Allspring Global Investments Holdings LLC Has $76.20 Million Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Allspring Global Investments Holdings LLC lowered its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 13.3% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 832,778 shares of the semiconductor company’s stock after selling 128,032 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.16% of Microchip Technology worth $76,199,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Rise Advisors LLC acquired a new position in Microchip Technology during the first quarter worth $28,000. Pineridge Advisors LLC acquired a new position in shares of Microchip Technology during the 4th quarter worth approximately $33,000. Steph & Co. boosted its holdings in shares of Microchip Technology by 57.4% in the 1st quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock valued at $37,000 after buying an additional 151 shares during the last quarter. Pathway Financial Advisers LLC bought a new position in shares of Microchip Technology in the first quarter valued at $39,000. Finally, Richardson Capital Management LLC bought a new position in shares of Microchip Technology in the 1st quarter valued at about $45,000. 91.51% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on MCHP shares. The Goldman Sachs Group upped their price objective on Microchip Technology from $77.00 to $88.00 and gave the company a “neutral” rating in a research note on Tuesday, May 7th. Morgan Stanley downgraded Microchip Technology from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $102.00 to $100.00 in a report on Thursday, July 11th. TD Cowen lowered their price target on shares of Microchip Technology from $90.00 to $80.00 and set a “hold” rating on the stock in a research report on Friday, August 2nd. Jefferies Financial Group started coverage on shares of Microchip Technology in a report on Monday, May 13th. They set a “buy” rating and a $115.00 target price on the stock. Finally, Mizuho upgraded Microchip Technology from a “neutral” rating to a “buy” rating and boosted their price target for the company from $85.00 to $115.00 in a research note on Friday, May 24th. Five equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $99.95.

Insider Activity at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,154 shares of the firm’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total transaction of $175,551.00. Following the completion of the transaction, the chief financial officer now owns 33,257 shares of the company’s stock, valued at $2,710,445.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Matthew W. Chapman sold 2,748 shares of Microchip Technology stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $93.88, for a total value of $257,982.24. Following the transaction, the director now directly owns 35,682 shares of the company’s stock, valued at $3,349,826.16. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO James Eric Bjornholt sold 2,154 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total value of $175,551.00. Following the completion of the sale, the chief financial officer now owns 33,257 shares in the company, valued at $2,710,445.50. The disclosure for this sale can be found here. Insiders sold a total of 5,129 shares of company stock worth $455,552 in the last quarter. 2.07% of the stock is owned by insiders.

Microchip Technology Price Performance

NASDAQ:MCHP traded down $0.81 on Tuesday, hitting $79.49. The company had a trading volume of 308,160 shares, compared to its average volume of 5,993,701. Microchip Technology Incorporated has a 52 week low of $68.75 and a 52 week high of $100.57. 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 stock has a market capitalization of $42.65 billion, a price-to-earnings ratio of 22.99 and a beta of 1.54. The firm has a 50 day moving average of $86.52 and a two-hundred day moving average of $88.52.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.01. Microchip Technology had a return on equity of 27.82% and a net margin of 20.80%. The company had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter last year, the business posted $1.56 EPS. Microchip Technology’s revenue for the quarter was down 45.8% on a year-over-year basis. On average, research analysts anticipate that Microchip Technology Incorporated will post 2.35 earnings per share for the current year.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd will be paid a $0.454 dividend. The ex-dividend date of this dividend is Thursday, August 22nd. This represents a $1.82 annualized dividend and a dividend yield of 2.28%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio is currently 52.16%.

Microchip Technology Company 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.