Wellington Management Group LLP Has $71.18 Million Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Wellington Management Group LLP cut its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 73.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,241,180 shares of the semiconductor company’s stock after selling 3,389,846 shares during the quarter. Wellington Management Group LLP owned approximately 0.23% of Microchip Technology worth $71,182,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Mainstream Capital Management LLC bought a new position in shares of Microchip Technology during the 4th quarter worth about $26,000. Rakuten Securities Inc. boosted its holdings in Microchip Technology by 309.5% in the fourth quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company’s stock worth $27,000 after acquiring an additional 359 shares in the last quarter. OFI Invest Asset Management acquired a new stake in Microchip Technology in the fourth quarter valued at approximately $29,000. Financial Life Planners bought a new stake in shares of Microchip Technology during the fourth quarter valued at approximately $32,000. Finally, Kohmann Bosshard Financial Services LLC acquired a new position in shares of Microchip Technology during the fourth quarter worth approximately $34,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Microchip Technology Trading Down 11.0 %

Shares of MCHP stock opened at $36.22 on Friday. Microchip Technology Incorporated has a 12-month low of $36.10 and a 12-month high of $100.57. 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 company has a 50 day moving average of $54.29 and a 200-day moving average of $62.86. The firm has a market cap of $19.48 billion, a P/E ratio of 64.68 and a beta of 1.51.

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

Microchip Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Monday, February 24th were paid a $0.455 dividend. The ex-dividend date of this dividend was Monday, February 24th. This represents a $1.82 annualized dividend and a dividend yield of 5.02%. Microchip Technology’s payout ratio is 325.00%.

Insider Activity at Microchip Technology

In other Microchip Technology 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 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 2.10% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research firms recently issued reports on MCHP. Bank of America downgraded 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. Evercore ISI boosted their target price on shares of Microchip Technology from $65.00 to $71.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 4th. B. Riley reaffirmed a “buy” rating and issued a $75.00 price target (down previously from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. Mizuho boosted their price objective on Microchip Technology from $58.00 to $68.00 and gave the stock an “outperform” rating in a report on Tuesday, March 4th. Finally, TD Cowen raised their target price 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 issued a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target 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.