Brookwood Investment Group LLC Acquires Shares of 43,520 Microchip Technology Incorporated (NASDAQ:MCHP)

Brookwood Investment Group LLC bought a new position in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 43,520 shares of the semiconductor company's stock, valued at approximately $2,107,000.

Other large investors have also recently added to or reduced their stakes in the company. Teacher Retirement System of Texas boosted its position in shares of Microchip Technology by 781.0% in the fourth quarter. Teacher Retirement System of Texas now owns 31,646 shares of the semiconductor company's stock valued at $1,815,000 after acquiring an additional 28,054 shares during the period. LPL Financial LLC boosted its position in shares of Microchip Technology by 25.4% in the fourth quarter. LPL Financial LLC now owns 542,005 shares of the semiconductor company's stock valued at $31,084,000 after acquiring an additional 109,885 shares during the period. Congress Wealth Management LLC DE boosted its position in shares of Microchip Technology by 10.7% in the fourth quarter. Congress Wealth Management LLC DE now owns 15,952 shares of the semiconductor company's stock valued at $915,000 after acquiring an additional 1,539 shares during the period. EntryPoint Capital LLC bought a new stake in shares of Microchip Technology in the fourth quarter valued at approximately $269,000. Finally, TIAA Trust National Association boosted its position in shares of Microchip Technology by 7.9% in the fourth quarter. TIAA Trust National Association now owns 11,055 shares of the semiconductor company's stock valued at $634,000 after acquiring an additional 810 shares during the period. Institutional investors own 91.51% of the company's stock.

Microchip Technology Trading Up 2.1%

MCHP stock traded up $1.40 during midday trading on Friday, reaching $69.21. The stock had a trading volume of 8,352,945 shares, compared to its average volume of 7,450,901. The firm has a market cap of $37.35 billion, a price-to-earnings ratio of -6,921.00, a PEG ratio of 1.92 and a beta of 1.52. Microchip Technology Incorporated has a twelve month low of $34.13 and a twelve month high of $89.59. The business has a fifty day simple moving average of $67.83 and a two-hundred day simple moving average of $57.38. The company has a quick ratio of 1.47, a current ratio of 2.59 and a debt-to-equity ratio of 0.80.

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, topping the consensus estimate of $0.10 by $0.01. Microchip Technology had a positive return on equity of 8.55% and a negative net margin of 0.01%. The company had revenue of $970.50 million during the quarter, compared to analyst estimates of $962.86 million. During the same period in the previous year, the company earned $0.57 EPS. The company's revenue for the quarter was down 26.8% compared to the same quarter last year. As a group, research analysts expect that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Thursday, May 22nd were paid a $0.455 dividend. This represents a $1.82 annualized dividend and a yield of 2.63%. The ex-dividend date was Thursday, May 22nd. Microchip Technology's payout ratio is -18,200.00%.

Insider Activity at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,015 shares of the company's stock in a transaction that occurred 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 sale, the chief financial officer owned 34,313 shares in the company, valued at $1,913,979.14. This represents a 5.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Karlton D. Johnson sold 494 shares of the business's stock in a transaction that occurred 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 transaction, the director directly owned 3,468 shares in the company, valued at $210,472.92. The trade was a 12.47% 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.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Cantor Fitzgerald assumed coverage on Microchip Technology in a research report on Wednesday, June 18th. They issued a "neutral" rating and a $70.00 price objective for the company. Citigroup upped their target price on Microchip Technology from $68.00 to $90.00 and gave the company a "buy" rating in a research note on Monday, July 7th. Mizuho upped their target price on Microchip Technology from $78.00 to $85.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. Rosenblatt Securities upped their target price on Microchip Technology from $63.00 to $70.00 and gave the company a "buy" rating in a research note on Friday, May 30th. Finally, Susquehanna upped their target price on Microchip Technology from $60.00 to $90.00 and gave the company a "positive" rating in a research note on Tuesday. Six analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $75.70.

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.