Nuveen Asset Management LLC Sells 14,339 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Nuveen Asset Management LLC lowered its holdings in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 0.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,731,440 shares of the semiconductor company's stock after selling 14,339 shares during the period. Nuveen Asset Management LLC owned about 0.32% of Microchip Technology worth $99,298,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank purchased a new position in shares of Microchip Technology during the 4th quarter valued at $452,627,000. Barrow Hanley Mewhinney & Strauss LLC increased its position in shares of Microchip Technology by 273.2% during the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,345,096 shares of the semiconductor company's stock valued at $306,541,000 after purchasing an additional 3,912,895 shares during the last quarter. Van ECK Associates Corp increased its position in shares of Microchip Technology by 39.3% during 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. Franklin Resources Inc. boosted its position in Microchip Technology by 90.0% during the 4th quarter. Franklin Resources Inc. now owns 6,360,805 shares of the semiconductor company's stock valued at $364,792,000 after buying an additional 3,013,162 shares during the period. Finally, Meritage Group LP purchased a new stake in shares of Microchip Technology during the fourth quarter worth about $145,033,000. Hedge funds and other institutional investors own 91.51% of the company's stock.

Microchip Technology Trading Up 0.4%

MCHP stock traded up $0.23 during midday trading on Tuesday, reaching $60.80. 6,144,352 shares of the company traded hands, compared to its average volume of 8,542,892. Microchip Technology Incorporated has a 52-week low of $34.13 and a 52-week high of $100.57. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.23 and a current ratio of 2.25. The business has a 50 day moving average of $47.68 and a 200-day moving average of $55.68. The firm has a market capitalization of $32.75 billion, a price-to-earnings ratio of 108.57 and a beta of 1.42.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share for the quarter, topping the consensus estimate of $0.10 by $0.01. Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. The firm had revenue of $970.50 million for the quarter, compared to the consensus estimate of $962.86 million. During the same period in the prior year, the business posted $0.57 earnings per share. The company's revenue for the quarter was down 26.8% on a year-over-year basis. As a group, sell-side analysts expect that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd will be issued a $0.455 dividend. The ex-dividend date of this dividend is Thursday, May 22nd. This represents a $1.82 annualized dividend and a dividend yield of 2.99%. Microchip Technology's payout ratio is -18,200.00%.

Wall Street Analyst Weigh In

Several research firms have weighed in on MCHP. UBS Group increased their price objective on Microchip Technology from $55.00 to $60.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Truist Financial boosted their price objective on shares of Microchip Technology from $43.00 to $52.00 and gave the company a "hold" rating in a report on Friday, May 9th. Evercore ISI raised their price objective on shares of Microchip Technology from $65.00 to $71.00 and gave the stock an "outperform" rating in a report on Tuesday, March 4th. Stifel Nicolaus lifted their target price on Microchip Technology from $60.00 to $70.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Finally, Morgan Stanley upped their price objective on Microchip Technology from $39.00 to $50.00 and gave the stock an "equal weight" rating in a research note on Friday, May 9th. One research analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $67.42.

Insider Transactions at Microchip Technology

In other news, CFO James Eric Bjornholt sold 3,724 shares of the firm's stock in a transaction on 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 owns 33,272 shares in the company, valued at approximately $2,025,599.36. This trade represents a 10.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 2.10% of the company's stock.

Microchip Technology Profile

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.