E Fund Management Co. Ltd. Cuts Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

E Fund Management Co. Ltd. cut its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 8.6% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 9,224 shares of the semiconductor company’s stock after selling 869 shares during the quarter. E Fund Management Co. Ltd.’s holdings in Microchip Technology were worth $832,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in MCHP. BKM Wealth Management LLC bought a new stake in Microchip Technology in the fourth quarter valued at approximately $27,000. Rakuten Securities Inc. purchased a new stake in Microchip Technology during the 4th quarter valued at $27,000. Fortitude Family Office LLC bought a new stake in Microchip Technology in the 4th quarter worth $29,000. OFI Invest Asset Management purchased a new position in shares of Microchip Technology in the third quarter valued at about $26,000. Finally, Milestone Investment Advisors LLC bought a new position in shares of Microchip Technology during the third quarter valued at about $36,000. 91.51% of the stock is currently owned by institutional investors.

Insider Activity

In other Microchip Technology news, CFO James Eric Bjornholt sold 1,970 shares of Microchip Technology stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $83.90, for a total value of $165,283.00. Following the completion of the sale, the chief financial officer now owns 32,893 shares of the company’s stock, valued at approximately $2,759,722.70. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 2.07% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on MCHP shares. Stifel Nicolaus boosted their price target on Microchip Technology from $98.00 to $102.00 and gave the company a “buy” rating in a report on Wednesday, May 1st. Mizuho raised their price target on Microchip Technology from $82.00 to $85.00 and gave the stock a “neutral” rating in a research note on Tuesday. TD Cowen boosted their price objective on shares of Microchip Technology from $80.00 to $90.00 and gave the company a “hold” rating in a research report on Tuesday. The Goldman Sachs Group lifted their target price on shares of Microchip Technology from $77.00 to $88.00 and gave the company a “neutral” rating in a research note on Tuesday. Finally, Evercore ISI started coverage on shares of Microchip Technology in a research note on Tuesday, April 16th. They issued an “outperform” rating and a $106.00 price target for the company. Six analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, Microchip Technology has an average rating of “Moderate Buy” and an average price target of $98.47.

Microchip Technology Stock Down 0.1 %

NASDAQ:MCHP traded down $0.07 on Wednesday, reaching $91.99. 4,823,155 shares of the stock traded hands, compared to its average volume of 5,636,225. The company’s fifty day simple moving average is $88.45 and its 200 day simple moving average is $85.37. The company has a market capitalization of $49.71 billion, a price-to-earnings ratio of 21.49, a PEG ratio of 2.79 and a beta of 1.60. Microchip Technology Incorporated has a 12 month low of $68.75 and a 12 month high of $96.14. The company has a current ratio of 0.98, a quick ratio of 0.58 and a debt-to-equity ratio of 0.57.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Monday, May 6th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.57. The business had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.33 billion. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The firm’s quarterly revenue was down 40.6% on a year-over-year basis. During the same period in the prior year, the firm posted $1.56 EPS. Equities analysts predict that Microchip Technology Incorporated will post 4.64 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 5th. Shareholders of record on Wednesday, May 22nd will be paid a dividend of $0.452 per share. The ex-dividend date of this dividend is Tuesday, May 21st. This represents a $1.81 annualized dividend and a yield of 1.97%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio is currently 42.06%.

Microchip Technology 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.