86,179 Shares in Microchip Technology Incorporated (NASDAQ:MCHP) Bought by ING Groep NV

Key Points

• ING Groep NV acquired 86,179 shares of Microchip Technology, valued at approximately $4.17 million, as part of its first-quarter investment activities.
• Research analysts have raised their price targets for Microchip Technology, with a consensus target now at $74.42 and numerous "buy" ratings assigned.
• Microchip Technology reported a negative net margin for the latest quarter, with earnings of $0.11 per share, which was slightly above consensus estimates.

ING Groep NV purchased a new position in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 86,179 shares of the semiconductor company's stock, valued at approximately $4,172,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in MCHP. Garde Capital Inc. purchased a new position in Microchip Technology during the first quarter valued at $30,000. Orion Capital Management LLC acquired a new stake in Microchip Technology during the fourth quarter worth about $41,000. Byrne Asset Management LLC acquired a new stake in shares of Microchip Technology during the first quarter valued at about $41,000. GW&K Investment Management LLC increased its position in shares of Microchip Technology by 161.0% during the first quarter. GW&K Investment Management LLC now owns 937 shares of the semiconductor company's stock valued at $45,000 after acquiring an additional 578 shares during the last quarter. Finally, Aster Capital Management DIFC Ltd increased its position in shares of Microchip Technology by 399.4% during the fourth 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. 91.51% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. Rosenblatt Securities raised their price objective on shares of Microchip Technology from $63.00 to $70.00 and gave the company a "buy" rating in a research note on Friday, May 30th. Needham & Company LLC reiterated a "buy" rating and issued a $66.00 price target on shares of Microchip Technology in a research note on Friday, May 9th. Bank of America upgraded shares of Microchip Technology from an "underperform" rating to a "neutral" rating and set a $56.00 price target for the company in a research note on Friday, May 9th. Truist Financial lifted their price target on shares of Microchip Technology from $52.00 to $64.00 and gave the stock a "hold" rating in a research note on Wednesday, June 18th. Finally, KeyCorp raised their price objective on shares of Microchip Technology from $70.00 to $85.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Six analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Microchip Technology has a consensus rating of "Moderate Buy" and an average price target of $74.42.

Microchip Technology Stock Performance

Shares of Microchip Technology stock opened at $67.13 on Wednesday. The company has a debt-to-equity ratio of 0.80, a current ratio of 2.59 and a quick ratio of 1.47. The stock has a market capitalization of $36.23 billion, a price-to-earnings ratio of -6,713.00, a PEG ratio of 1.92 and a beta of 1.55. The firm's fifty day simple moving average is $69.22 and its 200-day simple moving average is $57.96. Microchip Technology Incorporated has a 12 month low of $34.13 and a 12 month high of $82.87.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.01. The company had revenue of $970.50 million for the quarter, compared to analysts' expectations of $962.86 million. Microchip Technology had a negative net margin of 0.01% and a positive return on equity of 8.55%. Microchip Technology's revenue was down 26.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.57 EPS. As a group, equities analysts forecast that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Thursday, May 22nd were given a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a dividend yield of 2.7%. The ex-dividend date was Thursday, May 22nd. Microchip Technology's payout ratio is presently -18,200.00%.

Insider Buying and Selling at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,015 shares of the business's stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $55.78, for a total value of $112,396.70. Following the sale, the chief financial officer directly owned 34,313 shares in the company, valued at $1,913,979.14. The trade was a 5.55% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Karlton D. Johnson sold 494 shares of the business's 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 completion of the sale, the director owned 3,468 shares in the company, valued at $210,472.92. This represents a 12.47% 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.

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.

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