Clearbridge Investments LLC Has $133.06 Million Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Clearbridge Investments LLC increased its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 18.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,320,212 shares of the semiconductor company’s stock after purchasing an additional 362,579 shares during the quarter. Clearbridge Investments LLC’s holdings in Microchip Technology were worth $133,064,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in MCHP. Mainstream Capital Management LLC acquired a new position in shares of Microchip Technology during the fourth quarter worth $26,000. Rakuten Securities Inc. increased its holdings in Microchip Technology by 309.5% in the 4th quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company’s stock worth $27,000 after purchasing an additional 359 shares in the last quarter. OFI Invest Asset Management bought a new position in Microchip Technology in the fourth quarter valued at about $29,000. Financial Life Planners acquired a new stake in shares of Microchip Technology during the fourth quarter valued at about $32,000. Finally, Kohmann Bosshard Financial Services LLC bought a new stake in shares of Microchip Technology during the fourth quarter worth about $34,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Wall Street Analysts Forecast Growth

MCHP has been the subject of a number of research reports. Piper Sandler reiterated an “overweight” rating and issued a $65.00 price objective (down previously from $85.00) on shares of Microchip Technology in a report on Friday, February 7th. StockNews.com lowered shares of Microchip Technology from a “hold” rating to a “sell” rating in a report on Monday, February 10th. KeyCorp decreased their price objective on Microchip Technology from $70.00 to $60.00 and set an “overweight” rating for the company in a report on Friday, February 7th. Rosenblatt Securities reaffirmed a “buy” rating and set a $70.00 target price on shares of Microchip Technology in a report on Tuesday, March 4th. Finally, Stifel Nicolaus decreased their price target on Microchip Technology from $90.00 to $87.00 and set a “buy” rating for the company in a research note on Tuesday, December 3rd. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $74.37.

Insider Activity

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 stock was sold at an average price of $60.88, for a total value of $226,717.12. Following the transaction, the chief financial officer now owns 33,272 shares in the company, valued at $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 Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 2.10% of the company’s stock.

Microchip Technology Stock Performance

Shares of MCHP opened at $48.70 on Monday. Microchip Technology Incorporated has a one year low of $48.27 and a one year high of $100.57. The company has a market cap of $26.19 billion, a PE ratio of 86.96 and a beta of 1.52. The stock has a 50-day moving average of $55.65 and a 200-day moving average of $63.80. 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 released 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, equities research analysts predict that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Monday, February 24th were paid a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.74%. The ex-dividend date was Monday, February 24th. Microchip Technology’s dividend payout ratio (DPR) is 325.00%.

Microchip Technology Company 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.