Boston Partners Cuts Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Boston Partners lessened its position in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 6.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,854,653 shares of the semiconductor company's stock after selling 489,520 shares during the quarter. Microchip Technology accounts for approximately 0.8% of Boston Partners' portfolio, making the stock its 19th largest holding. Boston Partners owned about 1.27% of Microchip Technology worth $618,259,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in MCHP. Gradient Investments LLC grew its stake in shares of Microchip Technology by 97.5% during the third quarter. Gradient Investments LLC now owns 561 shares of the semiconductor company's stock valued at $44,000 after buying an additional 277 shares during the last quarter. TIAA Trust National Association purchased a new position in Microchip Technology in the 3rd quarter worth approximately $832,000. Financial Advocates Investment Management lifted its position in Microchip Technology by 4.1% in the third quarter. Financial Advocates Investment Management now owns 3,607 shares of the semiconductor company's stock valued at $281,000 after purchasing an additional 142 shares during the last quarter. Assetmark Inc. boosted its stake in shares of Microchip Technology by 17.6% during the third quarter. Assetmark Inc. now owns 43,020 shares of the semiconductor company's stock valued at $3,358,000 after purchasing an additional 6,452 shares during the period. Finally, Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in shares of Microchip Technology by 0.3% in the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 51,673 shares of the semiconductor company's stock worth $4,033,000 after purchasing an additional 179 shares during the last quarter. Institutional investors own 91.51% of the company's stock.

Microchip Technology Stock Performance

Microchip Technology stock traded up $0.02 during midday trading on Friday, hitting $91.50. The stock had a trading volume of 3,046,703 shares, compared to its average volume of 5,708,659. The company has a current ratio of 1.20, a quick ratio of 0.58 and a debt-to-equity ratio of 0.75. Microchip Technology Incorporated has a 52-week low of $68.75 and a 52-week high of $96.14. The company has a market capitalization of $49.45 billion, a PE ratio of 26.37, a P/E/G ratio of 2.79 and a beta of 1.60. The firm's fifty day moving average is $88.88 and its two-hundred day moving average is $85.64.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced its quarterly earnings data on Monday, May 6th. The semiconductor company reported $0.57 EPS for the quarter, meeting the consensus estimate of $0.57. Microchip Technology had a net margin of 24.98% and a return on equity of 36.78%. The firm had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.33 billion. During the same period last year, the firm earned $1.56 EPS. The company's revenue was down 40.6% on a year-over-year basis. On average, research analysts forecast that Microchip Technology Incorporated will post 2.51 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 5th. Investors of record on Wednesday, May 22nd will be issued a $0.452 dividend. The ex-dividend date is Tuesday, May 21st. This is a boost from Microchip Technology's previous quarterly dividend of $0.45. This represents a $1.81 dividend on an annualized basis and a yield of 1.98%. Microchip Technology's payout ratio is currently 51.87%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. The Goldman Sachs Group increased their price target on shares of Microchip Technology from $77.00 to $88.00 and gave the company a "neutral" rating in a research report on Tuesday, May 7th. Wolfe Research upgraded Microchip Technology from a "peer perform" rating to an "outperform" rating and set a $105.00 price target on the stock in a report on Thursday, January 18th. Truist Financial boosted their price target on Microchip Technology from $93.00 to $96.00 and gave the company a "buy" rating in a report on Tuesday, May 7th. Susquehanna boosted their price target on Microchip Technology from $100.00 to $105.00 and gave the company a "positive" rating in a report on Tuesday, May 7th. Finally, Piper Sandler restated a "neutral" rating and set a $90.00 price target (up previously from $80.00) on shares of Microchip Technology in a report on Tuesday, May 7th. Six investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $98.47.

Insiders Place Their Bets

In related news, VP Stephen V. Drehobl sold 10,000 shares of the company's stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $90.88, for a total transaction of $908,800.00. Following the completion of the transaction, the vice president now owns 82,203 shares in the company, valued at $7,470,608.64. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Microchip Technology news, VP Stephen V. Drehobl sold 10,000 shares of Microchip Technology stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $90.88, for a total value of $908,800.00. Following the sale, the vice president now owns 82,203 shares of the company's stock, valued at approximately $7,470,608.64. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO James Eric Bjornholt sold 1,970 shares of the stock in a transaction that occurred 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 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 corporate insiders.

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.