E Fund Management Co. Ltd. Sells 869 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

E Fund Management Co. Ltd. reduced its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 8.6% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 9,224 shares of the semiconductor company’s stock after selling 869 shares during the quarter. E Fund Management Co. Ltd.’s holdings in Microchip Technology were worth $832,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Horizon Bancorp Inc. IN acquired a new stake in shares of Microchip Technology in the 4th quarter valued at approximately $110,000. Rockline Wealth Management LLC bought a new stake in shares of Microchip Technology in the 4th quarter valued at about $4,449,000. 17 Capital Partners LLC acquired a new stake in Microchip Technology in the 4th quarter valued at about $1,827,000. AIA Group Ltd increased its position in Microchip Technology by 80.4% during the fourth quarter. AIA Group Ltd now owns 29,910 shares of the semiconductor company’s stock worth $2,697,000 after buying an additional 13,326 shares during the last quarter. Finally, GAM Holding AG raised its stake in Microchip Technology by 13.9% in the fourth quarter. GAM Holding AG now owns 145,575 shares of the semiconductor company’s stock valued at $13,128,000 after buying an additional 17,776 shares during the period. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Price Performance

Shares of MCHP traded down $0.07 during mid-day trading on Wednesday, reaching $91.99. The company had a trading volume of 4,823,155 shares, compared to its average volume of 5,636,225. The company’s 50 day simple moving average is $88.45 and its 200 day simple moving average is $85.37. The company has a market capitalization of $49.71 billion, a price-to-earnings ratio of 21.49, a P/E/G ratio of 2.79 and a beta of 1.60. Microchip Technology Incorporated has a 1-year low of $68.75 and a 1-year high of $96.14. 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 (NASDAQ:MCHP) last posted its earnings results on Monday, May 6th. The semiconductor company reported $0.57 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.57. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. The firm had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.33 billion. During the same quarter in the previous year, the firm posted $1.56 earnings per share. The company’s revenue was down 40.6% on a year-over-year basis. Analysts expect that Microchip Technology Incorporated will post 4.64 EPS for the current year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 5th. Stockholders of record on Wednesday, May 22nd will be issued a dividend of $0.452 per share. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.81 annualized dividend and a dividend yield of 1.97%. The ex-dividend date of this dividend is Tuesday, May 21st. Microchip Technology’s payout ratio is 42.06%.

Insider Activity at Microchip Technology

In other news, CFO James Eric Bjornholt sold 1,970 shares of Microchip Technology stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $83.90, for a total transaction of $165,283.00. Following the transaction, the chief financial officer now owns 32,893 shares in the company, valued at $2,759,722.70. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 2.07% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

MCHP has been the topic of a number of recent analyst reports. Citigroup boosted their target price on Microchip Technology from $100.00 to $104.00 and gave the stock a “buy” rating in a report on Tuesday. Evercore ISI began coverage on shares of Microchip Technology in a report on Tuesday, April 16th. They issued an “outperform” rating and a $106.00 price target on the stock. Stifel Nicolaus boosted their price objective on Microchip Technology from $98.00 to $102.00 and gave the stock a “buy” rating in a report on Wednesday, May 1st. Mizuho lifted their price target on Microchip Technology from $82.00 to $85.00 and gave the stock a “neutral” rating in a report on Tuesday. Finally, B. Riley increased their price objective on Microchip Technology from $105.00 to $110.00 and gave the stock a “buy” rating in a research report on Tuesday. Six equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, Microchip Technology presently has a consensus rating of “Moderate Buy” and an average target price of $98.47.

Microchip Technology Profile

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.