Summit Investment Advisors Inc. Has $2.61 Million Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Summit Investment Advisors Inc. lessened its stake in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 19.5% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 45,547 shares of the semiconductor company's stock after selling 11,042 shares during the quarter. Summit Investment Advisors Inc.'s holdings in Microchip Technology were worth $2,612,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Federated Hermes Inc. increased its stake in shares of Microchip Technology by 0.5% in the fourth quarter. Federated Hermes Inc. now owns 39,298 shares of the semiconductor company's stock worth $2,254,000 after acquiring an additional 209 shares during the last quarter. Lebenthal Global Advisors LLC grew its stake in Microchip Technology by 7.3% in the fourth quarter. Lebenthal Global Advisors LLC now owns 3,894 shares of the semiconductor company's stock valued at $223,000 after purchasing an additional 266 shares in the last quarter. Elmwood Wealth Management Inc. grew its stake in Microchip Technology by 1.5% in the fourth quarter. Elmwood Wealth Management Inc. now owns 20,558 shares of the semiconductor company's stock valued at $1,179,000 after purchasing an additional 300 shares in the last quarter. Legacy Financial Advisors Inc. increased its position in Microchip Technology by 8.1% in the 4th quarter. Legacy Financial Advisors Inc. now owns 4,176 shares of the semiconductor company's stock worth $239,000 after purchasing an additional 312 shares during the last quarter. Finally, Perennial Investment Advisors LLC raised its stake in shares of Microchip Technology by 6.5% during the 4th quarter. Perennial Investment Advisors LLC now owns 5,231 shares of the semiconductor company's stock worth $300,000 after purchasing an additional 317 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company's stock.

Wall Street Analyst Weigh In

MCHP has been the topic of a number of research reports. Rosenblatt Securities restated a "buy" rating and issued a $70.00 price objective on shares of Microchip Technology in a report on Tuesday, March 4th. TD Cowen increased their price target on shares of Microchip Technology from $50.00 to $60.00 and gave the stock a "hold" rating in a research note on Tuesday, March 4th. The Goldman Sachs Group reduced their price objective on shares of Microchip Technology from $72.00 to $63.00 and set a "neutral" rating for the company in a research note on Friday, January 10th. Morgan Stanley lowered their target price on shares of Microchip Technology from $71.00 to $58.00 and set an "equal weight" rating on the stock in a research report on Tuesday, February 4th. Finally, Mizuho boosted their price target on Microchip Technology from $58.00 to $68.00 and gave the stock an "outperform" rating in a research report on Tuesday, March 4th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $71.26.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of the company's stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total transaction of $226,717.12. Following the sale, the chief financial officer now directly owns 33,272 shares of the company's stock, valued at approximately $2,025,599.36. This represents a 10.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.10% of the company's stock.

Microchip Technology Stock Performance

Shares of MCHP traded up $0.58 on Friday, reaching $38.53. 7,776,736 shares of the stock traded hands, compared to its average volume of 8,083,145. The firm has a market cap of $20.72 billion, a price-to-earnings ratio of 68.81 and a beta of 1.51. Microchip Technology Incorporated has a 12 month low of $34.13 and a 12 month high of $100.57. The stock's 50-day moving average price is $50.72 and its 200-day moving average price is $59.49. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. Equities analysts forecast that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Monday, February 24th were paid a $0.455 dividend. This represents a $1.82 annualized dividend and a yield of 4.72%. The ex-dividend date of this dividend was Monday, February 24th. Microchip Technology's dividend payout ratio is 325.00%.

About Microchip Technology

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.