Microchip Technology Incorporated (NASDAQ:MCHP) Shares Acquired by Franklin Resources Inc.

Franklin Resources Inc. boosted its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 90.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,360,805 shares of the semiconductor company’s stock after buying an additional 3,013,162 shares during the period. Franklin Resources Inc. owned 1.18% of Microchip Technology worth $364,792,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Pallas Capital Advisors LLC bought a new stake in Microchip Technology in the 4th quarter valued at about $5,917,000. Consolidated Planning Corp acquired a new stake in shares of Microchip Technology in the fourth quarter valued at approximately $308,000. Quadrature Capital Ltd bought a new stake in shares of Microchip Technology during the third quarter valued at approximately $3,312,000. one8zero8 LLC acquired a new position in shares of Microchip Technology during the fourth quarter worth approximately $384,000. Finally, Symphony Financial Ltd. Co. bought a new position in Microchip Technology in the 4th quarter worth approximately $520,000. 91.51% of the stock is currently owned by institutional investors.

Microchip Technology Stock Down 0.6 %

NASDAQ:MCHP opened at $48.41 on Tuesday. The business’s fifty day moving average price is $55.46 and its 200 day moving average price is $63.61. The firm has a market capitalization of $26.04 billion, a price-to-earnings ratio of 86.45 and a beta of 1.52. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12. Microchip Technology Incorporated has a 1-year low of $47.44 and a 1-year high of $100.57.

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 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%. On average, sell-side analysts forecast that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Monday, February 24th were issued a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a dividend yield of 3.76%. The ex-dividend date of this dividend was Monday, February 24th. Microchip Technology’s dividend payout ratio is currently 325.00%.

Analysts Set New Price Targets

A number of brokerages have issued reports on MCHP. Mizuho boosted their price target on Microchip Technology from $58.00 to $68.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 4th. Raymond James restated a “strong-buy” rating and set a $60.00 price objective (down from $95.00) on shares of Microchip Technology in a research note on Friday, February 7th. TD Cowen raised their target price on shares of Microchip Technology from $50.00 to $60.00 and gave the company a “hold” rating in a research note on Tuesday, March 4th. KeyCorp reduced their price target on shares of Microchip Technology from $70.00 to $60.00 and set an “overweight” rating for the company in a research note on Friday, February 7th. Finally, StockNews.com lowered shares of Microchip Technology from a “hold” rating to a “sell” rating in a research note on Monday, February 10th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Microchip Technology has an average rating of “Moderate Buy” and an average price target of $74.37.

Insider Transactions at Microchip Technology

In related news, CFO James Eric Bjornholt sold 3,724 shares of the business’s stock in a transaction that occurred on Tuesday, February 25th. The stock was 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 of the company’s stock, valued at approximately $2,025,599.36. The trade was a 10.07 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 2.10% of the stock is currently owned by company insiders.

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.