Sumitomo Mitsui DS Asset Management Company Ltd Purchases 678 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 1.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 52,351 shares of the semiconductor company’s stock after acquiring an additional 678 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Microchip Technology were worth $4,721,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Northern Trust Corp boosted its stake in Microchip Technology by 1.1% in the third quarter. Northern Trust Corp now owns 7,521,409 shares of the semiconductor company’s stock valued at $587,046,000 after acquiring an additional 80,431 shares in the last quarter. Van ECK Associates Corp boosted its position in Microchip Technology by 7.8% in the third quarter. Van ECK Associates Corp now owns 4,462,638 shares of the semiconductor company’s stock valued at $348,309,000 after buying an additional 322,540 shares during the last quarter. Mizuho Markets Americas LLC acquired a new position in Microchip Technology during the third quarter valued at $225,800,000. Charles Schwab Investment Management Inc. raised its stake in shares of Microchip Technology by 0.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,830,397 shares of the semiconductor company’s stock valued at $220,913,000 after buying an additional 25,002 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. raised 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 valued at $221,586,000 after acquiring an additional 11,163 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors.

Insider Buying and Selling

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

Microchip Technology Stock Performance

Shares of MCHP stock opened at $83.53 on Tuesday. The company has a market cap of $45.14 billion, a P/E ratio of 19.52, a PEG ratio of 2.49 and a beta of 1.65. The company has a current ratio of 0.98, a quick ratio of 0.58 and a debt-to-equity ratio of 0.57. The firm has a fifty day moving average price of $86.50 and a 200 day moving average price of $84.41. Microchip Technology Incorporated has a 12 month low of $68.75 and a 12 month high of $94.30.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Thursday, February 1st. The semiconductor company reported $1.08 EPS for the quarter, topping analysts’ consensus estimates of $1.04 by $0.04. The business had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.77 billion. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The business’s revenue was down 18.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.48 earnings per share. Sell-side analysts predict that Microchip Technology Incorporated will post 4.64 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 23rd were given a $0.45 dividend. This is an increase 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 2.15%. Microchip Technology’s dividend payout ratio is 42.06%.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Needham & Company LLC boosted their target price on shares of Microchip Technology from $85.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, February 2nd. Rosenblatt Securities reaffirmed a “buy” rating and set a $100.00 target price on shares of Microchip Technology in a research note on Tuesday, January 30th. TD Cowen lifted their price target on shares of Microchip Technology from $75.00 to $80.00 and gave the company a “market perform” rating in a research note on Friday, February 2nd. Piper Sandler lowered shares of Microchip Technology from an “overweight” rating to a “neutral” rating and set a $80.00 target price on the stock. in a research report on Thursday, January 4th. Finally, The Goldman Sachs Group decreased their target price on shares of Microchip Technology from $87.00 to $77.00 and set a “neutral” rating on the stock in a research note on Friday, February 2nd. Six equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $92.50.

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.