62,834 Shares in Microchip Technology Incorporated (NASDAQ:MCHP) Acquired by New Age Alpha Advisors LLC

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 purchased a new stake in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 62,834 shares of the semiconductor company's stock, valued at approximately $3,042,000.

A number of other hedge funds also recently made changes to their positions in the stock. Northern Trust Corp boosted its position in Microchip Technology by 4.7% during the 4th quarter. Northern Trust Corp now owns 6,958,502 shares of the semiconductor company's stock worth $399,070,000 after buying an additional 311,796 shares during the period. Barrow Hanley Mewhinney & Strauss LLC boosted its position in Microchip Technology by 273.2% during the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,345,096 shares of the semiconductor company's stock worth $306,541,000 after buying an additional 3,912,895 shares during the period. First Trust Advisors LP lifted its position in shares of Microchip Technology by 7.2% in the 4th quarter. First Trust Advisors LP now owns 3,068,828 shares of the semiconductor company's stock worth $175,997,000 after purchasing an additional 206,672 shares during the period. Meritage Group LP acquired a new position in shares of Microchip Technology in the 4th quarter worth approximately $145,033,000. Finally, Woodline Partners LP lifted its position in shares of Microchip Technology by 285.4% in the 4th quarter. Woodline Partners LP now owns 2,121,677 shares of the semiconductor company's stock worth $121,678,000 after purchasing an additional 1,571,186 shares during the period. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Karlton D. Johnson sold 494 shares of the stock in a transaction dated 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO James Eric Bjornholt sold 2,015 shares of the 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 transaction, the chief financial officer owned 34,313 shares of the company's stock, valued at approximately $1,913,979.14. The trade was a 5.55% decrease in their position. The disclosure for this sale can be found here. 1.94% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. TD Cowen dropped their price target on shares of Microchip Technology from $75.00 to $60.00 and set a "hold" rating on the stock in a research report on Friday. The Goldman Sachs Group assumed coverage on shares of Microchip Technology in a research report on Thursday, July 10th. They issued a "buy" rating and a $88.00 price target on the stock. Stifel Nicolaus boosted their price target on shares of Microchip Technology from $70.00 to $82.00 and gave the stock a "buy" rating in a research report on Friday, July 18th. Raymond James Financial boosted their price target on shares of Microchip Technology from $65.00 to $75.00 and gave the stock a "strong-buy" rating in a research report on Friday. Finally, Mizuho boosted their price target on shares of Microchip Technology from $78.00 to $85.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. Six analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $76.58.

Microchip Technology Stock Down 6.6%

MCHP stock traded down $4.35 during midday trading on Friday, reaching $61.87. 20,069,831 shares of the company's stock traded hands, compared to its average volume of 8,773,815. The company has a market cap of $33.39 billion, a price-to-earnings ratio of -181.97, a P/E/G ratio of 1.91 and a beta of 1.55. The firm's fifty day moving average price is $69.65 and its 200-day moving average price is $58.10. 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 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 announced its quarterly earnings results on Thursday, August 7th. The semiconductor company reported $0.27 EPS for the quarter, beating analysts' consensus estimates of $0.24 by $0.03. The business had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.05 billion. Microchip Technology had a negative net margin of 3.50% and a positive return on equity of 6.33%. Microchip Technology's quarterly revenue was down 13.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.53 EPS. As a group, sell-side analysts forecast that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 5th. Investors of record on Friday, August 22nd will be given a dividend of $0.455 per share. The ex-dividend date is Friday, August 22nd. This represents a $1.82 annualized dividend and a yield of 2.9%. Microchip Technology's dividend payout ratio is presently -18,200.00%.

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.