Ally Financial Inc. Acquires 6,000 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Ally Financial Inc. increased its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 46.2% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 19,000 shares of the semiconductor company’s stock after purchasing an additional 6,000 shares during the quarter. Ally Financial Inc.’s holdings in Microchip Technology were worth $1,090,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Mainstream Capital Management LLC bought a new position in shares of Microchip Technology in the fourth quarter worth about $26,000. Rakuten Securities Inc. increased its holdings in Microchip Technology by 309.5% in the 4th quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company’s stock worth $27,000 after acquiring an additional 359 shares in the last quarter. OFI Invest Asset Management purchased a new stake in Microchip Technology in the 4th quarter worth approximately $29,000. Financial Life Planners bought a new stake in Microchip Technology during the 4th quarter worth approximately $32,000. Finally, Kohmann Bosshard Financial Services LLC purchased a new position in Microchip Technology during the fourth quarter valued at approximately $34,000. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of the business’s stock in a transaction that occurred on 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 transaction, the chief financial officer now owns 33,272 shares in the company, valued at $2,025,599.36. The trade was a 10.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 2.10% of the company’s stock.

Microchip Technology Stock Down 2.0 %

Shares of NASDAQ:MCHP opened at $37.95 on Thursday. The company has a 50-day moving average price of $51.27 and a 200 day moving average price of $60.30. 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 Incorporated has a 12 month low of $34.13 and a 12 month high of $100.57. The company has a market cap of $20.41 billion, a price-to-earnings ratio of 67.77 and a beta of 1.51.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Thursday, February 6th. The semiconductor company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.15). Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. As a group, equities research analysts predict that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Monday, February 24th were paid a $0.455 dividend. This represents a $1.82 annualized dividend and a dividend yield of 4.80%. The ex-dividend date of this dividend was Monday, February 24th. Microchip Technology’s dividend payout ratio is currently 325.00%.

Wall Street Analyst Weigh In

MCHP has been the subject of a number of analyst reports. Raymond James reissued a “strong-buy” rating and issued a $60.00 price objective (down from $95.00) on shares of Microchip Technology in a research note on Friday, February 7th. KeyCorp cut their price target on Microchip Technology from $70.00 to $60.00 and set an “overweight” rating for the company in a research note on Friday, February 7th. TD Cowen boosted their price objective on Microchip Technology from $50.00 to $60.00 and gave the company a “hold” rating in a research report on Tuesday, March 4th. B. Riley reiterated a “buy” rating and set a $75.00 target price (down previously from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. Finally, Mizuho boosted their price target on Microchip Technology from $58.00 to $68.00 and gave the stock an “outperform” rating in a report on Tuesday, March 4th. Two investment analysts have rated the stock with a sell rating, four have given 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 an average price target of $72.68.

About Microchip Technology

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.