Alliancebernstein L.P. Has $35.20 Million Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Alliancebernstein L.P. lowered its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 4.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 613,786 shares of the semiconductor company’s stock after selling 27,013 shares during the quarter. Alliancebernstein L.P.’s holdings in Microchip Technology were worth $35,201,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in MCHP. Coldstream Capital Management Inc. raised its stake in shares of Microchip Technology by 2.4% during the third quarter. Coldstream Capital Management Inc. now owns 11,052 shares of the semiconductor company’s stock worth $878,000 after buying an additional 260 shares during the last quarter. EP Wealth Advisors LLC grew its stake in shares of Microchip Technology by 1.8% during the third quarter. EP Wealth Advisors LLC now owns 14,725 shares of the semiconductor company’s stock worth $1,182,000 after purchasing an additional 264 shares during the period. Lebenthal Global Advisors LLC increased its holdings in Microchip Technology by 7.3% in the fourth quarter. Lebenthal Global Advisors LLC now owns 3,894 shares of the semiconductor company’s stock valued at $223,000 after purchasing an additional 266 shares during the last quarter. Elmwood Wealth Management Inc. lifted its stake 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 valued at $1,179,000 after buying an additional 300 shares during the period. Finally, Stratos Wealth Partners LTD. raised its position in shares of Microchip Technology by 7.4% in the 4th quarter. Stratos Wealth Partners LTD. now owns 4,680 shares of the semiconductor company’s stock valued at $268,000 after acquiring an additional 321 shares during the period. Institutional investors own 91.51% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the stock. Mizuho lifted their price target on shares of Microchip Technology from $58.00 to $68.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 4th. Bank of America downgraded shares of Microchip Technology from a “neutral” rating to an “underperform” rating and lowered their price objective for the stock from $80.00 to $65.00 in a research report on Monday, December 16th. TD Cowen upped their target price on shares of Microchip Technology from $50.00 to $60.00 and gave the stock a “hold” rating in a research note on Tuesday, March 4th. KeyCorp dropped their price target on Microchip Technology from $70.00 to $60.00 and set an “overweight” rating on the stock in a research note on Friday, February 7th. Finally, B. Riley reaffirmed a “buy” rating and set a $75.00 price target (down previously from $85.00) 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 assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $74.37.

Insiders Place Their Bets

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of Microchip Technology stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total value of $226,717.12. Following the completion of the transaction, the chief financial officer now directly owns 33,272 shares of the company’s stock, valued at $2,025,599.36. The trade was a 10.07 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 2.10% of the company’s stock.

Microchip Technology Trading Down 11.0 %

Shares of MCHP stock opened at $36.22 on Friday. Microchip Technology Incorporated has a 12-month low of $36.10 and a 12-month high of $100.57. The company has a market capitalization of $19.48 billion, a PE ratio of 64.68 and a beta of 1.51. The firm has a 50 day moving average price of $54.29 and a two-hundred day moving average price of $62.76. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12.

Microchip Technology (NASDAQ:MCHP) last released 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 net margin of 6.49% and a return on equity of 12.62%. As a group, analysts predict that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Monday, February 24th were given a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a yield of 5.02%. The ex-dividend date of this dividend was Monday, February 24th. Microchip Technology’s dividend payout ratio is 325.00%.

Microchip Technology Company 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.