Microchip Technology Incorporated (NASDAQ:MCHP) Shares Purchased by Van ECK Associates Corp

Van ECK Associates Corp raised its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 16.0% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 5,177,014 shares of the semiconductor company’s stock after purchasing an additional 714,376 shares during the period. Microchip Technology accounts for approximately 0.8% of Van ECK Associates Corp’s portfolio, making the stock its 29th biggest holding. Van ECK Associates Corp owned approximately 0.96% of Microchip Technology worth $466,863,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Northern Trust Corp boosted its position in Microchip Technology by 1.1% during the third quarter. Northern Trust Corp now owns 7,521,409 shares of the semiconductor company’s stock worth $587,046,000 after acquiring an additional 80,431 shares during the last quarter. Mizuho Markets Americas LLC purchased a new stake in shares of Microchip Technology in the third quarter valued at approximately $225,800,000. Charles Schwab Investment Management Inc. grew its position in shares of Microchip Technology by 0.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,830,397 shares of the semiconductor company’s stock valued at $220,913,000 after purchasing an additional 25,002 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its position in Microchip Technology by 0.5% during the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,457,152 shares of the semiconductor company’s stock worth $221,586,000 after buying an additional 11,163 shares in the last quarter. Finally, Deutsche Bank AG boosted its stake in Microchip Technology by 27.8% during the third quarter. Deutsche Bank AG now owns 1,927,892 shares of the semiconductor company’s stock worth $150,472,000 after buying an additional 418,869 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Stock Down 0.4 %

MCHP stock traded down $0.42 during midday trading on Monday, reaching $93.18. 6,106,081 shares of the company were exchanged, compared to its average volume of 5,566,188. The company has a market cap of $50.35 billion, a price-to-earnings ratio of 21.87, a price-to-earnings-growth ratio of 2.86 and a beta of 1.65. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.58 and a current ratio of 0.98. Microchip Technology Incorporated has a 1-year low of $68.75 and a 1-year high of $94.63. The stock’s 50-day simple moving average is $87.24 and its 200 day simple moving average is $84.70.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share for the quarter, beating analysts’ consensus estimates of $1.04 by $0.04. The firm had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.77 billion. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. Microchip Technology’s quarterly revenue was down 18.6% compared to the same quarter last year. During the same period in the previous year, the company earned $1.48 earnings per share. On average, equities analysts forecast that Microchip Technology Incorporated will post 4.64 earnings per share for the current year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 23rd were given a dividend of $0.45 per share. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.44. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $1.80 annualized dividend and a yield of 1.93%. Microchip Technology’s payout ratio is 42.06%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. The Goldman Sachs Group dropped their price objective on shares of Microchip Technology from $87.00 to $77.00 and set a “neutral” rating for the company in a report on Friday, February 2nd. Wolfe Research upgraded Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 price objective for the company in a research report on Thursday, January 18th. Needham & Company LLC raised their target price on Microchip Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, February 2nd. Rosenblatt Securities reaffirmed a “buy” rating and issued a $100.00 price target on shares of Microchip Technology in a research note on Tuesday, January 30th. Finally, Piper Sandler downgraded Microchip Technology from an “overweight” rating to a “neutral” rating and set a $80.00 price objective for the company. in a research report on Thursday, January 4th. Six investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, Microchip Technology has an average rating of “Moderate Buy” and an average price target of $92.50.

Insider Buying and Selling at Microchip Technology

In other news, Director Karlton D. Johnson sold 370 shares of Microchip Technology stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $84.00, for a total value of $31,080.00. Following the transaction, the director now directly owns 1,789 shares of the company’s stock, valued at approximately $150,276. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Microchip Technology news, CFO James Eric Bjornholt sold 1,970 shares of Microchip Technology stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total value of $165,283.00. Following the transaction, the chief financial officer now directly owns 32,893 shares in the company, valued at approximately $2,759,722.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Karlton D. Johnson sold 370 shares of the business’s stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $84.00, for a total value of $31,080.00. Following the completion of the transaction, the director now directly owns 1,789 shares in the company, valued at approximately $150,276. The disclosure for this sale can be found here. 2.07% of the stock is owned by company insiders.

About Microchip Technology

Microchip Technology Incorporated develops, manufactures, and sells 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 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.