Elo Mutual Pension Insurance Co Purchases 7,751 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Elo Mutual Pension Insurance Co grew its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 16.4% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 55,090 shares of the semiconductor company’s stock after acquiring an additional 7,751 shares during the quarter. Elo Mutual Pension Insurance Co’s holdings in Microchip Technology were worth $3,159,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Coldstream Capital Management Inc. lifted its position in Microchip Technology by 2.4% during the third quarter. Coldstream Capital Management Inc. now owns 11,052 shares of the semiconductor company’s stock valued at $878,000 after purchasing an additional 260 shares during the last quarter. EP Wealth Advisors LLC lifted its holdings in shares of Microchip Technology by 1.8% in the 3rd quarter. EP Wealth Advisors LLC now owns 14,725 shares of the semiconductor company’s stock valued at $1,182,000 after acquiring an additional 264 shares during the last quarter. Lebenthal Global Advisors LLC grew its position in Microchip Technology by 7.3% in the fourth quarter. Lebenthal Global Advisors LLC now owns 3,894 shares of the semiconductor company’s stock worth $223,000 after acquiring an additional 266 shares in the last quarter. Elmwood Wealth Management Inc. increased its stake in Microchip Technology by 1.5% during the fourth quarter. Elmwood Wealth Management Inc. now owns 20,558 shares of the semiconductor company’s stock worth $1,179,000 after acquiring an additional 300 shares during the last quarter. Finally, Stratos Wealth Partners LTD. raised its position in Microchip Technology by 7.4% during the fourth 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 period. 91.51% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. KeyCorp dropped 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. TD Cowen boosted their price objective on shares of 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 reissued a “buy” rating and issued a $75.00 target price (down previously from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Piper Sandler reaffirmed an “overweight” rating and set a $65.00 price target (down from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Finally, Morgan Stanley reduced their price objective on shares of Microchip Technology from $71.00 to $58.00 and set an “equal weight” rating on the stock in a research report on Tuesday, February 4th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Microchip Technology has an average rating of “Moderate Buy” and a consensus price target of $74.37.

Microchip Technology Stock Down 4.1 %

Shares of Microchip Technology stock opened at $48.70 on Friday. 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 cap of $26.19 billion, a price-to-earnings ratio of 86.96 and a beta of 1.52. The firm’s 50-day moving average is $55.65 and its two-hundred day moving average is $63.98. Microchip Technology Incorporated has a 1 year low of $48.27 and a 1 year high of $100.57.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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, research analysts expect that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Dividend Announcement

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

Insider Buying and Selling

In related news, CFO James Eric Bjornholt sold 3,724 shares of the business’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 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 position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 2.10% of the stock is currently owned by company insiders.

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.