Loomis Sayles & Co. L P Raises Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Loomis Sayles & Co. L P boosted its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 16.0% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 96,405 shares of the semiconductor company’s stock after purchasing an additional 13,307 shares during the quarter. Loomis Sayles & Co. L P’s holdings in Microchip Technology were worth $5,529,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Coldstream Capital Management Inc. increased its position in Microchip Technology by 2.4% during the 3rd quarter. Coldstream Capital Management Inc. now owns 11,052 shares of the semiconductor company’s stock valued at $878,000 after buying an additional 260 shares in the last quarter. EP Wealth Advisors LLC grew its stake in shares of Microchip Technology by 1.8% in the third quarter. EP Wealth Advisors LLC now owns 14,725 shares of the semiconductor company’s stock worth $1,182,000 after acquiring an additional 264 shares during the last quarter. Lebenthal Global Advisors LLC raised its position in shares of Microchip Technology by 7.3% in the 4th quarter. Lebenthal Global Advisors LLC now owns 3,894 shares of the semiconductor company’s stock worth $223,000 after purchasing an additional 266 shares during the last quarter. Elmwood Wealth Management Inc. boosted its stake in Microchip Technology by 1.5% in the 4th quarter. Elmwood Wealth Management Inc. now owns 20,558 shares of the semiconductor company’s stock worth $1,179,000 after purchasing an additional 300 shares in the last quarter. Finally, Stratos Wealth Partners LTD. grew its position in Microchip Technology by 7.4% during the 4th quarter. Stratos Wealth Partners LTD. now owns 4,680 shares of the semiconductor company’s stock valued at $268,000 after purchasing an additional 321 shares during the last quarter. Institutional investors own 91.51% of the company’s stock.

Insider Transactions at Microchip Technology

In related news, CFO James Eric Bjornholt sold 3,724 shares of the stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total transaction of $226,717.12. Following the completion of the sale, the chief financial officer now owns 33,272 shares in the company, valued at approximately $2,025,599.36. This trade represents a 10.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 2.10% of the company’s stock.

Microchip Technology Trading Down 4.1 %

Shares of Microchip Technology stock opened at $48.70 on Friday. Microchip Technology Incorporated has a 1-year low of $48.27 and a 1-year high of $100.57. The company’s fifty day simple moving average is $55.65 and its 200-day simple moving average is $63.90. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23. The stock has a market capitalization of $26.19 billion, a PE ratio of 86.96 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share (EPS) 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%. As a group, equities analysts anticipate that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Monday, February 24th were issued a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a yield of 3.74%. The ex-dividend date was Monday, February 24th. Microchip Technology’s dividend payout ratio is currently 325.00%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Piper Sandler reiterated an “overweight” rating and issued a $65.00 target price (down previously from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Mizuho upped their price objective on Microchip Technology from $58.00 to $68.00 and gave the company an “outperform” rating in a research report on Tuesday, March 4th. KeyCorp reduced their target price on Microchip Technology from $70.00 to $60.00 and set an “overweight” rating for the company in a report on Friday, February 7th. Bank of America cut Microchip Technology from a “neutral” rating to an “underperform” rating and decreased their price target for the stock from $80.00 to $65.00 in a research note on Monday, December 16th. Finally, B. Riley reaffirmed a “buy” rating and set a $75.00 price objective (down from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $74.37.

Microchip Technology 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.