Geode Capital Management LLC Has $764.15 Million Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Geode Capital Management LLC trimmed its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 6.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 13,342,944 shares of the semiconductor company’s stock after selling 934,953 shares during the period. Geode Capital Management LLC’s holdings in Microchip Technology were worth $764,151,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MCHP. Franklin Resources Inc. increased its stake in shares of Microchip Technology by 90.0% during the 4th quarter. Franklin Resources Inc. now owns 6,360,805 shares of the semiconductor company’s stock worth $364,792,000 after purchasing an additional 3,013,162 shares during the last quarter. B. Metzler seel. Sohn & Co. AG grew its holdings in Microchip Technology by 312.7% during the fourth quarter. B. Metzler seel. Sohn & Co. AG now owns 113,237 shares of the semiconductor company’s stock worth $6,494,000 after purchasing an additional 85,800 shares during the period. Summit Financial LLC increased its position in Microchip Technology by 6.9% during the fourth quarter. Summit Financial LLC now owns 5,372 shares of the semiconductor company’s stock worth $308,000 after buying an additional 349 shares during the last quarter. Clearbridge Investments LLC raised its stake in Microchip Technology by 18.5% in the fourth quarter. Clearbridge Investments LLC now owns 2,320,212 shares of the semiconductor company’s stock valued at $133,064,000 after buying an additional 362,579 shares during the period. Finally, United Bank lifted its position in shares of Microchip Technology by 32.0% in the fourth quarter. United Bank now owns 13,030 shares of the semiconductor company’s stock valued at $747,000 after buying an additional 3,159 shares during the last quarter. 91.51% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other 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 value of $226,717.12. Following 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 position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 2.10% of the company’s stock.

Microchip Technology Price Performance

MCHP stock opened at $48.93 on Thursday. The company’s 50-day moving average price is $55.07 and its two-hundred day moving average price is $63.30. Microchip Technology Incorporated has a 12 month low of $47.21 and a 12 month high of $100.57. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12. The firm has a market cap of $26.32 billion, a P/E ratio of 87.38 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data 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 net margin of 6.49% and a return on equity of 12.62%. On average, analysts anticipate that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Monday, February 24th were given a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a yield of 3.72%. The ex-dividend date of this dividend was Monday, February 24th. Microchip Technology’s dividend payout ratio is presently 325.00%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on MCHP shares. Rosenblatt Securities restated a “buy” rating and issued a $70.00 price target on shares of Microchip Technology in a research note on Tuesday, March 4th. KeyCorp dropped their price objective on shares of Microchip Technology from $70.00 to $60.00 and set an “overweight” rating on the stock in a research report on Friday, February 7th. Bank of America downgraded shares of Microchip Technology from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $80.00 to $65.00 in a report on Monday, December 16th. The Goldman Sachs Group lowered their price target on shares of Microchip Technology from $72.00 to $63.00 and set a “neutral” rating on the stock in a report on Friday, January 10th. Finally, Morgan Stanley reduced their price objective on Microchip Technology from $71.00 to $58.00 and set an “equal weight” rating for the company in a report on Tuesday, February 4th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $74.37.

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.