Microchip Technology Incorporated (NASDAQ:MCHP) Shares Bought by Lazard Asset Management LLC

Lazard Asset Management LLC boosted its holdings in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 1.1% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 911,982 shares of the semiconductor company's stock after buying an additional 9,709 shares during the quarter. Lazard Asset Management LLC owned approximately 0.17% of Microchip Technology worth $52,301,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the stock. LRI Investments LLC boosted its stake in Microchip Technology by 32.4% in the fourth quarter. LRI Investments LLC now owns 3,753 shares of the semiconductor company's stock valued at $215,000 after acquiring an additional 918 shares in the last quarter. Gotham Asset Management LLC boosted its stake in shares of Microchip Technology by 3.8% during the fourth quarter. Gotham Asset Management LLC now owns 11,259 shares of the semiconductor company's stock worth $646,000 after buying an additional 414 shares during the period. Graham Capital Management L.P. acquired a new stake in shares of Microchip Technology during the fourth quarter worth about $663,000. First Manhattan CO. LLC. boosted its stake in shares of Microchip Technology by 23.6% during the fourth quarter. First Manhattan CO. LLC. now owns 5,549 shares of the semiconductor company's stock worth $318,000 after buying an additional 1,059 shares during the period. Finally, Fiduciary Trust Co boosted its stake in shares of Microchip Technology by 3.0% during the fourth quarter. Fiduciary Trust Co now owns 56,548 shares of the semiconductor company's stock worth $3,243,000 after buying an additional 1,621 shares during the period. Institutional investors and hedge funds own 91.51% of the company's stock.

Insider Buying and Selling

In related news, 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 transaction of $226,717.12. Following the sale, the chief financial officer now owns 33,272 shares in the company, valued at approximately $2,025,599.36. This trade represents a 10.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.10% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

MCHP has been the subject of several recent research reports. Morgan Stanley increased their target price on shares of Microchip Technology from $39.00 to $50.00 and gave the stock an "equal weight" rating in a research note on Friday, May 9th. Mizuho increased their target price on shares of Microchip Technology from $58.00 to $68.00 and gave the stock an "outperform" rating in a research note on Tuesday, March 4th. Piper Sandler reiterated an "overweight" rating and set a $65.00 target price (down previously from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Truist Financial increased their target price on shares of Microchip Technology from $43.00 to $52.00 and gave the stock a "hold" rating in a research note on Friday, May 9th. Finally, Needham & Company LLC reissued a "buy" rating and set a $66.00 price target on shares of Microchip Technology in a report on Friday, May 9th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $67.42.

Microchip Technology Price Performance

Shares of MCHP traded up $0.41 during mid-day trading on Friday, reaching $61.21. 6,583,210 shares of the company's stock were exchanged, compared to its average volume of 8,534,012. 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 company has a 50-day simple moving average of $47.33 and a two-hundred day simple moving average of $56.16. Microchip Technology Incorporated has a 52-week low of $34.13 and a 52-week high of $100.57. The company has a market cap of $32.97 billion, a price-to-earnings ratio of 109.30 and a beta of 1.42.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last issued its quarterly earnings data 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. Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. The business had revenue of $970.50 million during the quarter, compared to analysts' expectations of $962.86 million. During the same period last year, the company posted $0.57 EPS. The company's revenue was down 26.8% on a year-over-year basis. On average, sell-side analysts predict that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Investors 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 dividend on an annualized basis and a yield of 2.97%. 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.