Bristol Gate Capital Partners Inc. Purchases 224,841 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Bristol Gate Capital Partners Inc. increased its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 23.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,184,159 shares of the semiconductor company’s stock after buying an additional 224,841 shares during the quarter. Microchip Technology accounts for approximately 3.3% of Bristol Gate Capital Partners Inc.’s holdings, making the stock its 21st largest holding. Bristol Gate Capital Partners Inc.’s holdings in Microchip Technology were worth $67,912,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Mainstream Capital Management LLC bought a new stake in Microchip Technology during the 4th quarter worth about $26,000. Rakuten Securities Inc. raised its holdings in shares of Microchip Technology by 309.5% in the 4th quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company’s stock valued at $27,000 after purchasing an additional 359 shares during the period. OFI Invest Asset Management bought a new stake in Microchip Technology in the fourth quarter valued at approximately $29,000. Financial Life Planners acquired a new stake in Microchip Technology during the 4th quarter valued at $32,000. Finally, Kohmann Bosshard Financial Services LLC acquired a new stake in shares of Microchip Technology during the 4th quarter worth about $34,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on MCHP. TD Cowen lifted their price target 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. KeyCorp dropped their price target on Microchip Technology from $70.00 to $60.00 and set an “overweight” rating on the stock in a research note on Friday, February 7th. StockNews.com cut Microchip Technology from a “hold” rating to a “sell” rating in a research note on Monday, February 10th. Rosenblatt Securities reiterated a “buy” rating and set a $70.00 price target on shares of Microchip Technology in a research note on Tuesday, March 4th. Finally, The Goldman Sachs Group dropped their price objective on Microchip Technology from $72.00 to $63.00 and set a “neutral” rating on the stock in a research note on Friday, January 10th. Two investment analysts have rated the stock with a sell rating, four have given 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, Microchip Technology has an average rating of “Moderate Buy” and an average target price of $74.37.

Insider Transactions at Microchip Technology

In related news, CFO James Eric Bjornholt sold 3,724 shares of the company’s stock in a transaction dated Tuesday, February 25th. The shares were 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. The trade was a 10.07 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 2.10% of the company’s stock.

Microchip Technology Stock Down 11.0 %

Shares of Microchip Technology stock opened at $36.22 on Monday. The stock has a market capitalization of $19.48 billion, a price-to-earnings ratio of 64.68 and a beta of 1.51. Microchip Technology Incorporated has a 52-week low of $32.46 and a 52-week high of $100.57. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.23 and a current ratio of 2.25. The company’s 50 day moving average price is $54.29 and its 200-day moving average price is $62.67.

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

Microchip Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Monday, February 24th were given a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a yield of 5.02%. The ex-dividend date of this dividend was Monday, February 24th. Microchip Technology’s dividend payout ratio is currently 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.