Microchip Technology Incorporated (NASDAQ:MCHP) Shares Bought by Bristol Gate Capital Partners Inc.

Bristol Gate Capital Partners Inc. lifted its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 23.4% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,184,159 shares of the semiconductor company’s stock after buying an additional 224,841 shares during the quarter. Microchip Technology makes up approximately 3.3% of Bristol Gate Capital Partners Inc.’s portfolio, making the stock its 21st biggest position. Bristol Gate Capital Partners Inc. owned 0.22% of Microchip Technology worth $67,912,000 at the end of the most recent reporting period.

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

Microchip Technology Trading Down 11.0 %

Microchip Technology stock opened at $36.22 on Monday. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23. The stock has a market capitalization of $19.48 billion, a PE ratio of 64.68 and a beta of 1.51. The firm has a 50 day simple moving average of $54.29 and a 200-day simple moving average of $62.67. Microchip Technology Incorporated has a 12-month low of $32.46 and a 12-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 (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, equities research analysts expect that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Announces Dividend

The business 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 annualized dividend and a yield of 5.02%. Microchip Technology’s dividend payout ratio (DPR) is presently 325.00%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on MCHP shares. StockNews.com cut Microchip Technology from a “hold” rating to a “sell” rating in a research note on Monday, February 10th. Rosenblatt Securities reissued a “buy” rating and set a $70.00 price target on shares of Microchip Technology in a report on Tuesday, March 4th. Needham & Company LLC upped their price objective on Microchip Technology from $60.00 to $66.00 and gave the company a “buy” rating in a research note on Tuesday, March 4th. Evercore ISI lifted their target price on shares of Microchip Technology from $65.00 to $71.00 and gave the company an “outperform” rating in a report on Tuesday, March 4th. Finally, Morgan Stanley lowered their price objective on Microchip Technology from $71.00 to $58.00 and set an “equal weight” rating on the stock in a report on Tuesday, February 4th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $74.37.

Insider Activity

In other news, CFO James Eric Bjornholt sold 3,724 shares of the company’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 sale, the chief financial officer now directly owns 33,272 shares in the company, valued at approximately $2,025,599.36. This represents a 10.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 2.10% of the stock is currently owned by company insiders.

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.