Concurrent Investment Advisors LLC Purchases 3,644 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Concurrent Investment Advisors LLC lifted its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 5.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 69,275 shares of the semiconductor company's stock after buying an additional 3,644 shares during the quarter. Concurrent Investment Advisors LLC's holdings in Microchip Technology were worth $3,354,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of MCHP. Norges Bank bought a new stake in Microchip Technology in the fourth quarter valued at $452,627,000. Barrow Hanley Mewhinney & Strauss LLC grew its holdings in shares of Microchip Technology by 273.2% during the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,345,096 shares of the semiconductor company's stock valued at $306,541,000 after buying an additional 3,912,895 shares during the last quarter. Franklin Resources Inc. grew its holdings in shares of Microchip Technology by 90.0% during the fourth quarter. Franklin Resources Inc. now owns 6,360,805 shares of the semiconductor company's stock valued at $364,792,000 after buying an additional 3,013,162 shares during the last quarter. Meritage Group LP acquired a new position in shares of Microchip Technology during the fourth quarter valued at about $145,033,000. Finally, Fiduciary Management Inc. WI acquired a new position in shares of Microchip Technology during the fourth quarter valued at about $119,431,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,015 shares of the business'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 sale, the chief financial officer owned 34,313 shares of the company's stock, valued at $1,913,979.14. The trade was a 5.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, 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 sale, the director directly owned 3,468 shares in the company, valued at approximately $210,472.92. This trade represents a 12.47% decrease in their position. The disclosure for this sale can be found here. Insiders own 2.10% of the company's stock.

Microchip Technology Stock Performance

MCHP traded up $0.12 during midday trading on Wednesday, reaching $74.68. The company had a trading volume of 6,484,230 shares, compared to its average volume of 8,945,865. 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 market cap of $40.30 billion, a PE ratio of -7,468.00, a P/E/G ratio of 2.22 and a beta of 1.52. Microchip Technology Incorporated has a 12-month low of $34.13 and a 12-month high of $96.98. The business has a 50-day moving average price of $63.24 and a two-hundred day moving average price of $56.12.

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

Microchip Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd were given a $0.455 dividend. This represents a $1.82 annualized dividend and a dividend yield of 2.44%. The ex-dividend date was Thursday, May 22nd. Microchip Technology's dividend payout ratio (DPR) is currently -18,200.00%.

Wall Street Analysts Forecast Growth

MCHP has been the subject of a number of analyst reports. Citigroup lifted their price objective on shares of Microchip Technology from $68.00 to $90.00 and gave the company a "buy" rating in a report on Monday. Stifel Nicolaus lifted their price objective on shares of Microchip Technology from $60.00 to $70.00 and gave the company a "buy" rating in a report on Friday, May 9th. Raymond James Financial lifted their price objective on shares of Microchip Technology from $60.00 to $65.00 and gave the company a "strong-buy" rating in a report on Friday, May 9th. Evercore ISI boosted their price target on shares of Microchip Technology from $69.00 to $83.00 and gave the stock an "outperform" rating in a report on Thursday, June 12th. Finally, TD Cowen boosted their price target on shares of Microchip Technology from $35.00 to $55.00 and gave the stock a "hold" rating in a report on Friday, May 9th. Seven investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $73.85.

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.