Alyeska Investment Group L.P. Makes New Investment in Microchip Technology Incorporated (NASDAQ:MCHP)

Alyeska Investment Group L.P. purchased a new position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 829,523 shares of the semiconductor company’s stock, valued at approximately $47,573,000. Alyeska Investment Group L.P. owned approximately 0.15% of Microchip Technology as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of the stock. Federated Hermes Inc. increased its stake in Microchip Technology by 0.5% in the fourth quarter. Federated Hermes Inc. now owns 39,298 shares of the semiconductor company’s stock valued at $2,254,000 after purchasing an additional 209 shares in the last quarter. Lebenthal Global Advisors LLC increased its position in Microchip Technology by 7.3% in the 4th quarter. Lebenthal Global Advisors LLC now owns 3,894 shares of the semiconductor company’s stock valued at $223,000 after buying an additional 266 shares in the last quarter. CreativeOne Wealth LLC raised its stake in Microchip Technology by 1.0% during the 4th quarter. CreativeOne Wealth LLC now owns 28,842 shares of the semiconductor company’s stock worth $1,654,000 after buying an additional 283 shares during the period. Elmwood Wealth Management Inc. boosted its holdings in Microchip Technology by 1.5% in the fourth quarter. Elmwood Wealth Management Inc. now owns 20,558 shares of the semiconductor company’s stock worth $1,179,000 after acquiring an additional 300 shares in the last quarter. Finally, Legacy Financial Advisors Inc. boosted its holdings in Microchip Technology by 8.1% in the fourth quarter. Legacy Financial Advisors Inc. now owns 4,176 shares of the semiconductor company’s stock worth $239,000 after acquiring an additional 312 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Insiders Place Their Bets

In related news, CFO James Eric Bjornholt sold 3,724 shares of the business’s stock in a transaction on Tuesday, February 25th. The stock was 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 approximately $2,025,599.36. The trade was a 10.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 2.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. B. Riley reaffirmed a “buy” rating and set a $75.00 target price (down from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. Truist Financial dropped their price objective on shares of Microchip Technology from $56.00 to $43.00 and set a “hold” rating on the stock in a research note on Monday, April 21st. Evercore ISI boosted their target price on shares of Microchip Technology from $65.00 to $71.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 4th. KeyCorp dropped their price target on shares of Microchip Technology from $70.00 to $60.00 and set an “overweight” rating on the stock in a research report on Friday, February 7th. Finally, Needham & Company LLC boosted their price objective on Microchip Technology from $60.00 to $66.00 and gave the stock a “buy” rating in a report on Tuesday, March 4th. Two analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Microchip Technology has a consensus rating of “Moderate Buy” and a consensus target price of $66.79.

Microchip Technology Stock Performance

NASDAQ MCHP opened at $47.91 on Friday. The company has a market capitalization of $25.77 billion, a PE ratio of 85.55 and a beta of 1.51. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.23 and a current ratio of 2.25. Microchip Technology Incorporated has a 52-week low of $34.13 and a 52-week high of $100.57. The company has a 50-day simple moving average of $47.94 and a 200 day simple moving average of $57.36.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.15). Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. On average, research analysts predict that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Monday, February 24th were issued a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a yield of 3.80%. The ex-dividend date was Monday, February 24th. Microchip Technology’s dividend payout ratio (DPR) is presently 325.00%.

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.