J. Goldman & Co LP Lowers Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

J. Goldman & Co LP reduced its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 80.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 23,432 shares of the semiconductor company’s stock after selling 97,334 shares during the quarter. J. Goldman & Co LP’s holdings in Microchip Technology were worth $1,344,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in shares of Microchip Technology by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 68,912,345 shares of the semiconductor company’s stock valued at $3,952,123,000 after purchasing an additional 569,699 shares during the period. Van ECK Associates Corp boosted its stake in shares of Microchip Technology by 39.3% during 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 purchasing an additional 3,131,807 shares during the period. Invesco Ltd. grew its holdings in Microchip Technology by 9.5% during the 4th quarter. Invesco Ltd. now owns 10,247,908 shares of the semiconductor company’s stock worth $587,718,000 after acquiring an additional 890,819 shares in the last quarter. Norges Bank bought a new position in Microchip Technology during the 4th quarter worth about $452,627,000. Finally, FIL Ltd increased its position in Microchip Technology by 9.0% during the 4th quarter. FIL Ltd now owns 7,877,482 shares of the semiconductor company’s stock valued at $451,774,000 after purchasing an additional 653,705 shares during the period. 91.51% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

MCHP has been the subject of several research reports. Rosenblatt Securities reaffirmed a “buy” rating and issued a $70.00 price target on shares of Microchip Technology in a research report on Tuesday, March 4th. Truist Financial upped their target price on Microchip Technology from $43.00 to $52.00 and gave the stock a “hold” rating in a report on Friday. Bank of America upgraded Microchip Technology from an “underperform” rating to a “neutral” rating and set a $56.00 price target on the stock in a report on Friday. B. Riley boosted their price target on Microchip Technology from $60.00 to $75.00 and gave the stock a “buy” rating in a research report on Friday. Finally, Morgan Stanley raised their price objective on Microchip Technology from $39.00 to $50.00 and gave the company an “equal weight” rating in a research report on Friday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $67.42.

Insider Transactions at Microchip Technology

In other news, CFO James Eric Bjornholt sold 3,724 shares of the stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total value 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 Securities & Exchange Commission, which is available through the SEC website. Company insiders own 2.10% of the company’s stock.

Microchip Technology Trading Up 12.6%

NASDAQ MCHP opened at $55.33 on Monday. The company has a fifty day simple moving average of $47.06 and a two-hundred day simple moving average of $56.31. The stock has a market cap of $29.76 billion, a P/E ratio of 98.80 and a beta of 1.42. Microchip Technology Incorporated has a 12-month low of $34.13 and a 12-month high of $100.57. 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 (NASDAQ:MCHP) last posted its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.10 by $0.01. The business had revenue of $970.50 million during the quarter, compared to analysts’ expectations of $962.86 million. Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. The business’s quarterly revenue was down 26.8% on a year-over-year basis. During the same quarter last year, the company posted $0.57 earnings per share. On average, analysts forecast that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Shareholders of record on Thursday, May 22nd will be issued a $0.455 dividend. The ex-dividend date of this dividend is Thursday, May 22nd. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.29%. Microchip Technology’s dividend payout ratio is currently -18,200.00%.

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.