Voya Investment Management LLC Sells 972,633 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Voya Investment Management LLC decreased its stake in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 50.4% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 958,695 shares of the semiconductor company's stock after selling 972,633 shares during the quarter. Voya Investment Management LLC owned approximately 0.18% of Microchip Technology worth $54,981,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Mainstream Capital Management LLC acquired a new position in Microchip Technology in the 4th quarter valued at $26,000. Rakuten Securities Inc. grew its stake in Microchip Technology by 309.5% in the 4th quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company's stock valued at $27,000 after buying an additional 359 shares during the last quarter. OFI Invest Asset Management acquired a new position in Microchip Technology in the 4th quarter valued at $29,000. Financial Life Planners acquired a new stake in Microchip Technology in the 4th quarter worth $32,000. Finally, Kohmann Bosshard Financial Services LLC acquired a new stake in Microchip Technology in the 4th quarter worth $34,000. Institutional investors own 91.51% of the company's stock.

Insider Buying and Selling at Microchip Technology

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

Wall Street Analyst Weigh In

Several analysts have issued reports on MCHP shares. Needham & Company LLC raised their price target on shares of Microchip Technology from $60.00 to $66.00 and gave the stock a "buy" rating in a research report on Tuesday, March 4th. Piper Sandler restated an "overweight" rating and issued a $65.00 price target (down from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. Citigroup decreased their price target on shares of Microchip Technology from $65.00 to $50.00 and set a "buy" rating on the stock in a research report on Friday, April 11th. The Goldman Sachs Group decreased their price target on shares of Microchip Technology from $72.00 to $63.00 and set a "neutral" rating on the stock in a research report on Friday, January 10th. Finally, Evercore ISI raised their price target on shares of Microchip Technology from $65.00 to $71.00 and gave the stock an "outperform" rating in a research report on Tuesday, March 4th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $66.79.

Microchip Technology Trading Up 0.5 %

MCHP traded up $0.25 during mid-day trading on Thursday, reaching $46.33. The stock had a trading volume of 2,825,716 shares, compared to its average volume of 8,237,055. 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 stock has a market capitalization of $24.92 billion, a P/E ratio of 82.83 and a beta of 1.51. The firm's fifty day simple moving average is $48.49 and its two-hundred day simple moving average is $57.91.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $0.13 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%. On average, equities analysts predict that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Monday, February 24th were paid a $0.455 dividend. The ex-dividend date of this dividend was Monday, February 24th. This represents a $1.82 dividend on an annualized basis and a yield of 3.93%. Microchip Technology's 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.