New Age Alpha Advisors LLC Takes Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Key Points

• New Age Alpha Advisors LLC has acquired a new stake in Microchip Technology, purchasing 62,834 shares valued at approximately $3,042,000.
• The stock saw a decline of 6.6%, trading at $61.87, with institutional investors holding 91.51% of the shares.
• Microchip Technology recently reported better-than-expected quarterly earnings, with an EPS of $0.27, above analysts' predictions of $0.24.

New Age Alpha Advisors LLC acquired a new stake in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 62,834 shares of the semiconductor company's stock, valued at approximately $3,042,000.

Other hedge funds have also recently made changes to their positions in the company. Russell Investments Group Ltd. raised its holdings in Microchip Technology by 21.0% in the 4th quarter. Russell Investments Group Ltd. now owns 397,209 shares of the semiconductor company's stock worth $22,745,000 after purchasing an additional 69,016 shares during the period. Aster Capital Management DIFC Ltd raised its holdings in Microchip Technology by 399.4% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 809 shares of the semiconductor company's stock valued at $46,000 after acquiring an additional 647 shares during the last quarter. Federated Hermes Inc. boosted its position in Microchip Technology by 0.5% during the 4th quarter. Federated Hermes Inc. now owns 39,298 shares of the semiconductor company's stock worth $2,254,000 after purchasing an additional 209 shares during the period. Renaissance Technologies LLC bought a new position in Microchip Technology in the fourth quarter worth about $68,308,000. Finally, APG Asset Management N.V. increased its stake in shares of Microchip Technology by 780.3% during the fourth quarter. APG Asset Management N.V. now owns 315,870 shares of the semiconductor company's stock valued at $17,494,000 after acquiring an additional 279,989 shares during the period. 91.51% of the stock is owned by hedge funds and other institutional investors.

Microchip Technology Stock Down 0.2%

Shares of MCHP traded down $0.10 during mid-day trading on Monday, hitting $61.77. The company's stock had a trading volume of 2,820,983 shares, compared to its average volume of 10,502,874. The company has a current ratio of 2.31, a quick ratio of 1.33 and a debt-to-equity ratio of 0.80. The firm has a market capitalization of $33.33 billion, a price-to-earnings ratio of -181.59, a PEG ratio of 1.79 and a beta of 1.55. The company's 50-day moving average is $69.65 and its 200-day moving average is $58.09. Microchip Technology Incorporated has a 52-week low of $34.13 and a 52-week high of $82.87.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The semiconductor company reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.03. Microchip Technology had a negative net margin of 3.50% and a positive return on equity of 6.24%. The firm had revenue of $1.08 billion during the quarter, compared to analysts' expectations of $1.05 billion. During the same period last year, the business earned $0.53 earnings per share. Microchip Technology's revenue was down 13.3% compared to the same quarter last year. On average, equities research analysts forecast that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 5th. Stockholders of record on Friday, August 22nd will be given a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a dividend yield of 2.9%. The ex-dividend date is Friday, August 22nd. Microchip Technology's payout ratio is currently -535.29%.

Analysts Set New Price Targets

Several brokerages recently commented on MCHP. Stifel Nicolaus lifted their target price on shares of Microchip Technology from $70.00 to $82.00 and gave the stock a "buy" rating in a report on Friday, July 18th. The Goldman Sachs Group began coverage on shares of Microchip Technology in a research report on Thursday, July 10th. They set a "buy" rating and a $88.00 price target on the stock. Mizuho raised their target price on shares of Microchip Technology from $78.00 to $85.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. Truist Financial boosted their price target 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. Finally, Evercore ISI upped their target price on shares of Microchip Technology from $69.00 to $83.00 and gave the stock an "outperform" rating in a research note on Thursday, June 12th. Six investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Microchip Technology currently has a consensus rating of "Moderate Buy" and an average target price of $76.58.

Insider Activity at Microchip Technology

In other Microchip Technology news, Director Karlton D. Johnson sold 494 shares of the company's stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total transaction of $29,980.86. Following the completion of the transaction, the director owned 3,468 shares in the company, valued at approximately $210,472.92. This represents a 12.47% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO James Eric Bjornholt sold 2,015 shares of the company's stock in a transaction dated 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 trade represents a 5.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.94% of the stock is currently owned by insiders.

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.