Meeder Asset Management Inc. Decreases Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Meeder Asset Management Inc. lessened its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 21.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 64,733 shares of the semiconductor company's stock after selling 17,249 shares during the quarter. Meeder Asset Management Inc.'s holdings in Microchip Technology were worth $5,838,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MCHP. Horizon Bancorp Inc. IN purchased a new stake in shares of Microchip Technology during the fourth quarter valued at $110,000. Rockline Wealth Management LLC bought a new position in Microchip Technology in the fourth quarter valued at about $4,449,000. 17 Capital Partners LLC bought a new position in Microchip Technology in the fourth quarter valued at about $1,827,000. Mercer Global Advisors Inc. ADV lifted its holdings in Microchip Technology by 85.3% in the second quarter. Mercer Global Advisors Inc. ADV now owns 355,137 shares of the semiconductor company's stock valued at $31,817,000 after acquiring an additional 163,437 shares during the period. Finally, GAM Holding AG lifted its holdings in Microchip Technology by 13.9% in the fourth quarter. GAM Holding AG now owns 145,575 shares of the semiconductor company's stock valued at $13,128,000 after acquiring an additional 17,776 shares during the period. Institutional investors own 91.51% of the company's stock.

Insider Activity

In other news, Director Karlton D. Johnson sold 370 shares of the business's stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total transaction of $31,080.00. Following the transaction, the director now owns 1,789 shares of the company's stock, valued at approximately $150,276. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CFO James Eric Bjornholt sold 1,970 shares of the business's stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total transaction of $165,283.00. Following the completion of the transaction, the chief financial officer now owns 32,893 shares in the company, valued at approximately $2,759,722.70. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Karlton D. Johnson sold 370 shares of the business's stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $84.00, for a total value of $31,080.00. Following the transaction, the director now owns 1,789 shares of the company's stock, valued at approximately $150,276. The disclosure for this sale can be found here. Corporate insiders own 2.07% of the company's stock.

Microchip Technology Price Performance

NASDAQ:MCHP traded up $1.31 during trading hours on Friday, reaching $87.57. The stock had a trading volume of 3,583,943 shares, compared to its average volume of 5,007,051. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.58 and a current ratio of 0.98. Microchip Technology Incorporated has a 52 week low of $68.75 and a 52 week high of $94.30. The company has a 50 day moving average price of $86.18 and a two-hundred day moving average price of $83.71. The stock has a market capitalization of $47.32 billion, a PE ratio of 20.46, a PEG ratio of 2.67 and a beta of 1.65.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its quarterly earnings data on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.04 by $0.04. The business had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.77 billion. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The company's revenue was down 18.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.48 EPS. As a group, sell-side analysts anticipate that Microchip Technology Incorporated will post 4.64 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 23rd were given a dividend of $0.45 per share. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $1.80 annualized dividend and a dividend yield of 2.06%. This is an increase from Microchip Technology's previous quarterly dividend of $0.44. Microchip Technology's payout ratio is currently 42.06%.

Analysts Set New Price Targets

MCHP has been the topic of a number of recent research reports. Piper Sandler downgraded Microchip Technology from an "overweight" rating to a "neutral" rating and set a $80.00 target price on the stock. in a report on Thursday, January 4th. Stifel Nicolaus reaffirmed a "buy" rating and issued a $94.00 price objective on shares of Microchip Technology in a research note on Thursday, March 14th. UBS Group decreased their price objective on Microchip Technology from $105.00 to $95.00 and set a "buy" rating on the stock in a research note on Friday, February 2nd. StockNews.com downgraded Microchip Technology from a "buy" rating to a "hold" rating in a research note on Friday, December 29th. Finally, TD Cowen raised their price objective on Microchip Technology from $75.00 to $80.00 and gave the stock a "market perform" rating in a research note on Friday, February 2nd. Six investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to data from MarketBeat.com, Microchip Technology has an average rating of "Moderate Buy" and a consensus target price of $91.33.

Microchip Technology Company Profile

Microchip Technology Incorporated develops, manufactures, and sells 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 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.