Barrow Hanley Mewhinney & Strauss LLC Grows Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Barrow Hanley Mewhinney & Strauss LLC raised its position in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 273.2% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 5,345,096 shares of the semiconductor company's stock after buying an additional 3,912,895 shares during the period. Barrow Hanley Mewhinney & Strauss LLC owned about 1.00% of Microchip Technology worth $306,541,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of MCHP. Vanguard Group Inc. raised its stake in Microchip Technology by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 68,912,345 shares of the semiconductor company's stock worth $3,952,123,000 after buying an additional 569,699 shares during the period. Van ECK Associates Corp raised 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 valued at $636,184,000 after purchasing an additional 3,131,807 shares during the period. Invesco Ltd. raised its stake in shares of Microchip Technology by 9.5% in the 4th quarter. Invesco Ltd. now owns 10,247,908 shares of the semiconductor company's stock valued at $587,718,000 after purchasing an additional 890,819 shares during the period. Norges Bank acquired a new stake in shares of Microchip Technology in the 4th quarter valued at about $452,627,000. Finally, FIL Ltd raised its stake in shares of Microchip Technology by 9.0% in the 4th quarter. FIL Ltd now owns 7,877,482 shares of the semiconductor company's stock valued at $451,774,000 after purchasing an additional 653,705 shares during the period. 91.51% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on MCHP shares. KeyCorp decreased their price objective on Microchip Technology from $70.00 to $60.00 and set an "overweight" rating for the company in a report on Friday, February 7th. Truist Financial raised their price objective on Microchip Technology from $43.00 to $52.00 and gave the company a "hold" rating in a report on Friday, May 9th. Rosenblatt Securities restated a "buy" rating and issued a $70.00 price objective on shares of Microchip Technology in a report on Tuesday, March 4th. TD Cowen raised their price objective on Microchip Technology from $35.00 to $55.00 and gave the company a "hold" rating in a report on Friday, May 9th. Finally, UBS Group raised their price objective on Microchip Technology from $55.00 to $60.00 and gave the company a "buy" rating in a report on Friday, May 9th. One analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $67.42.

Microchip Technology Price Performance

Shares of NASDAQ MCHP traded down $1.86 during midday trading on Friday, reaching $56.19. 10,093,410 shares of the company were exchanged, compared to its average volume of 8,600,730. The stock's 50-day moving average price is $48.07 and its 200-day moving average price is $55.24. The stock has a market cap of $30.27 billion, a P/E ratio of 100.34 and a beta of 1.42. Microchip Technology Incorporated has a one year low of $34.13 and a one year high of $98.99. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share for the quarter, topping analysts' consensus estimates of $0.10 by $0.01. The firm had revenue of $970.50 million for the quarter, compared to analysts' expectations of $962.86 million. Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. The company's revenue was down 26.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.57 earnings per share. On average, sell-side analysts anticipate that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd will be issued a dividend of $0.455 per share. The ex-dividend date is Thursday, May 22nd. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.24%. Microchip Technology's dividend payout ratio (DPR) is presently -18,200.00%.

Insider Transactions at Microchip Technology

In other news, Director Karlton D. Johnson sold 494 shares of the company's 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 transaction, the director now owns 3,468 shares in the company, valued at approximately $210,472.92. This represents a 12.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO James Eric Bjornholt sold 3,724 shares of the company's stock in a transaction dated 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 in the company, valued at $2,025,599.36. This represents a 10.07% decrease in their position. The disclosure for this sale can be found here. 2.10% of the stock is owned by company 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.