Frank Rimerman Advisors LLC Has $1.54 Million Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Frank Rimerman Advisors LLC boosted its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 57.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,818 shares of the semiconductor company’s stock after buying an additional 9,833 shares during the period. Frank Rimerman Advisors LLC’s holdings in Microchip Technology were worth $1,538,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Van ECK Associates Corp boosted 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 acquiring an additional 3,131,807 shares in the last quarter. Assenagon Asset Management S.A. boosted its holdings in Microchip Technology by 9,901.6% during the fourth quarter. Assenagon Asset Management S.A. now owns 2,857,654 shares of the semiconductor company’s stock valued at $163,886,000 after purchasing an additional 2,829,082 shares in the last quarter. Madison Investment Advisors LLC bought a new stake in shares of Microchip Technology in the 4th quarter valued at approximately $78,661,000. Franklin Resources Inc. raised its holdings in shares of 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 buying an additional 776,408 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its position 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 worth $220,957,000 after buying an additional 460,697 shares during the period. Institutional investors own 91.51% of the company’s stock.

Insider Buying and Selling

In related news, CFO James Eric Bjornholt sold 3,724 shares of the company’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total value of $226,717.12. Following the completion of the sale, the chief financial officer now owns 33,272 shares in the company, valued at $2,025,599.36. This represents a 10.07 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 2.10% of the stock is owned by insiders.

Microchip Technology Price Performance

Shares of MCHP stock opened at $53.50 on Friday. The firm’s 50 day moving average price is $56.51 and its two-hundred day moving average price is $65.68. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.23 and a current ratio of 2.25. Microchip Technology Incorporated has a 52-week low of $50.21 and a 52-week high of $100.57. The stock has a market cap of $28.77 billion, a PE ratio of 95.54 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 earnings per share (EPS) for the quarter, missing the consensus estimate 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 forecast that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Monday, February 24th were given 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 dividend yield of 3.40%. Microchip Technology’s dividend payout ratio is 325.00%.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. KeyCorp lowered their price target on Microchip Technology from $70.00 to $60.00 and set an “overweight” rating on the stock in a research report on Friday, February 7th. Mizuho increased their target price on shares of Microchip Technology from $58.00 to $68.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 4th. Evercore ISI boosted their price target on shares of Microchip Technology from $65.00 to $71.00 and gave the company an “outperform” rating in a research report on Tuesday, March 4th. B. Riley reaffirmed a “buy” rating and set a $75.00 price objective (down previously from $85.00) on shares of Microchip Technology in a report on Friday, February 7th. Finally, TD Cowen raised their price target on Microchip Technology from $50.00 to $60.00 and gave the company a “hold” rating in a report on Tuesday, March 4th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Microchip Technology currently has a consensus rating of “Moderate Buy” and an average target price of $74.37.

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.