New York Life Investment Management LLC Grows Position in Microchip Technology Incorporated (NASDAQ:MCHP)

New York Life Investment Management LLC grew its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 0.8% during the 4th quarter, Holdings Channel reports. The fund owned 72,109 shares of the semiconductor company’s stock after acquiring an additional 596 shares during the period. New York Life Investment Management LLC’s holdings in Microchip Technology were worth $4,135,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in MCHP. Prospera Private Wealth LLC purchased a new position in Microchip Technology in the 3rd quarter valued at about $29,000. Peterson Financial Group Inc. acquired a new position in shares of Microchip Technology in the third quarter valued at approximately $34,000. Truvestments Capital LLC purchased a new position in shares of Microchip Technology during the third quarter valued at approximately $34,000. Financial Life Planners acquired a new stake in Microchip Technology during the fourth quarter worth approximately $32,000. Finally, Hobbs Group Advisors LLC grew its stake in Microchip Technology by 390.6% in the 3rd quarter. Hobbs Group Advisors LLC now owns 628 shares of the semiconductor company’s stock worth $50,000 after acquiring an additional 500 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Stock Performance

NASDAQ:MCHP opened at $58.86 on Friday. The firm’s fifty day simple moving average is $56.94 and its 200 day simple moving average is $67.44. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12. Microchip Technology Incorporated has a twelve month low of $50.21 and a twelve month high of $100.57. The firm has a market capitalization of $31.66 billion, a price-to-earnings ratio of 105.11 and a beta of 1.50.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data 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%. As a group, equities research analysts expect that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Dividend Announcement

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 issued a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a yield of 3.09%. The ex-dividend date of this dividend is Monday, February 24th. Microchip Technology’s dividend payout ratio is presently 325.00%.

Analysts Set New Price Targets

MCHP has been the topic of a number of recent analyst reports. Piper Sandler reissued an “overweight” rating and set a $65.00 price target (down previously from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. TD Cowen reduced their target price on Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a research report on Wednesday, November 6th. Mizuho lowered their price target on Microchip Technology from $85.00 to $72.00 and set an “outperform” rating for the company in a report on Friday, January 10th. Rosenblatt Securities reaffirmed a “buy” rating and set a $90.00 price objective on shares of Microchip Technology in a research note on Thursday, February 6th. Finally, Raymond James reissued a “strong-buy” rating and issued a $60.00 target price (down from $95.00) on shares of Microchip Technology in a research report on Friday, February 7th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Microchip Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $77.11.

Insider Buying and Selling 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 completion of the sale, the chief financial officer now directly owns 33,272 shares of the company’s stock, valued at approximately $2,025,599.36. This trade represents a 10.07 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.10% of the stock is owned by corporate insiders.

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.