Bourgeon Capital Management LLC Makes New $422,000 Investment in Microchip Technology Incorporated (NASDAQ:MCHP)

Bourgeon Capital Management LLC bought a new position in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The fund bought 8,707 shares of the semiconductor company's stock, valued at approximately $422,000.

Other hedge funds have also recently made changes to their positions in the company. Norges Bank bought a new stake in Microchip Technology during the fourth quarter worth approximately $452,627,000. Barrow Hanley Mewhinney & Strauss LLC increased its position in shares of Microchip Technology by 273.2% during the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,345,096 shares of the semiconductor company's stock valued at $306,541,000 after purchasing an additional 3,912,895 shares during the last quarter. Van ECK Associates Corp raised its holdings in Microchip Technology by 39.3% during the 4th quarter. Van ECK Associates Corp now owns 11,093,007 shares of the semiconductor company's stock valued at $636,184,000 after buying an additional 3,131,807 shares during the period. Franklin Resources Inc. lifted its position in Microchip Technology by 90.0% in the fourth quarter. Franklin Resources Inc. now owns 6,360,805 shares of the semiconductor company's stock worth $364,792,000 after buying an additional 3,013,162 shares during the last quarter. Finally, Meritage Group LP bought a new stake in Microchip Technology in the fourth quarter worth $145,033,000. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, 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 transaction of $29,980.86. Following the completion of the transaction, the director now owns 3,468 shares in the company, valued at $210,472.92. The trade was a 12.47% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO James Eric Bjornholt sold 2,015 shares of the firm'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 transaction of $112,396.70. Following the completion of the sale, the chief financial officer now owns 34,313 shares of the company's stock, valued at approximately $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. Company insiders own 2.10% of the company's stock.

Analyst Ratings Changes

MCHP has been the topic of several recent analyst reports. KeyCorp reduced their target price on shares of Microchip Technology from $70.00 to $60.00 and set an "overweight" rating on the stock in a research note on Friday, February 7th. Citigroup upped their price target on shares of Microchip Technology from $50.00 to $55.00 and gave the company a "buy" rating in a report on Friday, May 9th. Raymond James raised 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 note on Friday, May 9th. Bank of America upgraded Microchip Technology from an "underperform" rating to a "neutral" rating and set a $56.00 target price for the company in a research report on Friday, May 9th. Finally, Wall Street Zen downgraded Microchip Technology from a "hold" rating to a "sell" rating in a report on Monday, February 10th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Microchip Technology has a consensus rating of "Moderate Buy" and a consensus target price of $67.68.

Microchip Technology Stock Up 1.3%

Shares of MCHP traded up $0.83 during midday trading on Wednesday, reaching $64.67. 9,192,710 shares of the stock were exchanged, compared to its average volume of 8,694,864. The company has a market capitalization of $34.88 billion, a P/E ratio of 115.48 and a beta of 1.48. 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 Incorporated has a 52 week low of $34.13 and a 52 week high of $96.98. The company's 50 day moving average is $48.97 and its two-hundred day moving average is $54.90.

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

Microchip Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Shareholders of record on Thursday, May 22nd will be given a dividend of $0.455 per share. The ex-dividend date is Thursday, May 22nd. This represents a $1.82 annualized dividend and a yield of 2.81%. Microchip Technology's dividend payout ratio (DPR) is presently -18,200.00%.

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.