UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC reduced its stake in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 36.7% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 3,046,005 shares of the semiconductor company's stock after selling 1,763,757 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned approximately 0.57% of Microchip Technology worth $174,688,000 at the end of the most recent quarter.
A number of other institutional investors also recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in Microchip Technology by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 68,912,345 shares of the semiconductor company's stock worth $3,952,123,000 after purchasing an additional 569,699 shares during the period. Van ECK Associates Corp increased its holdings in shares of Microchip Technology by 39.3% in the fourth quarter. Van ECK Associates Corp now owns 11,093,007 shares of the semiconductor company's stock worth $636,184,000 after purchasing an additional 3,131,807 shares during the last quarter. Invesco Ltd. increased its holdings in shares of Microchip Technology by 9.5% in the fourth quarter. Invesco Ltd. now owns 10,247,908 shares of the semiconductor company's stock worth $587,718,000 after purchasing an additional 890,819 shares during the last quarter. Norges Bank purchased a new position in Microchip Technology in the fourth quarter worth about $452,627,000. Finally, FIL Ltd grew its position in Microchip Technology by 9.0% in the fourth quarter. FIL Ltd now owns 7,877,482 shares of the semiconductor company's stock worth $451,774,000 after acquiring an additional 653,705 shares in the last quarter. 91.51% of the stock is owned by institutional investors.
Insider Activity at Microchip Technology
In related news, Director Karlton D. Johnson sold 494 shares of the firm's stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $60.69, for a total value of $29,980.86. Following the completion of the transaction, the director now directly owns 3,468 shares of the company's stock, valued at $210,472.92. This trade represents a 12.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO James Eric Bjornholt sold 3,724 shares of the firm's stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total value of $226,717.12. Following the completion of the transaction, 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 disclosure for this sale can be found here. 2.10% of the stock is currently owned by company insiders.
Wall Street Analyst Weigh In
MCHP has been the subject of several recent research reports. Citigroup lifted their price target on Microchip Technology from $50.00 to $55.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. UBS Group boosted their target price on Microchip Technology from $55.00 to $60.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Wall Street Zen lowered Microchip Technology from a "hold" rating to a "sell" rating in a report on Monday, February 10th. Rosenblatt Securities reissued a "buy" rating and issued a $70.00 price objective on shares of Microchip Technology in a research note on Tuesday, March 4th. Finally, Needham & Company LLC reissued a "buy" rating and issued a $66.00 price objective on shares of Microchip Technology in a research note on Friday, May 9th. One analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $67.42.
Check Out Our Latest Analysis on Microchip Technology
Microchip Technology Stock Performance
NASDAQ:MCHP opened at $58.05 on Friday. The firm has a market capitalization of $31.27 billion, a PE ratio of 103.66 and a beta of 1.42. The business's fifty day moving average price is $48.03 and its 200 day moving average price is $55.63. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23. 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 released its quarterly earnings data on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.01. Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. The company had revenue of $970.50 million during the quarter, compared to the consensus estimate of $962.86 million. During the same quarter in the prior year, the firm posted $0.57 earnings per share. Microchip Technology's revenue for the quarter was down 26.8% on a year-over-year basis. 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 company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Thursday, May 22nd will be paid a $0.455 dividend. This represents a $1.82 annualized dividend and a yield of 3.14%. The ex-dividend date is Thursday, May 22nd. Microchip Technology's payout ratio is currently -18,200.00%.
About Microchip Technology
(
Free Report)
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.
Further Reading
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