Alley Investment Management Company LLC Has $10.63 Million Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Alley Investment Management Company LLC boosted its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 7.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 185,306 shares of the semiconductor company’s stock after buying an additional 12,398 shares during the period. Alley Investment Management Company LLC’s holdings in Microchip Technology were worth $10,627,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of MCHP. Prospera Private Wealth LLC purchased a new position in Microchip Technology during the 3rd quarter valued at about $29,000. Financial Life Planners purchased a new position in Microchip Technology during the 4th quarter valued at about $32,000. Peterson Financial Group Inc. bought a new stake in shares of Microchip Technology in the 3rd quarter valued at approximately $34,000. Truvestments Capital LLC bought a new stake in shares of Microchip Technology in the 3rd quarter valued at approximately $34,000. Finally, Kohmann Bosshard Financial Services LLC bought a new stake in shares of Microchip Technology in the 4th quarter valued at approximately $34,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Stock Performance

Shares of NASDAQ MCHP opened at $57.95 on Tuesday. The business has a fifty day simple moving average of $56.94 and a 200 day simple moving average of $67.20. 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 market capitalization of $31.17 billion, a price-to-earnings ratio of 103.48 and a beta of 1.50. Microchip Technology Incorporated has a one year low of $50.21 and a one year high of $100.57.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Thursday, February 6th. The semiconductor company reported $0.13 EPS 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%. Sell-side analysts expect that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Monday, February 24th will be given a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a yield of 3.14%. The ex-dividend date of this dividend is Monday, February 24th. Microchip Technology’s dividend payout ratio (DPR) is 325.00%.

Analyst Ratings Changes

Several equities research analysts recently commented on MCHP shares. StockNews.com cut Microchip Technology from a “hold” rating to a “sell” rating in a research note on Monday, February 10th. Morgan Stanley reduced their target price 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. Piper Sandler restated an “overweight” rating and issued a $65.00 target price (down from $85.00) on shares of Microchip Technology in a report on Friday, February 7th. Evercore ISI restated an “outperform” rating and issued a $95.00 target price (down from $101.00) on shares of Microchip Technology in a report on Wednesday, November 6th. Finally, TD Cowen reduced their target price on Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a report on Wednesday, November 6th. Two analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Microchip Technology has a consensus rating of “Moderate Buy” and an average target price of $77.11.

Insider Buying and Selling at Microchip Technology

In other news, CFO James Eric Bjornholt sold 3,724 shares of the 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 sale, the chief financial officer now owns 33,272 shares in the company, valued at approximately $2,025,599.36. This represents a 10.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.10% of the company’s stock.

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.