Bleakley Financial Group LLC Buys 5,785 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Bleakley Financial Group LLC increased its position in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 94.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 11,935 shares of the semiconductor company's stock after buying an additional 5,785 shares during the quarter. Bleakley Financial Group LLC's holdings in Microchip Technology were worth $578,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of Microchip Technology by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 68,912,345 shares of the semiconductor company's stock worth $3,952,123,000 after acquiring an additional 569,699 shares in the last quarter. Invesco Ltd. boosted its stake in shares of Microchip Technology by 9.5% during the 4th quarter. Invesco Ltd. now owns 10,247,908 shares of the semiconductor company's stock valued at $587,718,000 after buying an additional 890,819 shares during the period. Norges Bank acquired a new stake in shares of Microchip Technology during the 4th quarter valued at $452,627,000. FIL Ltd grew its stake in Microchip Technology by 9.0% in the fourth quarter. FIL Ltd now owns 7,877,482 shares of the semiconductor company's stock valued at $451,774,000 after purchasing an additional 653,705 shares in the last quarter. Finally, Northern Trust Corp increased its holdings in Microchip Technology by 4.7% in the fourth quarter. Northern Trust Corp now owns 6,958,502 shares of the semiconductor company's stock worth $399,070,000 after buying an additional 311,796 shares during the last quarter. Institutional investors own 91.51% of the company's stock.

Insider Buying and Selling

In other news, 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 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO James Eric Bjornholt sold 2,015 shares of the company's 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 transaction, the chief financial officer directly owned 34,313 shares of the company's stock, valued at $1,913,979.14. This represents a 5.55% decrease in their position. The disclosure for this sale can be found here. 1.94% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Citigroup increased their price objective on Microchip Technology from $68.00 to $90.00 and gave the company a "buy" rating in a research report on Monday, July 7th. Raymond James Financial lifted their target price on shares of Microchip Technology from $60.00 to $65.00 and gave the company a "strong-buy" rating in a research note on Friday, May 9th. KeyCorp lifted their price target on Microchip Technology from $70.00 to $85.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Mizuho boosted their price objective on Microchip Technology from $78.00 to $85.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. Finally, Truist Financial boosted 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. 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 stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $75.70.

Microchip Technology Stock Performance

NASDAQ MCHP traded up $0.48 on Friday, reaching $74.78. The stock had a trading volume of 5,239,358 shares, compared to its average volume of 8,966,605. Microchip Technology Incorporated has a 1-year low of $34.13 and a 1-year high of $93.23. 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 company has a market cap of $40.36 billion, a P/E ratio of -7,478.00, a price-to-earnings-growth ratio of 2.23 and a beta of 1.52. The firm has a fifty day moving average of $66.82 and a two-hundred day moving average of $56.90.

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 the consensus estimate of $0.10 by $0.01. The business had revenue of $970.50 million during 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 revenue for the quarter was down 26.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.57 earnings per share. On average, equities research analysts anticipate that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Thursday, May 22nd were issued a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a dividend yield of 2.43%. The ex-dividend date of this dividend was Thursday, May 22nd. Microchip Technology's dividend payout ratio (DPR) is presently -18,200.00%.

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.