China Universal Asset Management Co. Ltd. Purchases 4,545 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

China Universal Asset Management Co. Ltd. raised its position in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 52.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund 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.

Several other large investors also recently modified their holdings of the stock. one8zero8 LLC bought a new position in Microchip Technology in the 4th quarter valued at about $384,000. Vanguard Group Inc. boosted its position in Microchip Technology by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 68,912,345 shares of the semiconductor company's stock worth $3,952,123,000 after buying an additional 569,699 shares during the period. Franklin Resources Inc. lifted its position in shares of Microchip Technology by 90.0% in the 4th quarter. Franklin Resources Inc. now owns 6,360,805 shares of the semiconductor company's stock worth $364,792,000 after purchasing an additional 3,013,162 shares during the period. Potomac Fund Management Inc. ADV bought a new stake in shares of Microchip Technology in the 4th quarter valued at $738,000. Finally, First Citizens Bank & Trust Co. boosted its stake in shares of Microchip Technology by 468.2% in the 1st quarter. First Citizens Bank & Trust Co. now owns 73,737 shares of the semiconductor company's stock valued at $3,570,000 after purchasing an additional 60,760 shares during the last quarter. 91.51% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on MCHP shares. 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 note on Friday, May 30th. TD Cowen raised their price objective on shares of Microchip Technology from $35.00 to $55.00 and gave the company a "hold" rating in a research note on Friday, May 9th. Raymond James Financial raised their price target on shares of Microchip Technology from $60.00 to $65.00 and gave the company a "strong-buy" rating in a research report on Friday, May 9th. Truist Financial raised their price objective on shares of Microchip Technology from $52.00 to $64.00 and gave the stock a "hold" rating in a report on Wednesday, June 18th. Finally, Mizuho lifted their target price on shares of Microchip Technology from $78.00 to $85.00 and gave the stock an "outperform" rating in a research note on Tuesday. Seven equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $73.85.

Microchip Technology Price Performance

Microchip Technology stock traded up $0.12 during mid-day trading on Wednesday, hitting $74.68. 6,484,230 shares of the company traded hands, compared to its average volume of 8,923,079. Microchip Technology Incorporated has a one year low of $34.13 and a one year high of $96.98. The stock has a market cap of $40.28 billion, a price-to-earnings ratio of -7,468.00, a price-to-earnings-growth ratio of 2.13 and a beta of 1.52. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.47 and a current ratio of 2.59. The stock has a fifty day moving average price of $62.67 and a 200-day moving average price of $55.99.

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

Microchip Technology Dividend Announcement

The company 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. The ex-dividend date was Thursday, May 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 2.44%. Microchip Technology's dividend payout ratio is currently -18,200.00%.

Insiders Place Their Bets

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,015 shares of the business's stock in a transaction 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 transaction, the chief financial officer directly owned 34,313 shares of the company's stock, valued at approximately $1,913,979.14. The trade was a 5.55% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Karlton D. Johnson sold 494 shares of the business's stock in a transaction 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 transaction, 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 disclosure for this sale can be found here. Corporate insiders own 2.10% of the company's stock.

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.