O Shaughnessy Asset Management LLC increased its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP – Get Rating) by 110.2% during the fourth quarter, HoldingsChannel.com reports. The firm owned 28,575 shares of the semiconductor company’s stock after buying an additional 14,983 shares during the period. O Shaughnessy Asset Management LLC’s holdings in Microchip Technology were worth $2,007,000 at the end of the most recent reporting period.
A number of other institutional investors have also added to or reduced their stakes in MCHP. Panagora Asset Management Inc. lifted its holdings in Microchip Technology by 31.8% during the 1st quarter. Panagora Asset Management Inc. now owns 21,731 shares of the semiconductor company’s stock worth $1,633,000 after purchasing an additional 5,237 shares in the last quarter. Cibc World Market Inc. increased its stake in Microchip Technology by 292.9% in the 1st quarter. Cibc World Market Inc. now owns 44,324 shares of the semiconductor company’s stock worth $3,331,000 after acquiring an additional 33,044 shares during the last quarter. Vontobel Holding Ltd. increased its stake in Microchip Technology by 4.1% in the 1st quarter. Vontobel Holding Ltd. now owns 29,572 shares of the semiconductor company’s stock worth $2,259,000 after acquiring an additional 1,159 shares during the last quarter. Sequoia Financial Advisors LLC increased its stake in Microchip Technology by 34.1% in the 1st quarter. Sequoia Financial Advisors LLC now owns 4,455 shares of the semiconductor company’s stock worth $335,000 after acquiring an additional 1,133 shares during the last quarter. Finally, Loomis Sayles & Co. L P increased its stake in Microchip Technology by 1,272.4% in the 1st quarter. Loomis Sayles & Co. L P now owns 326,717 shares of the semiconductor company’s stock worth $24,550,000 after acquiring an additional 302,910 shares during the last quarter. Hedge funds and other institutional investors own 89.85% of the company’s stock.
Insiders Place Their Bets
In other Microchip Technology news, CFO James Eric Bjornholt sold 2,470 shares of the stock in a transaction that occurred on Tuesday, May 23rd. The stock was sold at an average price of $78.32, for a total value of $193,450.40. Following the completion of the sale, the chief financial officer now owns 32,004 shares in the company, valued at approximately $2,506,553.28. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 2.00% of the company’s stock.
Microchip Technology Trading Up 0.7 %
Microchip Technology Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Monday, June 5th. Investors of record on Monday, May 22nd will be issued a dividend of $0.383 per share. The ex-dividend date of this dividend is Friday, May 19th. This is a boost from Microchip Technology’s previous quarterly dividend of $0.36. This represents a $1.53 annualized dividend and a yield of 2.07%. Microchip Technology’s dividend payout ratio is currently 38.15%.
Analyst Ratings Changes
A number of equities analysts have weighed in on the company. The Goldman Sachs Group upped their target price on Microchip Technology from $76.00 to $87.00 and gave the stock a “neutral” rating in a research note on Monday, February 6th. Stifel Nicolaus decreased their target price on Microchip Technology from $100.00 to $95.00 in a research note on Friday, May 5th. Raymond James upped their target price on Microchip Technology from $90.00 to $105.00 and gave the stock a “strong-buy” rating in a research note on Friday, February 3rd. Wells Fargo & Company upped their target price on Microchip Technology from $80.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Friday, February 3rd. Finally, TD Cowen reduced their price objective on Microchip Technology from $85.00 to $80.00 and set a “market perform” rating on the stock in a research report on Friday, May 5th. Six research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $90.11.
Microchip Technology Company Profile
Microchip Technology, Inc engages in the provision of semiconductor products. It operates through the Semiconductor Products and Technology Licensing segments. The Semiconductor Products segment is involved in designing, developing, manufacturing, and marketing microcontrollers, development tools and analog, interface, mixed signal, connectivity devices, and timing products.
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