Charles Schwab Investment Management Inc. Acquires 116,823 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Charles Schwab Investment Management Inc. boosted its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 3.9% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,143,769 shares of the semiconductor company’s stock after buying an additional 116,823 shares during the quarter. Charles Schwab Investment Management Inc. owned 0.59% of Microchip Technology worth $180,295,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Van ECK Associates Corp raised its holdings in shares of Microchip Technology by 39.3% during the fourth 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. grew its position in Microchip Technology by 30.2% in the 3rd quarter. Franklin Resources Inc. now owns 3,347,643 shares of the semiconductor company’s stock worth $264,430,000 after purchasing an additional 776,408 shares during the period. Assenagon Asset Management S.A. raised its stake in Microchip Technology by 9,901.6% during the 4th quarter. Assenagon Asset Management S.A. now owns 2,857,654 shares of the semiconductor company’s stock valued at $163,886,000 after buying an additional 2,829,082 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in shares of Microchip Technology by 20.1% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,751,987 shares of the semiconductor company’s stock valued at $220,957,000 after buying an additional 460,697 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of Microchip Technology by 1.2% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,144,811 shares of the semiconductor company’s stock worth $123,005,000 after buying an additional 25,451 shares during the last quarter. Institutional investors own 91.51% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. B. Riley reiterated a “buy” rating and set a $75.00 price objective (down previously from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. Bank of America lowered shares of Microchip Technology from a “neutral” rating to an “underperform” rating and reduced their price target for the company from $80.00 to $65.00 in a research report on Monday, December 16th. Needham & Company LLC raised their price objective on shares of Microchip Technology from $60.00 to $66.00 and gave the stock a “buy” rating in a report on Tuesday. Piper Sandler restated an “overweight” rating and set a $65.00 target price (down from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. Finally, StockNews.com downgraded shares of Microchip Technology from a “hold” rating to a “sell” rating in a research report on Monday, February 10th. Two analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Microchip Technology has an average rating of “Moderate Buy” and a consensus price target of $74.37.

Insider Buying and Selling at Microchip Technology

In related news, CFO James Eric Bjornholt sold 3,724 shares of the stock in a transaction that occurred 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 completion of the transaction, 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 is accessible through this link. 2.10% of the stock is currently owned by insiders.

Microchip Technology Price Performance

Shares of Microchip Technology stock opened at $58.26 on Friday. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12. Microchip Technology Incorporated has a 52 week low of $50.21 and a 52 week high of $100.57. The stock’s 50-day simple moving average is $56.95 and its 200-day simple moving average is $66.93. The company has a market capitalization of $31.33 billion, a price-to-earnings ratio of 104.04 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results 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 return on equity of 12.62% and a net margin of 6.49%. As a group, analysts expect that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Monday, February 24th will be paid a dividend of $0.455 per share. The ex-dividend date is Monday, February 24th. This represents a $1.82 annualized dividend and a yield of 3.12%. Microchip Technology’s payout ratio is 325.00%.

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.