EverSource Wealth Advisors LLC Buys 1,069 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

EverSource Wealth Advisors LLC lifted its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 55.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,988 shares of the semiconductor company’s stock after buying an additional 1,069 shares during the period. EverSource Wealth Advisors LLC’s holdings in Microchip Technology were worth $171,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in MCHP. Van ECK Associates Corp boosted its stake in shares of Microchip Technology by 39.3% in 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 buying an additional 3,131,807 shares during the period. Assenagon Asset Management S.A. lifted its stake 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 worth $163,886,000 after purchasing an additional 2,829,082 shares during the last quarter. Franklin Resources Inc. lifted its stake in Microchip Technology by 30.2% during the third 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 last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its stake 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 worth $220,957,000 after purchasing an additional 460,697 shares during the last quarter. Finally, DF Dent & Co. Inc. bought a new stake in Microchip Technology during the third quarter worth $27,744,000. 91.51% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have weighed in on MCHP shares. Morgan Stanley cut their target price on Microchip Technology from $71.00 to $58.00 and set an “equal weight” rating for the company in a research note on Tuesday, February 4th. Raymond James restated a “strong-buy” rating and set a $60.00 target price (down from $95.00) on shares of Microchip Technology in a research note on Friday, February 7th. Rosenblatt Securities restated a “buy” rating and set a $70.00 target price on shares of Microchip Technology in a research note on Tuesday, March 4th. The Goldman Sachs Group lowered their price target on shares of Microchip Technology from $72.00 to $63.00 and set a “neutral” rating for the company in a report on Friday, January 10th. Finally, TD Cowen upped their price target on shares of Microchip Technology from $50.00 to $60.00 and gave the stock a “hold” rating in a report on Tuesday, March 4th. Two analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Microchip Technology currently has an average rating of “Moderate Buy” and a consensus target price of $74.37.

Microchip Technology Stock Performance

NASDAQ MCHP opened at $53.50 on Monday. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12. The stock has a fifty day simple moving average of $56.51 and a 200 day simple moving average of $65.58. Microchip Technology Incorporated has a twelve month low of $50.21 and a twelve month high of $100.57. The company has a market capitalization of $28.77 billion, a price-to-earnings ratio of 95.54 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results 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 return on equity of 12.62% and a net margin of 6.49%. Sell-side analysts expect that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Monday, February 24th were issued a dividend of $0.455 per share. 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 3.40%. Microchip Technology’s payout ratio is currently 325.00%.

Insiders Place Their Bets

In other news, CFO James Eric Bjornholt sold 3,724 shares of the stock in a transaction dated Tuesday, February 25th. The shares were 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 $2,025,599.36. This represents a 10.07 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 2.10% of the company’s stock.

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.