Argonautica Private Wealth Management Inc. Invests $428,000 in Microchip Technology Incorporated (NASDAQ:MCHP)

Argonautica Private Wealth Management Inc. bought a new stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 8,843 shares of the semiconductor company's stock, valued at approximately $428,000.

Several other institutional investors have also recently made changes to their positions in MCHP. Garde Capital Inc. acquired a new position in shares of Microchip Technology in the first quarter worth about $30,000. Orion Capital Management LLC purchased a new position in shares of Microchip Technology in the 4th quarter valued at about $41,000. Byrne Asset Management LLC acquired a new position in Microchip Technology in the 1st quarter worth about $41,000. GW&K Investment Management LLC boosted its position in Microchip Technology by 161.0% during the first quarter. GW&K Investment Management LLC now owns 937 shares of the semiconductor company's stock worth $45,000 after purchasing an additional 578 shares in the last quarter. Finally, Aster Capital Management DIFC Ltd boosted its position in Microchip Technology by 399.4% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 809 shares of the semiconductor company's stock worth $46,000 after purchasing an additional 647 shares in the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CFO James Eric Bjornholt sold 2,015 shares of Microchip Technology stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $55.78, for a total value of $112,396.70. Following the completion of the sale, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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 completion of the sale, the director directly owned 3,468 shares in the company, valued at approximately $210,472.92. The trade was a 12.47% decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.94% of the company's stock.

Microchip Technology Trading Up 2.1%

NASDAQ:MCHP traded up $1.40 on Friday, hitting $69.21. The stock had a trading volume of 8,352,945 shares, compared to its average volume of 7,450,901. The company has a fifty day moving average price of $67.83 and a two-hundred day moving average price of $57.38. Microchip Technology Incorporated has a 1-year low of $34.13 and a 1-year high of $89.59. The company has a quick ratio of 1.47, a current ratio of 2.59 and a debt-to-equity ratio of 0.80. The stock has a market cap of $37.35 billion, a price-to-earnings ratio of -6,921.00, a PEG ratio of 1.92 and a beta of 1.52.

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

Microchip Technology Announces Dividend

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 $0.455 dividend. The ex-dividend date was Thursday, May 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 2.63%. Microchip Technology's payout ratio is currently -18,200.00%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on MCHP. Morgan Stanley boosted their price objective on Microchip Technology from $39.00 to $50.00 and gave the company an "equal weight" rating in a research report on Friday, May 9th. Susquehanna boosted their price target on shares of Microchip Technology from $60.00 to $90.00 and gave the stock a "positive" rating in a report on Tuesday. B. Riley increased their price objective on shares of Microchip Technology from $60.00 to $75.00 and gave the company a "buy" rating in a report on Friday, May 9th. Wall Street Zen raised shares of Microchip Technology from a "sell" rating to a "hold" rating in a research note on Friday, June 27th. Finally, UBS Group upped their price target on shares of Microchip Technology from $65.00 to $85.00 and gave the stock a "buy" rating in a research report on Monday, July 7th. Six investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $75.70.

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.