Principal Financial Group Inc. Increases Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Principal Financial Group Inc. increased its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 0.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,279,166 shares of the semiconductor company's stock after buying an additional 87,203 shares during the quarter. Principal Financial Group Inc. owned 1.72% of Microchip Technology worth $836,795,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Bleakley Financial Group LLC grew its stake in Microchip Technology by 1.3% during the 4th quarter. Bleakley Financial Group LLC now owns 9,415 shares of the semiconductor company's stock valued at $849,000 after purchasing an additional 119 shares during the last quarter. RFG Advisory LLC lifted its holdings in shares of Microchip Technology by 3.2% in the 4th quarter. RFG Advisory LLC now owns 3,910 shares of the semiconductor company's stock valued at $353,000 after buying an additional 123 shares during the period. Twelve Points Wealth Management LLC lifted its holdings in shares of Microchip Technology by 1.0% in the 4th quarter. Twelve Points Wealth Management LLC now owns 12,229 shares of the semiconductor company's stock valued at $1,103,000 after buying an additional 125 shares during the period. Merit Financial Group LLC lifted its holdings in shares of Microchip Technology by 1.9% in the 3rd quarter. Merit Financial Group LLC now owns 7,096 shares of the semiconductor company's stock valued at $554,000 after buying an additional 134 shares during the period. Finally, Financial Advocates Investment Management lifted its holdings in shares of Microchip Technology by 4.1% in the 3rd quarter. Financial Advocates Investment Management now owns 3,607 shares of the semiconductor company's stock valued at $281,000 after buying an additional 142 shares during the period. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have commented on MCHP shares. KeyCorp raised their price objective on Microchip Technology from $90.00 to $110.00 and gave the company an "overweight" rating in a report on Tuesday, May 7th. Mizuho boosted their price objective on Microchip Technology from $82.00 to $85.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 7th. UBS Group boosted their price target on Microchip Technology from $95.00 to $103.00 and gave the stock a "buy" rating in a research report on Tuesday, May 7th. Truist Financial lifted their target price on shares of Microchip Technology from $93.00 to $96.00 and gave the stock a "buy" rating in a research note on Tuesday, May 7th. Finally, Needham & Company LLC upped their price objective on shares of Microchip Technology from $90.00 to $100.00 and gave the company a "buy" rating in a research note on Tuesday, May 7th. Six equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. According to data from MarketBeat, Microchip Technology currently has an average rating of "Moderate Buy" and an average target price of $99.39.

Microchip Technology Trading Up 1.1 %

Microchip Technology stock traded up $1.04 during trading on Monday, hitting $92.54. The company had a trading volume of 3,387,449 shares, compared to its average volume of 5,564,835. Microchip Technology Incorporated has a 1-year low of $68.75 and a 1-year high of $96.14. The company has a current ratio of 1.20, a quick ratio of 0.67 and a debt-to-equity ratio of 0.75. The company's 50 day simple moving average is $88.88 and its 200-day simple moving average is $85.74. The stock has a market cap of $50.01 billion, a price-to-earnings ratio of 26.64, a price-to-earnings-growth ratio of 3.03 and a beta of 1.60.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its quarterly earnings results on Monday, May 6th. The semiconductor company reported $0.57 EPS for the quarter, hitting the consensus estimate of $0.57. The business had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.33 billion. Microchip Technology had a net margin of 24.98% and a return on equity of 36.78%. The company's quarterly revenue was down 40.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.56 earnings per share. As a group, analysts expect that Microchip Technology Incorporated will post 2.51 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 5th. Shareholders of record on Wednesday, May 22nd will be paid a $0.452 dividend. This is an increase from Microchip Technology's previous quarterly dividend of $0.45. The ex-dividend date is Tuesday, May 21st. This represents a $1.81 annualized dividend and a dividend yield of 1.95%. Microchip Technology's payout ratio is 51.87%.

Insiders Place Their Bets

In other Microchip Technology news, VP Stephen V. Drehobl sold 10,000 shares of the business's stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $90.88, for a total value 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Microchip Technology news, CFO James Eric Bjornholt sold 1,970 shares of the company's 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 approximately $2,759,722.70. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Stephen V. Drehobl sold 10,000 shares of the business's stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $90.88, for a total value of $908,800.00. Following the completion of the transaction, the vice president now directly owns 82,203 shares in the company, valued at approximately $7,470,608.64. The disclosure for this sale can be found here. Insiders own 2.07% of the company's stock.

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.

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