Pacer Advisors Inc. Reduces Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Pacer Advisors Inc. reduced its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 42.4% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 82,830 shares of the semiconductor company’s stock after selling 60,927 shares during the quarter. Pacer Advisors Inc.’s holdings in Microchip Technology were worth $7,470,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. Geode Capital Management LLC raised its holdings in shares of Microchip Technology by 1.9% in the first quarter. Geode Capital Management LLC now owns 11,714,851 shares of the semiconductor company’s stock worth $979,918,000 after buying an additional 217,223 shares during the last quarter. Northern Trust Corp increased its position in shares of Microchip Technology by 1.7% in the 1st quarter. Northern Trust Corp now owns 7,553,578 shares of the semiconductor company’s stock valued at $567,576,000 after acquiring an additional 123,806 shares during the period. Norges Bank acquired a new stake in Microchip Technology during the 4th quarter worth about $412,120,000. Van ECK Associates Corp grew its stake in Microchip Technology by 7.8% during the 3rd quarter. Van ECK Associates Corp now owns 4,462,638 shares of the semiconductor company’s stock valued at $348,309,000 after purchasing an additional 322,540 shares during the last quarter. Finally, Mizuho Markets Americas LLC acquired a new position in shares of Microchip Technology in the third quarter valued at about $225,800,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Microchip Technology news, CFO James Eric Bjornholt sold 1,970 shares of the stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total transaction of $165,283.00. Following the completion of the transaction, the chief financial officer now owns 32,893 shares of the company’s stock, valued at $2,759,722.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Microchip Technology news, Director Karlton D. Johnson sold 370 shares of the stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $84.00, for a total value of $31,080.00. Following the completion of the sale, the director now owns 1,789 shares in the company, valued at approximately $150,276. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO James Eric Bjornholt sold 1,970 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total value of $165,283.00. Following the transaction, the chief financial officer now owns 32,893 shares in the company, valued at $2,759,722.70. The disclosure for this sale can be found here. 2.07% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on MCHP shares. The Goldman Sachs Group decreased their target price on Microchip Technology from $87.00 to $77.00 and set a “neutral” rating for the company in a report on Friday, February 2nd. StockNews.com lowered shares of Microchip Technology from a “buy” rating to a “hold” rating in a research note on Friday, December 29th. TD Cowen boosted their target price on shares of Microchip Technology from $75.00 to $80.00 and gave the company a “market perform” rating in a research report on Friday, February 2nd. UBS Group lowered their price target on shares of Microchip Technology from $105.00 to $95.00 and set a “buy” rating on the stock in a report on Friday, February 2nd. Finally, Piper Sandler cut Microchip Technology from an “overweight” rating to a “neutral” rating and set a $80.00 price objective for the company. in a report on Thursday, January 4th. Six equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $91.33.

Microchip Technology Trading Up 3.4 %

Shares of MCHP stock opened at $89.19 on Thursday. Microchip Technology Incorporated has a 1-year low of $68.75 and a 1-year high of $94.30. The company has a market cap of $48.20 billion, a price-to-earnings ratio of 20.84, a PEG ratio of 1.57 and a beta of 1.65. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.98 and a quick ratio of 0.58. The stock has a 50 day simple moving average of $86.19 and a 200-day simple moving average of $83.13.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share for the quarter, topping analysts’ consensus estimates of $1.04 by $0.04. The company had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.77 billion. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. The firm’s revenue for the quarter was down 18.6% on a year-over-year basis. During the same period in the prior year, the business posted $1.48 earnings per share. On average, equities research analysts expect that Microchip Technology Incorporated will post 4.64 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 23rd were paid a $0.45 dividend. The ex-dividend date was Thursday, February 22nd. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.44. This represents a $1.80 dividend on an annualized basis and a yield of 2.02%. Microchip Technology’s dividend payout ratio (DPR) is currently 42.06%.

Microchip Technology Company Profile

Microchip Technology Incorporated develops, manufactures, and sells 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 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.