Aurdan Capital Management LLC Acquires New Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Aurdan Capital Management LLC acquired a new position in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 116,374 shares of the semiconductor company's stock, valued at approximately $6,674,000. Microchip Technology accounts for approximately 2.6% of Aurdan Capital Management LLC's investment portfolio, making the stock its 11th largest position.

A number of other institutional investors have also made changes to their positions in the business. Federated Hermes Inc. increased its stake in Microchip Technology by 0.5% during the fourth quarter. Federated Hermes Inc. now owns 39,298 shares of the semiconductor company's stock valued at $2,254,000 after acquiring an additional 209 shares during the period. Northwest Bank & Trust Co increased its stake in Microchip Technology by 3.0% during the fourth quarter. Northwest Bank & Trust Co now owns 7,392 shares of the semiconductor company's stock valued at $424,000 after acquiring an additional 217 shares during the period. Lebenthal Global Advisors LLC increased its stake in Microchip Technology by 7.3% during the fourth quarter. Lebenthal Global Advisors LLC now owns 3,894 shares of the semiconductor company's stock valued at $223,000 after acquiring an additional 266 shares during the period. State of Wyoming increased its stake in Microchip Technology by 27.3% during the fourth quarter. State of Wyoming now owns 1,300 shares of the semiconductor company's stock valued at $75,000 after acquiring an additional 279 shares during the period. Finally, CreativeOne Wealth LLC increased its stake in Microchip Technology by 1.0% during the fourth quarter. CreativeOne Wealth LLC now owns 28,842 shares of the semiconductor company's stock valued at $1,654,000 after acquiring an additional 283 shares during the period. 91.51% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on MCHP shares. Rosenblatt Securities restated a "buy" rating and set a $70.00 price target on shares of Microchip Technology in a research note on Tuesday, March 4th. Mizuho boosted their price target on Microchip Technology from $58.00 to $68.00 and gave the company an "outperform" rating in a research note on Tuesday, March 4th. Bank of America upgraded Microchip Technology from an "underperform" rating to a "neutral" rating and set a $56.00 price objective on the stock in a research note on Friday, May 9th. Piper Sandler restated an "overweight" rating and set a $65.00 target price (down previously from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. Finally, Wall Street Zen cut Microchip Technology from a "hold" rating to a "sell" rating in a research report on Monday, February 10th. One analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $67.42.

Microchip Technology Price Performance

NASDAQ MCHP traded down $1.22 during trading hours on Wednesday, reaching $57.46. 8,288,776 shares of the company's stock were exchanged, compared to its average volume of 8,625,888. The stock has a market cap of $30.95 billion, a PE ratio of 102.61 and a beta of 1.42. Microchip Technology Incorporated has a one year low of $34.13 and a one year high of $98.10. The firm has a fifty day moving average of $48.26 and a 200-day moving average of $55.15. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 EPS for the quarter, topping analysts' consensus estimates of $0.10 by $0.01. The business had revenue of $970.50 million for the quarter, compared to analyst estimates of $962.86 million. Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. Microchip Technology's revenue for the quarter was down 26.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.57 EPS. On average, equities research analysts predict that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd will be paid a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a dividend yield of 3.17%. The ex-dividend date of this dividend is Thursday, May 22nd. Microchip Technology's dividend payout ratio (DPR) is presently -18,200.00%.

Insider Activity at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,015 shares of the 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 transaction, the chief financial officer now directly owns 34,313 shares in the company, valued at $1,913,979.14. This represents a 5.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Karlton D. Johnson sold 494 shares of Microchip Technology stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $60.69, for a total value of $29,980.86. Following the sale, the director now directly owns 3,468 shares of the company's stock, valued at approximately $210,472.92. This trade represents a 12.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.10% of the stock is owned by company 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.