Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Kayne Anderson Rudnick Investment Management LLC

Kayne Anderson Rudnick Investment Management LLC lowered its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 70.8% in the fourth quarter, HoldingsChannel reports. The fund owned 25,613 shares of the semiconductor company’s stock after selling 62,214 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC’s holdings in Microchip Technology were worth $1,469,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. Norges Bank purchased a new stake in shares of Microchip Technology during the 4th quarter worth about $452,627,000. Barrow Hanley Mewhinney & Strauss LLC lifted its position in Microchip Technology by 273.2% during the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,345,096 shares of the semiconductor company’s stock valued at $306,541,000 after buying an additional 3,912,895 shares in the last quarter. Van ECK Associates Corp grew its stake in Microchip Technology by 39.3% during the fourth quarter. Van ECK Associates Corp now owns 11,093,007 shares of the semiconductor company’s stock worth $636,184,000 after buying an additional 3,131,807 shares during the period. Franklin Resources Inc. increased its position in shares of Microchip Technology by 90.0% in the fourth quarter. Franklin Resources Inc. now owns 6,360,805 shares of the semiconductor company’s stock worth $364,792,000 after acquiring an additional 3,013,162 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its stake in shares of 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 during the period. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CFO James Eric Bjornholt sold 3,724 shares of the company’s stock in a transaction on Tuesday, February 25th. The stock was 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 directly owns 33,272 shares in the company, valued at $2,025,599.36. This represents a 10.07 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.10% of the stock is owned by company insiders.

Analyst Ratings Changes

Several analysts recently issued reports on MCHP shares. Morgan Stanley lowered their price target on Microchip Technology from $71.00 to $58.00 and set an “equal weight” rating for the company in a report on Tuesday, February 4th. Citigroup dropped their target price on Microchip Technology from $65.00 to $50.00 and set a “buy” rating on the stock in a report on Friday, April 11th. StockNews.com cut Microchip Technology from a “hold” rating to a “sell” rating in a report on Monday, February 10th. The Goldman Sachs Group lowered their price objective on shares of Microchip Technology from $72.00 to $63.00 and set a “neutral” rating for the company in a research report on Friday, January 10th. Finally, B. Riley reissued a “buy” rating and set a $75.00 target price (down from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. 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 MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $69.32.

Microchip Technology Stock Up 2.2 %

Shares of Microchip Technology stock opened at $40.29 on Wednesday. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12. The business has a 50-day moving average price of $50.15 and a 200 day moving average price of $59.09. Microchip Technology Incorporated has a fifty-two week low of $34.13 and a fifty-two week high of $100.57. The firm has a market cap of $21.67 billion, a P/E ratio of 71.95 and a beta of 1.51.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share (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, sell-side analysts forecast that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal 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 given a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a dividend yield of 4.52%. The ex-dividend date was Monday, February 24th. Microchip Technology’s dividend payout ratio is presently 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.