Allspring Global Investments Holdings LLC Cuts Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Allspring Global Investments Holdings LLC lessened its stake in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 38.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,465,452 shares of the semiconductor company's stock after selling 899,781 shares during the period. Allspring Global Investments Holdings LLC owned about 0.27% of Microchip Technology worth $132,154,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Halpern Financial Inc. grew its position in shares of Microchip Technology by 83.5% in the 2nd quarter. Halpern Financial Inc. now owns 290 shares of the semiconductor company's stock valued at $26,000 after buying an additional 132 shares during the last quarter. OFI Invest Asset Management bought a new stake in shares of Microchip Technology during the 3rd quarter valued at about $26,000. BKM Wealth Management LLC bought a new stake in shares of Microchip Technology during the 4th quarter valued at about $27,000. Fortitude Family Office LLC bought a new stake in shares of Microchip Technology during the 4th quarter valued at about $29,000. Finally, Almanack Investment Partners LLC. bought a new stake in shares of Microchip Technology during the 3rd quarter valued at about $29,000. Institutional investors own 91.51% of the company's stock.

Insider Activity at Microchip Technology

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

Microchip Technology Stock Up 2.8 %

Shares of Microchip Technology stock traded up $2.52 on Tuesday, hitting $91.67. The company had a trading volume of 4,984,979 shares, compared to its average volume of 5,629,056. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.58 and a current ratio of 0.98. The stock has a market capitalization of $49.54 billion, a price-to-earnings ratio of 21.42, a P/E/G ratio of 2.67 and a beta of 1.65. The stock has a 50 day moving average of $86.33 and a 200-day moving average of $83.90. Microchip Technology Incorporated has a 1 year low of $68.75 and a 1 year high of $94.30.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last issued its quarterly earnings results on Thursday, February 1st. The semiconductor company reported $1.08 EPS for the quarter, beating analysts' consensus estimates of $1.04 by $0.04. The company had revenue of $1.77 billion during 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%. Microchip Technology's revenue was down 18.6% on a year-over-year basis. During the same period last year, the business posted $1.48 earnings per share. As a group, sell-side analysts forecast that Microchip Technology Incorporated will post 4.64 earnings per share for the current year.

Microchip Technology Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 23rd were given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.96%. This is an increase from Microchip Technology's previous quarterly dividend of $0.44. The ex-dividend date of this dividend was Thursday, February 22nd. Microchip Technology's dividend payout ratio (DPR) is presently 42.06%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on MCHP shares. Rosenblatt Securities restated a "buy" rating and set a $100.00 target price on shares of Microchip Technology in a research report on Tuesday, January 30th. The Goldman Sachs Group cut their target price on Microchip Technology from $87.00 to $77.00 and set a "neutral" rating on the stock in a research report on Friday, February 2nd. Truist Financial cut their target price on Microchip Technology from $97.00 to $93.00 and set a "buy" rating on the stock in a research report on Tuesday, January 9th. TD Cowen increased their price target on Microchip Technology from $75.00 to $80.00 and gave the stock a "market perform" rating in a report on Friday, February 2nd. Finally, Needham & Company LLC increased their price target on Microchip Technology from $85.00 to $90.00 and gave the stock a "buy" rating in a report on Friday, February 2nd. Six research 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, the company currently has an average rating of "Moderate Buy" and a consensus price target of $91.33.

About Microchip Technology

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.