Microchip Technology Incorporated (NASDAQ:MCHP) Position Trimmed by Kayne Anderson Rudnick Investment Management LLC

Kayne Anderson Rudnick Investment Management LLC cut its holdings in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 70.8% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 25,613 shares of the semiconductor company's stock after selling 62,214 shares during the period. Kayne Anderson Rudnick Investment Management LLC's holdings in Microchip Technology were worth $1,469,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the business. Federated Hermes Inc. raised its holdings in Microchip Technology by 0.5% in the 4th quarter. Federated Hermes Inc. now owns 39,298 shares of the semiconductor company's stock valued at $2,254,000 after acquiring an additional 209 shares during the last quarter. Lebenthal Global Advisors LLC grew its position in shares of Microchip Technology by 7.3% in the fourth quarter. Lebenthal Global Advisors LLC now owns 3,894 shares of the semiconductor company's stock valued at $223,000 after purchasing an additional 266 shares in the last quarter. CreativeOne Wealth LLC increased its holdings in shares of Microchip Technology by 1.0% in the fourth quarter. CreativeOne Wealth LLC now owns 28,842 shares of the semiconductor company's stock valued at $1,654,000 after purchasing an additional 283 shares during the last quarter. Elmwood Wealth Management Inc. lifted its position in Microchip Technology by 1.5% during the fourth quarter. Elmwood Wealth Management Inc. now owns 20,558 shares of the semiconductor company's stock worth $1,179,000 after buying an additional 300 shares in the last quarter. Finally, Legacy Financial Advisors Inc. lifted its position in Microchip Technology by 8.1% during the fourth quarter. Legacy Financial Advisors Inc. now owns 4,176 shares of the semiconductor company's stock worth $239,000 after buying an additional 312 shares in the last quarter. 91.51% of the stock is owned by institutional investors.

Microchip Technology Stock Performance

MCHP traded down $0.13 during trading on Monday, reaching $46.76. The company's stock had a trading volume of 1,779,885 shares, compared to its average volume of 8,209,493. The company has a market capitalization of $25.15 billion, a price-to-earnings ratio of 83.60 and a beta of 1.51. Microchip Technology Incorporated has a 52-week low of $34.13 and a 52-week high of $100.57. The company's fifty day moving average price is $49.48 and its 200-day moving average price is $58.29. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.23 and a current ratio of 2.25.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share for the quarter, missing analysts' consensus estimates of $0.28 by ($0.15). Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. On average, equities analysts forecast that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Monday, February 24th were paid a $0.455 dividend. The ex-dividend date was Monday, February 24th. This represents a $1.82 annualized dividend and a yield of 3.89%. Microchip Technology's payout ratio is currently 325.00%.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Piper Sandler reaffirmed 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. Mizuho raised their price objective on shares of Microchip Technology from $58.00 to $68.00 and gave the stock an "outperform" rating in a research report on Tuesday, March 4th. Truist Financial reduced their target price on shares of Microchip Technology from $56.00 to $43.00 and set a "hold" rating on the stock in a research note on Monday, April 21st. Rosenblatt Securities reissued a "buy" rating and issued a $70.00 price target on shares of Microchip Technology in a research note on Tuesday, March 4th. Finally, Raymond James reiterated a "strong-buy" rating and issued a $60.00 price objective (down from $95.00) on shares of Microchip Technology in a report on Friday, February 7th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Microchip Technology currently has a consensus rating of "Moderate Buy" and a consensus target price of $69.32.

Insider Buying and Selling at Microchip Technology

In other news, CFO James Eric Bjornholt sold 3,724 shares of the firm's stock in a transaction 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 transaction, the chief financial officer now owns 33,272 shares of the company's stock, valued at approximately $2,025,599.36. This trade represents a 10.07 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 2.10% of the stock is currently owned by insiders.

Microchip Technology Company 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.