Assetmark Inc. Grows Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Key Points

• Assetmark Inc. significantly increased its stake in Microchip Technology by 223.1% in Q1, now holding 26,771 shares valued at approximately $1.3 million.
• Director Karlton D. Johnson and CFO James Eric Bjornholt sold shares of Microchip, indicating a decrease in their ownership of the stock by 12.47% and 5.55% respectively.
• Analyst ratings on Microchip Technology are generally positive, with B. Riley raising its target price to $75.00 and Goldman Sachs setting a price target of $88.00, contributing to an overall "Moderate Buy" rating.

Assetmark Inc. lifted its position in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 223.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 26,771 shares of the semiconductor company's stock after acquiring an additional 18,486 shares during the quarter. Assetmark Inc.'s holdings in Microchip Technology were worth $1,296,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Federated Hermes Inc. increased its stake in Microchip Technology by 0.5% in the 4th quarter. Federated Hermes Inc. now owns 39,298 shares of the semiconductor company's stock worth $2,254,000 after buying an additional 209 shares during the period. Northwest Bank & Trust Co increased its stake in Microchip Technology by 3.0% in the 4th quarter. Northwest Bank & Trust Co now owns 7,392 shares of the semiconductor company's stock worth $424,000 after buying an additional 217 shares during the period. Oregon Public Employees Retirement Fund increased its stake in Microchip Technology by 0.5% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 46,235 shares of the semiconductor company's stock worth $2,238,000 after buying an additional 230 shares during the period. Greenleaf Trust increased its stake in Microchip Technology by 1.0% in the 1st quarter. Greenleaf Trust now owns 24,933 shares of the semiconductor company's stock worth $1,207,000 after buying an additional 242 shares during the period. Finally, Bartlett & CO. Wealth Management LLC increased its stake in Microchip Technology by 3.4% in the 1st quarter. Bartlett & CO. Wealth Management LLC now owns 8,360 shares of the semiconductor company's stock worth $405,000 after buying an additional 276 shares during the period. Institutional investors own 91.51% of the company's stock.

Microchip Technology Stock Performance

Shares of MCHP traded down $0.21 during trading hours on Tuesday, hitting $66.38. The stock had a trading volume of 3,946,294 shares, compared to its average volume of 10,455,803. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.47 and a current ratio of 2.59. The firm has a 50-day moving average price of $69.05 and a 200 day moving average price of $57.90. Microchip Technology Incorporated has a fifty-two week low of $34.13 and a fifty-two week high of $82.87. The firm has a market capitalization of $35.82 billion, a price-to-earnings ratio of -6,629.70, a PEG ratio of 1.92 and a beta of 1.55.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its earnings results 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. Microchip Technology had a negative net margin of 0.01% and a positive return on equity of 8.55%. The firm had revenue of $970.50 million during the quarter, compared to analysts' expectations of $962.86 million. During the same period in the previous year, the business posted $0.57 EPS. The business's revenue was down 26.8% compared to the same quarter last year. As a group, research analysts anticipate that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Thursday, May 22nd were paid a $0.455 dividend. 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 currently -18,200.00%.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Cantor Fitzgerald assumed coverage on shares of Microchip Technology in a research note on Wednesday, June 18th. They issued a "neutral" rating and a $70.00 price target on the stock. The Goldman Sachs Group started coverage on shares of Microchip Technology in a research report on Thursday, July 10th. They set a "buy" rating and a $88.00 target price on the stock. Evercore ISI raised their target price on shares of Microchip Technology from $69.00 to $83.00 and gave the company an "outperform" rating in a research report on Thursday, June 12th. Mizuho lifted their price objective 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. Finally, Raymond James Financial lifted their price objective on shares of Microchip Technology from $60.00 to $65.00 and gave the stock a "strong-buy" rating in a research report on Friday, May 9th. Six equities research 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 company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $74.42.

Insider Buying and Selling 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 directly 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 legal filing with the SEC, which is accessible through this hyperlink. Also, CFO James Eric Bjornholt sold 2,015 shares of the company's stock in a transaction on Friday, May 23rd. The stock was 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 $1,913,979.14. This represents a 5.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.94% of the company's stock.

Microchip Technology 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.