Perigon Wealth Management LLC acquired a new position in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 4,676 shares of the semiconductor company's stock, valued at approximately $226,000.
Other large investors also recently modified their holdings of the company. HBK Sorce Advisory LLC grew its holdings in shares of Microchip Technology by 2.9% during the 1st quarter. HBK Sorce Advisory LLC now owns 16,842 shares of the semiconductor company's stock worth $815,000 after purchasing an additional 481 shares in the last quarter. Golden State Wealth Management LLC raised its stake in shares of Microchip Technology by 2,701.8% in the first quarter. Golden State Wealth Management LLC now owns 1,541 shares of the semiconductor company's stock valued at $75,000 after acquiring an additional 1,486 shares during the last quarter. Steph & Co. boosted its holdings in shares of Microchip Technology by 2,452.2% in the 1st quarter. Steph & Co. now owns 2,935 shares of the semiconductor company's stock worth $142,000 after acquiring an additional 2,820 shares in the last quarter. Asset Management One Co. Ltd. raised its position in Microchip Technology by 6.4% in the 1st quarter. Asset Management One Co. Ltd. now owns 224,182 shares of the semiconductor company's stock valued at $10,853,000 after purchasing an additional 13,513 shares during the last quarter. Finally, Oppenheimer & Co. Inc. boosted its stake in Microchip Technology by 6.5% in the first quarter. Oppenheimer & Co. Inc. now owns 37,794 shares of the semiconductor company's stock worth $1,830,000 after purchasing an additional 2,295 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.
Insider Transactions at Microchip Technology
In related news, CFO James Eric Bjornholt sold 2,015 shares of the stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $55.78, for a total transaction of $112,396.70. Following the completion of the transaction, the chief financial officer owned 34,313 shares in the company, valued at approximately $1,913,979.14. This represents a 5.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Karlton D. Johnson sold 494 shares of the stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $60.69, for a total transaction of $29,980.86. Following the transaction, the director owned 3,468 shares of the company's stock, 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. 2.10% of the stock is currently owned by company insiders.
Wall Street Analyst Weigh In
MCHP has been the subject of a number of research reports. Morgan Stanley raised their target price on Microchip Technology from $39.00 to $50.00 and gave the company an "equal weight" rating in a research note on Friday, May 9th. Cantor Fitzgerald initiated coverage on shares of Microchip Technology in a research report on Wednesday, June 18th. They issued a "neutral" rating and a $70.00 price objective for the company. Citigroup boosted their target price on shares of Microchip Technology from $55.00 to $68.00 and gave the stock a "buy" rating in a research note on Monday, June 9th. Evercore ISI increased their price target on shares of Microchip Technology from $69.00 to $83.00 and gave the company an "outperform" rating in a research note on Thursday, June 12th. Finally, Truist Financial boosted their price objective on shares of Microchip Technology from $52.00 to $64.00 and gave the stock a "hold" rating in a research report on Wednesday, June 18th. 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 company's stock. According to MarketBeat.com, Microchip Technology presently has a consensus rating of "Moderate Buy" and a consensus price target of $70.15.
Check Out Our Latest Stock Report on MCHP
Microchip Technology Stock Down 1.1%
Shares of NASDAQ:MCHP traded down $0.84 during trading on Friday, hitting $72.32. 3,810,846 shares of the company's stock traded hands, compared to its average volume of 8,886,424. The company has a current ratio of 2.59, a quick ratio of 1.47 and a debt-to-equity ratio of 0.80. The company has a 50-day moving average price of $61.10 and a 200-day moving average price of $55.65. Microchip Technology Incorporated has a 52 week low of $34.13 and a 52 week high of $96.98. The company has a market cap of $39.01 billion, a price-to-earnings ratio of -7,232.00, a price-to-earnings-growth ratio of 2.18 and a beta of 1.52.
Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.01. Microchip Technology had a negative net margin of 0.01% and a positive return on equity of 8.55%. The company had revenue of $970.50 million during the quarter, compared to analysts' expectations of $962.86 million. During the same quarter in the prior year, the company earned $0.57 earnings per share. The business's quarterly revenue was down 26.8% compared to the same quarter last year. As a group, research analysts forecast 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. The ex-dividend date was Thursday, May 22nd. This represents a $1.82 annualized dividend and a dividend yield of 2.52%. Microchip Technology's dividend payout ratio is currently -18,200.00%.
Microchip Technology Company Profile
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Free Report)
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.
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