EverSource Wealth Advisors LLC Buys 1,069 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

EverSource Wealth Advisors LLC lifted its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 55.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,988 shares of the semiconductor company’s stock after purchasing an additional 1,069 shares during the quarter. EverSource Wealth Advisors LLC’s holdings in Microchip Technology were worth $171,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in MCHP. Van ECK Associates Corp lifted its position in Microchip Technology by 39.3% in the 4th quarter. Van ECK Associates Corp now owns 11,093,007 shares of the semiconductor company’s stock valued at $636,184,000 after acquiring an additional 3,131,807 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in Microchip Technology by 9,901.6% in the 4th quarter. Assenagon Asset Management S.A. now owns 2,857,654 shares of the semiconductor company’s stock valued at $163,886,000 after acquiring an additional 2,829,082 shares in the last quarter. Franklin Resources Inc. lifted its position in Microchip Technology by 30.2% in the 3rd quarter. Franklin Resources Inc. now owns 3,347,643 shares of the semiconductor company’s stock valued at $264,430,000 after acquiring an additional 776,408 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its position in Microchip Technology by 20.1% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,751,987 shares of the semiconductor company’s stock valued at $220,957,000 after acquiring an additional 460,697 shares in the last quarter. Finally, DF Dent & Co. Inc. bought a new position in Microchip Technology in the 3rd quarter valued at about $27,744,000. Institutional investors own 91.51% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Rosenblatt Securities reaffirmed a “buy” rating and issued a $70.00 price target on shares of Microchip Technology in a research report on Tuesday, March 4th. Bank of America lowered shares of Microchip Technology from a “neutral” rating to an “underperform” rating and decreased their price objective for the company from $80.00 to $65.00 in a research note on Monday, December 16th. Evercore ISI increased their price objective on shares of Microchip Technology from $65.00 to $71.00 and gave the company an “outperform” rating in a research note on Tuesday, March 4th. Morgan Stanley decreased their price objective on shares of Microchip Technology from $71.00 to $58.00 and set an “equal weight” rating for the company in a research note on Tuesday, February 4th. Finally, B. Riley reiterated a “buy” rating and issued a $75.00 price objective (down previously from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $74.37.

Insider Activity at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of the firm’s stock in a transaction 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 completion of the transaction, the chief financial officer now directly owns 33,272 shares of the company’s stock, valued at $2,025,599.36. This trade represents a 10.07 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.10% of the stock is owned by company insiders.

Microchip Technology Stock Up 3.1 %

Microchip Technology stock opened at $53.50 on Monday. Microchip Technology Incorporated has a 1-year low of $50.21 and a 1-year high of $100.57. The firm has a market capitalization of $28.77 billion, a price-to-earnings ratio of 95.54 and a beta of 1.52. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12. The firm has a 50 day simple moving average of $56.51 and a 200 day simple moving average of $65.58.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share 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%. On average, analysts predict that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Monday, February 24th were paid a $0.455 dividend. The ex-dividend date was Monday, February 24th. This represents a $1.82 dividend on an annualized basis and a yield of 3.40%. Microchip Technology’s dividend payout ratio is 325.00%.

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.