GC Wealth Management RIA LLC Buys Shares of 6,332 Microchip Technology Incorporated (NASDAQ:MCHP)

GC Wealth Management RIA LLC bought a new stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 6,332 shares of the semiconductor company’s stock, valued at approximately $363,000.

Several other institutional investors have also recently added to or reduced their stakes in the business. Van ECK Associates Corp increased its stake in Microchip Technology by 39.3% during the fourth quarter. Van ECK Associates Corp now owns 11,093,007 shares of the semiconductor company’s stock valued at $636,184,000 after purchasing an additional 3,131,807 shares during the last quarter. Franklin Resources Inc. grew its position in shares of Microchip Technology by 30.2% during the third quarter. Franklin Resources Inc. now owns 3,347,643 shares of the semiconductor company’s stock worth $264,430,000 after acquiring an additional 776,408 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Microchip Technology by 3.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,143,769 shares of the semiconductor company’s stock worth $180,295,000 after acquiring an additional 116,823 shares during the last quarter. Assenagon Asset Management S.A. grew its position in shares of Microchip Technology by 9,901.6% during 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 acquiring an additional 2,829,082 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its position in shares of Microchip Technology by 20.1% during 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 acquiring an additional 460,697 shares during the last quarter. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Performance

Shares of MCHP opened at $52.24 on Wednesday. Microchip Technology Incorporated has a one year low of $50.21 and a one year high of $100.57. The company has a 50-day moving average of $56.80 and a two-hundred day moving average of $66.17. The stock has a market cap of $28.10 billion, a price-to-earnings ratio of 93.29 and a beta of 1.52. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Thursday, February 6th. The semiconductor company reported $0.13 EPS 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 research analysts expect 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. Shareholders of record on Monday, February 24th were issued a $0.455 dividend. This represents a $1.82 annualized dividend and a dividend yield of 3.48%. The ex-dividend date was Monday, February 24th. Microchip Technology’s payout ratio is 325.00%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on MCHP. KeyCorp lowered their price target on shares of Microchip Technology from $70.00 to $60.00 and set an “overweight” rating for the company in a research report on Friday, February 7th. Mizuho upped their price target on shares of Microchip Technology from $58.00 to $68.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 4th. Needham & Company LLC upped their price target on shares of Microchip Technology from $60.00 to $66.00 and gave the stock a “buy” rating in a research report on Tuesday, March 4th. StockNews.com lowered shares of Microchip Technology from a “hold” rating to a “sell” rating in a research report on Monday, February 10th. Finally, Raymond James reiterated a “strong-buy” rating and issued a $60.00 target price (down previously from $95.00) on shares of Microchip Technology in a research report on Friday, February 7th. Two analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $74.37.

Insiders Place Their Bets

In related news, CFO James Eric Bjornholt sold 3,724 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The shares were 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 directly 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 the SEC website. Corporate insiders own 2.10% of the company’s stock.

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.