Alight Capital Management LP Lowers Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Alight Capital Management LP decreased its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 78.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,000 shares of the semiconductor company's stock after selling 39,000 shares during the period. Alight Capital Management LP's holdings in Microchip Technology were worth $631,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MCHP. Vanguard Group Inc. increased its position 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 valued at $3,952,123,000 after acquiring an additional 569,699 shares during the period. Van ECK Associates Corp grew 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 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 valued at $587,718,000 after purchasing an additional 890,819 shares during the period. Norges Bank purchased a new stake in shares of Microchip Technology during the fourth quarter worth approximately $452,627,000. Finally, FIL Ltd lifted its holdings in shares of Microchip Technology by 9.0% during the fourth quarter. FIL Ltd now owns 7,877,482 shares of the semiconductor company's stock worth $451,774,000 after purchasing an additional 653,705 shares during the period. Hedge funds and other institutional investors own 91.51% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Evercore ISI upped their price objective on shares of Microchip Technology from $65.00 to $71.00 and gave the stock an "outperform" rating in a research report on Tuesday, March 4th. TD Cowen raised their price objective on shares of Microchip Technology from $50.00 to $60.00 and gave the company a "hold" rating in a research report on Tuesday, March 4th. Morgan Stanley dropped their target price on Microchip Technology from $71.00 to $58.00 and set an "equal weight" rating on the stock in a research report on Tuesday, February 4th. Citigroup reduced their price target on Microchip Technology from $65.00 to $50.00 and set a "buy" rating for the company in a report on Friday, April 11th. Finally, Truist Financial dropped their price objective on Microchip Technology from $56.00 to $43.00 and set a "hold" rating on the stock in a report on Monday, April 21st. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have given 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 an average price target of $66.79.

Insider Activity at Microchip Technology

In related news, CFO James Eric Bjornholt sold 3,724 shares of the 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 transaction, the chief financial officer now directly owns 33,272 shares in the company, valued at approximately $2,025,599.36. This represents a 10.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 2.10% of the company's stock.

Microchip Technology Price Performance

Shares of Microchip Technology stock traded up $1.93 during trading on Friday, hitting $47.91. 9,443,954 shares of the company were exchanged, compared to its average volume of 8,285,060. Microchip Technology Incorporated has a fifty-two week low of $34.13 and a fifty-two week high of $100.57. 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 firm has a 50 day moving average price of $47.94 and a 200 day moving average price of $57.23. The stock has a market capitalization of $25.77 billion, a price-to-earnings ratio of 85.55 and a beta of 1.51.

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 expect 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 was paid on Friday, March 7th. Stockholders of record on Monday, February 24th were given a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.80%. The ex-dividend date of this dividend was Monday, February 24th. Microchip Technology's dividend payout ratio is presently 325.00%.

About Microchip Technology

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.