Aviva PLC Trims Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Aviva PLC reduced its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 50.2% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 108,913 shares of the semiconductor company’s stock after selling 109,869 shares during the period. Aviva PLC’s holdings in Microchip Technology were worth $6,246,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of MCHP. Pallas Capital Advisors LLC bought a new stake in shares of Microchip Technology in the fourth quarter valued at about $5,917,000. Consolidated Planning Corp bought a new position in shares of Microchip Technology during the fourth quarter valued at approximately $308,000. one8zero8 LLC purchased a new position in Microchip Technology during the fourth quarter valued at approximately $384,000. Symphony Financial Ltd. Co. purchased a new position in Microchip Technology during the fourth quarter valued at approximately $520,000. Finally, Truist Financial Corp raised its stake in Microchip Technology by 5.8% in the fourth quarter. Truist Financial Corp now owns 959,439 shares of the semiconductor company’s stock worth $55,024,000 after buying an additional 52,222 shares in the last quarter. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Down 7.2 %

Shares of NASDAQ:MCHP opened at $35.34 on Wednesday. The firm has a market capitalization of $19.01 billion, a PE ratio of 63.11 and a beta of 1.51. Microchip Technology Incorporated has a 1 year low of $34.13 and a 1 year high of $100.57. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23. The firm’s 50-day moving average is $53.07 and its two-hundred day moving average is $61.90.

Microchip Technology (NASDAQ:MCHP) last announced its 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 return on equity of 12.62% and a net margin of 6.49%. Analysts predict that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Monday, February 24th were paid a dividend of $0.455 per share. The ex-dividend date was Monday, February 24th. This represents a $1.82 annualized dividend and a yield of 5.15%. Microchip Technology’s payout ratio is 325.00%.

Wall Street Analysts Forecast Growth

MCHP has been the topic of a number of recent research reports. TD Cowen raised their price objective on Microchip Technology from $50.00 to $60.00 and gave the company a “hold” rating in a research report on Tuesday, March 4th. Evercore ISI raised their price target on shares of Microchip Technology from $65.00 to $71.00 and gave the company an “outperform” rating in a report on Tuesday, March 4th. Rosenblatt Securities reiterated a “buy” rating and set a $70.00 price objective on shares of Microchip Technology in a research note on Tuesday, March 4th. Piper Sandler restated an “overweight” rating and issued a $65.00 target price (down from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Finally, KeyCorp reduced their price target on Microchip Technology from $70.00 to $60.00 and set an “overweight” rating on the stock in a research report on Friday, February 7th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $74.37.

Insiders Place Their Bets

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of the business’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 transaction of $226,717.12. Following the completion of 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. 2.10% of the stock is owned by company insiders.

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.