Flputnam Investment Management Co. Sells 595 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Flputnam Investment Management Co. trimmed its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 11.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 4,653 shares of the semiconductor company’s stock after selling 595 shares during the period. Flputnam Investment Management Co.’s holdings in Microchip Technology were worth $267,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of MCHP. Van ECK Associates Corp increased its holdings in Microchip Technology by 39.3% in the 4th quarter. Van ECK Associates Corp now owns 11,093,007 shares of the semiconductor company’s stock worth $636,184,000 after buying an additional 3,131,807 shares in the last quarter. Franklin Resources Inc. grew its stake in shares of Microchip Technology by 30.2% in the third quarter. Franklin Resources Inc. now owns 3,347,643 shares of the semiconductor company’s stock worth $264,430,000 after acquiring an additional 776,408 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of Microchip Technology by 0.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,026,946 shares of the semiconductor company’s stock worth $243,034,000 after acquiring an additional 25,872 shares during the period. Assenagon Asset Management S.A. raised its holdings in shares of 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 during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its position in Microchip Technology by 20.1% during the third 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 purchasing an additional 460,697 shares during the period. Institutional investors own 91.51% of the company’s stock.

Insiders Place Their Bets

In other news, CFO James Eric Bjornholt sold 3,724 shares of the stock in a transaction 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 transaction, the chief financial officer now owns 33,272 shares of the company’s stock, valued at approximately $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 can be accessed through this link. 2.10% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. B. Riley reaffirmed a “buy” rating and issued a $75.00 price objective (down previously from $85.00) on shares of Microchip Technology in a report on Friday, February 7th. Jefferies Financial Group cut their price target on Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Rosenblatt Securities reiterated a “buy” rating and issued a $90.00 price objective on shares of Microchip Technology in a research note on Thursday, February 6th. Citigroup cut their target price on shares of Microchip Technology from $92.00 to $82.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $65.00 target price (down from $85.00) on shares of Microchip Technology in a report on Friday, February 7th. Two equities research 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. Based on data from MarketBeat, Microchip Technology presently has an average rating of “Moderate Buy” and a consensus target price of $77.11.

Microchip Technology Stock Down 1.5 %

NASDAQ:MCHP opened at $57.95 on Tuesday. The stock has a fifty day simple moving average of $56.94 and a 200-day simple moving average of $67.20. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12. The company has a market cap of $31.17 billion, a price-to-earnings ratio of 103.48 and a beta of 1.50. Microchip Technology Incorporated has a twelve month low of $50.21 and a twelve month high of $100.57.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share 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%. Analysts anticipate that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Monday, February 24th will be paid a $0.455 dividend. The ex-dividend date of this dividend is Monday, February 24th. This represents a $1.82 annualized dividend and a yield of 3.14%. Microchip Technology’s dividend payout ratio (DPR) is currently 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.