Payden & Rygel Investment Group Invests $375,000 in Microchip Technology Incorporated (NASDAQ:MCHP)

Payden & Rygel Investment Group bought a new stake in shares of Microchip Technology Incorporated (NASDAQ:MCHPFree Report) in the 3rd quarter, HoldingsChannel reports. The institutional investor bought 4,800 shares of the semiconductor company’s stock, valued at approximately $375,000.

Several other large investors have also recently bought and sold shares of the stock. Panagora Asset Management Inc. raised its stake in shares of Microchip Technology by 31.8% in the 1st quarter. Panagora Asset Management Inc. now owns 21,731 shares of the semiconductor company’s stock valued at $1,633,000 after buying an additional 5,237 shares in the last quarter. Cibc World Market Inc. grew its stake in Microchip Technology by 292.9% during the first quarter. Cibc World Market Inc. now owns 44,324 shares of the semiconductor company’s stock worth $3,331,000 after buying an additional 33,044 shares during the last quarter. Vontobel Holding Ltd. grew its stake in Microchip Technology by 4.1% during the first quarter. Vontobel Holding Ltd. now owns 29,572 shares of the semiconductor company’s stock worth $2,259,000 after buying an additional 1,159 shares during the last quarter. Sequoia Financial Advisors LLC grew its stake in shares of Microchip Technology by 34.1% during the first quarter. Sequoia Financial Advisors LLC now owns 4,455 shares of the semiconductor company’s stock valued at $335,000 after purchasing an additional 1,133 shares during the last quarter. Finally, Loomis Sayles & Co. L P grew its stake in shares of Microchip Technology by 1,272.4% during the first quarter. Loomis Sayles & Co. L P now owns 326,717 shares of the semiconductor company’s stock valued at $24,550,000 after purchasing an additional 302,910 shares during the last quarter. 90.85% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Truist Financial decreased their price target on shares of Microchip Technology from $97.00 to $93.00 and set a “buy” rating on the stock in a research note on Tuesday, January 9th. KeyCorp cut their price objective on shares of Microchip Technology from $95.00 to $90.00 and set an “overweight” rating on the stock in a report on Friday, November 3rd. Morgan Stanley cut their price objective on shares of Microchip Technology from $96.00 to $90.00 and set an “overweight” rating on the stock in a report on Friday, November 3rd. Stifel Nicolaus cut their price objective on shares of Microchip Technology from $96.00 to $94.00 and set a “buy” rating on the stock in a report on Friday. Finally, Wolfe Research upgraded shares of Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 target price on the stock in a report on Thursday, January 18th. Six equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, Microchip Technology presently has an average rating of “Moderate Buy” and a consensus price target of $91.33.

Read Our Latest Stock Report on Microchip Technology

Insider Transactions at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,324 shares of the company’s stock in a transaction that occurred on Wednesday, November 22nd. The shares were sold at an average price of $83.44, for a total transaction of $193,914.56. Following the completion of the transaction, the chief financial officer now directly owns 32,893 shares in the company, valued at approximately $2,744,591.92. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 2.07% of the stock is currently owned by insiders.

Microchip Technology Stock Performance

NASDAQ MCHP traded down $1.51 during trading on Tuesday, reaching $83.95. The company’s stock had a trading volume of 576,257 shares, compared to its average volume of 5,544,277. The company has a current ratio of 0.98, a quick ratio of 0.58 and a debt-to-equity ratio of 0.57. The firm has a market capitalization of $45.37 billion, a price-to-earnings ratio of 19.97, a price-to-earnings-growth ratio of 1.40 and a beta of 1.67. Microchip Technology Incorporated has a 12 month low of $68.75 and a 12 month high of $94.30. The firm has a 50 day moving average price of $87.28 and a 200 day moving average price of $82.68.

Microchip Technology (NASDAQ:MCHPGet Free Report) last posted its quarterly earnings data on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.04 by $0.04. The firm had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.77 billion. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. The business’s revenue for the quarter was down 18.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.48 EPS. As a group, equities analysts anticipate that Microchip Technology Incorporated will post 5 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 8th. Stockholders of record on Friday, February 23rd will be issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.14%. The ex-dividend date of this dividend is Thursday, February 22nd. This is an increase from Microchip Technology’s previous quarterly dividend of $0.44. Microchip Technology’s dividend payout ratio is 41.12%.

Microchip Technology Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Microchip Technology (NASDAQ:MCHP)

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