Microchip Technology Incorporated (NASDAQ:MCHP) Stock Holdings Reduced by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lowered its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 24.0% during the fourth quarter, HoldingsChannel.com reports. The firm owned 25,728 shares of the semiconductor company’s stock after selling 8,115 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Microchip Technology were worth $1,463,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Van ECK Associates Corp lifted its position in shares of Microchip Technology by 25.1% in the third quarter. Van ECK Associates Corp now owns 7,961,200 shares of the semiconductor company’s stock worth $599,239,000 after buying an additional 1,597,263 shares during the last quarter. Franklin Resources Inc. lifted its position in shares of Microchip Technology by 30.2% in the third quarter. Franklin Resources Inc. now owns 3,347,643 shares of the semiconductor company’s stock worth $264,430,000 after buying an additional 776,408 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Microchip Technology by 0.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,026,946 shares of the semiconductor company’s stock worth $243,034,000 after buying an additional 25,872 shares during the last quarter. Assenagon Asset Management S.A. lifted its position in shares of Microchip Technology by 9,901.6% in the fourth quarter. Assenagon Asset Management S.A. now owns 2,857,654 shares of the semiconductor company’s stock worth $163,886,000 after buying an additional 2,829,082 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its position in shares of Microchip Technology by 20.1% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,751,987 shares of the semiconductor company’s stock worth $220,957,000 after buying an additional 460,697 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Analyst Ratings Changes

A number of analysts have weighed in on the company. B. Riley reaffirmed a “buy” rating and issued a $75.00 price target (down previously from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. The Goldman Sachs Group reduced their price target 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. Rosenblatt Securities reissued a “buy” rating and set a $90.00 price objective on shares of Microchip Technology in a research report on Thursday, February 6th. Bank of America cut Microchip Technology from a “neutral” rating to an “underperform” rating and cut their price objective for the stock from $80.00 to $65.00 in a research report on Monday, December 16th. Finally, KeyCorp cut their price objective on Microchip Technology from $70.00 to $60.00 and set an “overweight” rating for the company in a research report on Friday, February 7th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $77.11.

Microchip Technology Trading Down 5.0 %

MCHP stock opened at $61.07 on Friday. Microchip Technology Incorporated has a 1-year low of $50.21 and a 1-year high of $100.57. The firm has a market cap of $32.84 billion, a P/E ratio of 109.05 and a beta of 1.50. The business’s 50 day moving average is $56.70 and its 200-day moving average is $68.07. 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 released 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 net margin of 6.49% and a return on equity of 12.62%. Equities analysts anticipate that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Monday, February 24th will be paid a $0.455 dividend. The ex-dividend date of this dividend is Monday, February 24th. This represents a $1.82 annualized dividend and a dividend yield of 2.98%. Microchip Technology’s dividend payout ratio is currently 325.00%.

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.