China Universal Asset Management Co. Ltd. Grows Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

China Universal Asset Management Co. Ltd. lifted its position in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 52.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,284 shares of the semiconductor company's stock after acquiring an additional 4,545 shares during the quarter. China Universal Asset Management Co. Ltd.'s holdings in Microchip Technology were worth $643,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. SBI Securities Co. Ltd. bought a new position in Microchip Technology during the fourth quarter valued at about $51,000. Proficio Capital Partners LLC bought a new position in Microchip Technology during the fourth quarter valued at about $3,818,000. Larson Financial Group LLC grew its position in Microchip Technology by 14.6% during the fourth quarter. Larson Financial Group LLC now owns 3,366 shares of the semiconductor company's stock valued at $193,000 after buying an additional 428 shares during the period. OFI Invest Asset Management bought a new position in Microchip Technology during the fourth quarter valued at about $29,000. Finally, Independent Advisor Alliance grew its position in Microchip Technology by 136.2% during the fourth quarter. Independent Advisor Alliance now owns 10,627 shares of the semiconductor company's stock valued at $609,000 after buying an additional 6,127 shares during the period. Institutional investors own 91.51% of the company's stock.

Insiders Place Their Bets

In related news, Director Karlton D. Johnson sold 494 shares of the company's stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total value of $29,980.86. Following the transaction, the director owned 3,468 shares in the company, valued at $210,472.92. The trade was a 12.47% decrease in their position. 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 company's stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $55.78, for a total transaction of $112,396.70. Following the completion of the transaction, the chief financial officer owned 34,313 shares in the company, valued at approximately $1,913,979.14. The trade was a 5.55% decrease in their position. The disclosure for this sale can be found here. Insiders own 2.10% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on MCHP. Truist Financial increased their target price on shares of Microchip Technology from $52.00 to $64.00 and gave the stock a "hold" rating in a research report on Wednesday, June 18th. Citigroup increased their target price on shares of Microchip Technology from $68.00 to $90.00 and gave the stock a "buy" rating in a research report on Monday. The Goldman Sachs Group began coverage on shares of Microchip Technology in a research report on Thursday. They set a "buy" rating and a $88.00 target price for the company. Evercore ISI increased their target price on shares of Microchip Technology from $69.00 to $83.00 and gave the stock an "outperform" rating in a research report on Thursday, June 12th. Finally, Rosenblatt Securities increased their target price on shares of Microchip Technology from $63.00 to $70.00 and gave the stock a "buy" rating in a research report on Friday, May 30th. Six analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Microchip Technology has an average rating of "Moderate Buy" and a consensus target price of $75.10.

Microchip Technology Trading Up 2.6%

NASDAQ:MCHP traded up $1.98 during trading hours on Thursday, hitting $76.66. The company had a trading volume of 2,360,910 shares, compared to its average volume of 8,920,339. The company has a market capitalization of $41.37 billion, a PE ratio of -7,664.80, a price-to-earnings-growth ratio of 2.22 and a beta of 1.52. The stock has a 50-day moving average price of $63.24 and a 200 day moving average price of $56.12. Microchip Technology Incorporated has a 52 week low of $34.13 and a 52 week high of $96.98. The company has a debt-to-equity ratio of 0.80, a current ratio of 2.59 and a quick ratio of 1.47.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.01. Microchip Technology had a negative net margin of 0.01% and a positive return on equity of 8.55%. The business had revenue of $970.50 million for the quarter, compared to analysts' expectations of $962.86 million. During the same quarter in the previous year, the business posted $0.57 earnings per share. The firm's revenue for the quarter was down 26.8% compared to the same quarter last year. On average, equities research analysts predict that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd were issued a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.37%. The ex-dividend date of this dividend was Thursday, May 22nd. Microchip Technology's dividend payout ratio (DPR) is presently -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.