Wright Investors Service Inc. Has $537,000 Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Wright Investors Service Inc. lessened its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 32.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,952 shares of the semiconductor company’s stock after selling 2,824 shares during the quarter. Wright Investors Service Inc.’s holdings in Microchip Technology were worth $537,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of MCHP. Geode Capital Management LLC raised its position in Microchip Technology by 1.9% in the 1st quarter. Geode Capital Management LLC now owns 11,714,851 shares of the semiconductor company’s stock worth $979,918,000 after purchasing an additional 217,223 shares during the last quarter. Northern Trust Corp boosted its holdings in Microchip Technology by 1.7% in the first quarter. Northern Trust Corp now owns 7,553,578 shares of the semiconductor company’s stock valued at $567,576,000 after acquiring an additional 123,806 shares during the last quarter. Norges Bank acquired a new stake in Microchip Technology in the fourth quarter worth about $412,120,000. Van ECK Associates Corp raised its holdings in Microchip Technology by 7.8% during the 3rd quarter. Van ECK Associates Corp now owns 4,462,638 shares of the semiconductor company’s stock worth $348,309,000 after purchasing an additional 322,540 shares during the last quarter. Finally, Mizuho Markets Americas LLC acquired a new position in Microchip Technology during the 3rd quarter valued at about $225,800,000. 91.51% of the stock is owned by institutional investors.

Microchip Technology Stock Down 1.0 %

Shares of MCHP stock opened at $84.21 on Friday. The firm’s fifty day moving average price is $86.58 and its two-hundred day moving average price is $84.24. The company has a current ratio of 0.98, a quick ratio of 0.58 and a debt-to-equity ratio of 0.57. Microchip Technology Incorporated has a 1 year low of $68.75 and a 1 year high of $94.30. The firm has a market capitalization of $45.51 billion, a P/E ratio of 19.68, a PEG ratio of 2.60 and a beta of 1.65.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.04 by $0.04. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The business had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.77 billion. During the same quarter in the previous year, the business earned $1.48 earnings per share. Microchip Technology’s quarterly revenue was down 18.6% on a year-over-year basis. On average, equities analysts predict that Microchip Technology Incorporated will post 4.64 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 23rd were paid a dividend of $0.45 per share. The ex-dividend date was Thursday, February 22nd. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.14%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.44. Microchip Technology’s dividend payout ratio is currently 42.06%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on MCHP shares. The Goldman Sachs Group lowered their price target on shares of Microchip Technology from $87.00 to $77.00 and set a “neutral” rating for the company in a research report on Friday, February 2nd. Truist Financial dropped their target price on shares of Microchip Technology from $97.00 to $93.00 and set a “buy” rating for the company in a research report on Tuesday, January 9th. TD Cowen raised their price target on Microchip Technology from $75.00 to $80.00 and gave the stock a “market perform” rating in a research report on Friday, February 2nd. UBS Group decreased their price objective on Microchip Technology from $105.00 to $95.00 and set a “buy” rating for the company in a research note on Friday, February 2nd. Finally, StockNews.com downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating in a research note on Friday, December 29th. Six investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, Microchip Technology has an average rating of “Moderate Buy” and an average price target of $92.50.

Insider Activity

In related news, CFO James Eric Bjornholt sold 1,970 shares of the business’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $83.90, for a total transaction of $165,283.00. Following the transaction, the chief financial officer now directly owns 32,893 shares in the company, valued at $2,759,722.70. The sale was disclosed in a filing with the SEC, which is available through this link. In other Microchip Technology news, CFO James Eric Bjornholt sold 1,970 shares of the company’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total value of $165,283.00. Following the sale, the chief financial officer now owns 32,893 shares in the company, valued at $2,759,722.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Karlton D. Johnson sold 370 shares of the business’s stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total value of $31,080.00. Following the transaction, the director now directly owns 1,789 shares in the company, valued at $150,276. The disclosure for this sale can be found here. 2.07% of the stock is currently owned by insiders.

About Microchip Technology

Microchip Technology Incorporated develops, manufactures, and sells 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 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.