44 Wealth Management LLC Purchases Shares of 6,619 Microchip Technology Incorporated (NASDAQ:MCHP)

44 Wealth Management LLC bought a new stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund bought 6,619 shares of the semiconductor company's stock, valued at approximately $320,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Rakuten Securities Inc. grew its stake in shares of Microchip Technology by 309.5% in the 4th quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company's stock valued at $27,000 after buying an additional 359 shares in the last quarter. OFI Invest Asset Management bought a new stake in shares of Microchip Technology in the 4th quarter valued at approximately $29,000. Garde Capital Inc. bought a new stake in shares of Microchip Technology in the 1st quarter valued at approximately $30,000. Millstone Evans Group LLC bought a new stake in shares of Microchip Technology in the 4th quarter valued at approximately $34,000. Finally, Orion Capital Management LLC bought a new stake in shares of Microchip Technology in the 4th quarter valued at approximately $41,000. Hedge funds and other institutional investors own 91.51% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on MCHP. Rosenblatt Securities boosted their price target on Microchip Technology from $63.00 to $70.00 and gave the company a "buy" rating in a research note on Friday, May 30th. UBS Group boosted their target price on Microchip Technology from $60.00 to $65.00 and gave the stock a "buy" rating in a report on Friday, May 30th. Raymond James Financial boosted their target price on Microchip Technology from $60.00 to $65.00 and gave the stock a "strong-buy" rating in a report on Friday, May 9th. Needham & Company LLC restated a "buy" rating and issued a $66.00 target price on shares of Microchip Technology in a report on Friday, May 9th. Finally, Stifel Nicolaus boosted their target price on Microchip Technology from $60.00 to $70.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Seven investment analysts have rated the stock with 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 an average rating of "Moderate Buy" and a consensus price target of $70.15.

Microchip Technology Stock Performance

Shares of MCHP stock traded down $0.84 during trading hours on Friday, reaching $72.32. 3,810,846 shares of the company's stock were exchanged, compared to its average volume of 8,911,106. Microchip Technology Incorporated has a fifty-two week low of $34.13 and a fifty-two week high of $96.98. The stock has a market capitalization of $39.01 billion, a P/E ratio of -7,232.00, a P/E/G ratio of 2.17 and a beta of 1.52. The business has a fifty day moving average price of $61.61 and a 200-day moving average price of $55.75. The company has a quick ratio of 1.47, a current ratio of 2.59 and a debt-to-equity ratio of 0.80.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 EPS for the quarter, topping analysts' consensus estimates of $0.10 by $0.01. The company had revenue of $970.50 million during the quarter, compared to analyst estimates of $962.86 million. Microchip Technology had a positive return on equity of 8.55% and a negative net margin of 0.01%. The company's quarterly revenue was down 26.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.57 earnings per share. Analysts predict that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd were given a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.52%. The ex-dividend date of this dividend was Thursday, May 22nd. Microchip Technology's dividend payout ratio is presently -18,200.00%.

Insider Buying and Selling

In other news, CFO James Eric Bjornholt sold 2,015 shares of the business's stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $55.78, for a total transaction of $112,396.70. Following the sale, the chief financial officer directly owned 34,313 shares in the company, valued at approximately $1,913,979.14. The trade was a 5.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Karlton D. Johnson sold 494 shares of the business's stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total value of $29,980.86. Following the sale, the director owned 3,468 shares in the company, valued at approximately $210,472.92. This represents a 12.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.10% of the company's stock.

About Microchip Technology

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.