CANADA LIFE ASSURANCE Co Has $32.22 Million Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

CANADA LIFE ASSURANCE Co raised its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 1.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 562,004 shares of the semiconductor company’s stock after buying an additional 7,620 shares during the quarter. CANADA LIFE ASSURANCE Co owned about 0.10% of Microchip Technology worth $32,218,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. grew its position in Microchip Technology by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 68,912,345 shares of the semiconductor company’s stock worth $3,952,123,000 after buying an additional 569,699 shares in the last quarter. Van ECK Associates Corp increased its holdings in Microchip Technology by 39.3% in the 4th quarter. Van ECK Associates Corp now owns 11,093,007 shares of the semiconductor company’s stock valued at $636,184,000 after buying an additional 3,131,807 shares during the period. Invesco Ltd. raised its stake in shares of Microchip Technology by 9.5% in the 4th quarter. Invesco Ltd. now owns 10,247,908 shares of the semiconductor company’s stock valued at $587,718,000 after buying an additional 890,819 shares in the last quarter. Norges Bank acquired a new stake in shares of Microchip Technology during the 4th quarter valued at about $452,627,000. Finally, FIL Ltd increased its stake in Microchip Technology by 9.0% in the fourth quarter. FIL Ltd now owns 7,877,482 shares of the semiconductor company’s stock valued at $451,774,000 after acquiring an additional 653,705 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Stock Up 1.5 %

Shares of NASDAQ:MCHP opened at $38.53 on Friday. The company has a 50 day moving average of $50.72 and a 200-day moving average of $59.74. Microchip Technology Incorporated has a one year low of $34.13 and a one year high of $100.57. The stock has a market cap of $20.72 billion, a price-to-earnings ratio of 68.81 and a beta of 1.51. 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 issued its earnings results 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, sell-side analysts forecast that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Monday, February 24th were given a $0.455 dividend. The ex-dividend date was Monday, February 24th. This represents a $1.82 dividend on an annualized basis and a dividend yield of 4.72%. Microchip Technology’s dividend payout ratio is 325.00%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on MCHP shares. The Goldman Sachs Group lowered 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. KeyCorp cut 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. TD Cowen upped their target price on shares of Microchip Technology from $50.00 to $60.00 and gave the stock a “hold” rating in a report on Tuesday, March 4th. Stifel Nicolaus reduced their price target on shares of Microchip Technology from $80.00 to $60.00 and set a “buy” rating on the stock in a research report on Thursday. Finally, Citigroup dropped their price objective on shares of Microchip Technology from $65.00 to $50.00 and set a “buy” rating for the company in a report on Friday, April 11th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $71.26.

Insider Transactions at Microchip Technology

In related news, CFO James Eric Bjornholt sold 3,724 shares of the firm’s stock in a transaction 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 sale, the chief financial officer now directly 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 sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 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.