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

Several other large investors have also recently added to or reduced their stakes in the company. Garde Capital Inc. acquired a new position in shares of Microchip Technology during the first quarter worth approximately $30,000. Orion Capital Management LLC bought a new position in Microchip Technology in the 4th quarter worth approximately $41,000. Byrne Asset Management LLC acquired a new position in Microchip Technology during the 1st quarter worth $41,000. GW&K Investment Management LLC boosted its position in Microchip Technology by 161.0% in the 1st quarter. GW&K Investment Management LLC now owns 937 shares of the semiconductor company's stock valued at $45,000 after buying an additional 578 shares during the last quarter. Finally, Aster Capital Management DIFC Ltd increased its position in Microchip Technology by 399.4% in 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 during the period. Institutional investors and hedge funds own 91.51% of the company's stock.

Insiders Place Their Bets

In other Microchip Technology news, Director Karlton D. Johnson sold 494 shares of Microchip Technology 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 of the company's stock, valued at $210,472.92. The trade was a 12.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 value of $112,396.70. Following the transaction, the chief financial officer owned 34,313 shares in the company, valued at $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 owned by corporate insiders.

Analyst Ratings Changes

Several analysts have commented on MCHP shares. B. Riley upped their target price on shares of Microchip Technology from $60.00 to $75.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Cantor Fitzgerald started coverage on shares of Microchip Technology in a research report on Wednesday, June 18th. They issued a "neutral" rating and a $70.00 price objective on the stock. Raymond James Financial upped their target price on Microchip Technology from $60.00 to $65.00 and gave the stock a "strong-buy" rating in a report on Friday, May 9th. The Goldman Sachs Group assumed coverage on Microchip Technology in a report on Thursday, July 10th. They set a "buy" rating and a $88.00 price target for the company. Finally, 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 note on Tuesday, July 8th. Six analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $75.70.

Microchip Technology Price Performance

NASDAQ:MCHP traded down $1.23 during trading hours on Friday, hitting $66.36. 11,541,664 shares of the company's stock traded hands, compared to its average volume of 7,927,445. Microchip Technology Incorporated has a 52 week low of $34.13 and a 52 week high of $82.87. The business's fifty day simple moving average is $68.84 and its two-hundred day simple moving average is $57.82. 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 firm has a market cap of $35.81 billion, a P/E ratio of -6,636.00, a P/E/G ratio of 1.92 and a beta of 1.55.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.10 by $0.01. The firm had revenue of $970.50 million during the quarter, compared to the consensus estimate of $962.86 million. Microchip Technology had a positive return on equity of 8.55% and a negative net margin of 0.01%. The company's revenue for the quarter was down 26.8% on a year-over-year basis. During the same quarter last year, the company posted $0.57 EPS. On average, research analysts anticipate that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal 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 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend was Thursday, May 22nd. Microchip Technology's dividend payout ratio is currently -18,200.00%.

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.