LPL Financial LLC Buys 109,885 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

LPL Financial LLC grew its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 25.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 542,005 shares of the semiconductor company’s stock after buying an additional 109,885 shares during the period. LPL Financial LLC owned 0.10% of Microchip Technology worth $31,084,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in MCHP. KLP Kapitalforvaltning AS bought a new position in Microchip Technology during the fourth quarter worth $10,224,000. AXQ Capital LP raised its position in shares of Microchip Technology by 68.4% in the 4th quarter. AXQ Capital LP now owns 4,616 shares of the semiconductor company’s stock worth $265,000 after acquiring an additional 1,875 shares in the last quarter. Millstone Evans Group LLC acquired a new position in shares of Microchip Technology in the 4th quarter valued at about $34,000. Semanteon Capital Management LP bought a new stake in shares of Microchip Technology during the 4th quarter valued at about $1,435,000. Finally, Whittier Trust Co. of Nevada Inc. grew its stake in Microchip Technology by 2.1% during the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 17,689 shares of the semiconductor company’s stock worth $1,014,000 after purchasing an additional 362 shares during the period. 91.51% of the stock is currently owned by institutional investors.

Microchip Technology Price Performance

Microchip Technology stock opened at $48.70 on Friday. Microchip Technology Incorporated has a 52 week low of $48.27 and a 52 week high of $100.57. The company’s 50 day moving average price is $55.65 and its two-hundred day moving average price is $63.90. The stock has a market cap of $26.19 billion, a P/E ratio of 86.96 and a beta of 1.52. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share 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%. On average, equities analysts predict that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Investors 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 dividend on an annualized basis and a yield of 3.74%. Microchip Technology’s dividend payout ratio (DPR) is presently 325.00%.

Insiders Place Their Bets

In related news, CFO James Eric Bjornholt sold 3,724 shares of Microchip Technology stock in a transaction that occurred 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 of the company’s stock, valued at approximately $2,025,599.36. The trade was a 10.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 2.10% of the company’s stock.

Analyst Ratings Changes

A number of research firms have issued reports on MCHP. Piper Sandler restated an “overweight” rating and set a $65.00 price target (down from $85.00) on shares of Microchip Technology in a report on Friday, February 7th. Rosenblatt Securities reissued a “buy” rating and set a $70.00 target price on shares of Microchip Technology in a research note on Tuesday, March 4th. TD Cowen lifted their price target on shares of Microchip Technology from $50.00 to $60.00 and gave the company a “hold” rating in a research note on Tuesday, March 4th. Evercore ISI increased their price objective 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. Finally, The Goldman Sachs Group decreased their target price on Microchip Technology from $72.00 to $63.00 and set a “neutral” rating for the company in a research report on Friday, January 10th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Microchip Technology has a consensus rating of “Moderate Buy” and an average target price 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.