $15,851,000. Two Sigma Advisers LP purchased a new position in Microchip Technology in the 4th quarter worth approximately $35,339,000. Two Sigma Investments LP purchased a new position in Microchip Technology in the 4th quarter worth approximately $93,196,000. Texas Bank & Trust Co purchased a new position in Microchip Technology in the 4th quarter worth approximately $792,000. Finally, Tidal Investments LLC grew its stake in Microchip Technology by 20.9% in the 4th quarter. Tidal Investments LLC now owns 43,862 shares of the semiconductor company's stock worth $2,515,000 after buying an additional 7,595 shares in the last quarter. Institutional investors own 91.51% of the company's stock.

Microchip Technology Stock Down 2.0%

NASDAQ:MCHP traded down $1.20 on Thursday, reaching $58.05. 11,529,696 shares of the stock traded hands, compared to its average volume of 8,576,154. The company has a market capitalization of $31.27 billion, a price-to-earnings ratio of 103.66 and a beta of 1.42. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12. Microchip Technology Incorporated has a 12 month low of $34.13 and a 12 month high of $100.57. The company's fifty day simple moving average is $47.98 and its 200 day simple moving average is $55.74.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share for the quarter, beating analysts' consensus estimates of $0.10 by $0.01. The business had revenue of $970.50 million during 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%. Microchip Technology's revenue was down 26.8% compared to the same quarter last year. During the same period last year, the business earned $0.57 EPS. Equities analysts predict that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd will be paid a $0.455 dividend. The ex-dividend date is Thursday, May 22nd. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.14%. Microchip Technology's dividend payout ratio is presently -18,200.00%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Wall Street Zen cut shares of Microchip Technology from a "hold" rating to a "sell" rating in a research note on Monday, February 10th. Truist Financial increased their price target on shares of Microchip Technology from $43.00 to $52.00 and gave the company a "hold" rating in a research report on Friday, May 9th. Morgan Stanley upped their price objective on shares of Microchip Technology from $39.00 to $50.00 and gave the stock an "equal weight" rating in a report on Friday, May 9th. UBS Group raised their target price on shares of Microchip Technology from $55.00 to $60.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Finally, Bank of America raised shares of Microchip Technology from an "underperform" rating to a "neutral" rating and set a $56.00 target price for the company in a research report on Friday, May 9th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $67.42.

Insider Transactions at Microchip Technology

In other news, Director Karlton D. Johnson sold 494 shares of Microchip Technology stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total value of $29,980.86. Following the completion of the sale, the director now directly owns 3,468 shares in the company, valued at $210,472.92. The trade was a 12.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO James Eric Bjornholt sold 3,724 shares of Microchip Technology stock in a transaction that occurred 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 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 disclosure for this sale can be found here. Company insiders own 2.10% of the company's stock.

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.