Concurrent Investment Advisors LLC Acquires 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 first quarter, according to its most recent disclosure with the SEC. The institutional investor 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 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of MCHP. Fisher Asset Management LLC lifted its holdings in shares of Microchip Technology by 24.5% during the fourth quarter. Fisher Asset Management LLC now owns 3,495 shares of the semiconductor company's stock worth $200,000 after buying an additional 687 shares in the last quarter. Jones Financial Companies Lllp boosted its holdings in Microchip Technology by 15.7% in the 4th quarter. Jones Financial Companies Lllp now owns 16,418 shares of the semiconductor company's stock valued at $942,000 after purchasing an additional 2,226 shares during the period. SBI Securities Co. Ltd. bought a new stake in Microchip Technology in the 4th quarter valued at about $51,000. Proficio Capital Partners LLC bought a new stake in Microchip Technology in the 4th quarter valued at about $3,818,000. Finally, Larson Financial Group LLC boosted its holdings in Microchip Technology by 14.6% in the 4th quarter. Larson Financial Group LLC now owns 3,366 shares of the semiconductor company's stock valued at $193,000 after purchasing an additional 428 shares during the period. Institutional investors and hedge funds own 91.51% of the company's stock.

Microchip Technology Price Performance

Shares of Microchip Technology stock traded up $0.40 during midday trading on Thursday, hitting $75.08. 7,550,183 shares of the company traded hands, compared to its average volume of 8,940,676. The stock has a market cap of $40.52 billion, a price-to-earnings ratio of -7,508.00, a PEG ratio of 2.22 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 firm's fifty day moving average price is $63.24 and its 200-day moving average price is $56.12. Microchip Technology Incorporated has a 12 month low of $34.13 and a 12 month high of $96.98.

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

Microchip Technology Dividend Announcement

The company also recently declared 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 annualized dividend and a dividend yield of 2.42%. The ex-dividend date was Thursday, May 22nd. Microchip Technology's dividend payout ratio (DPR) is currently -18,200.00%.

Insider Activity

In related 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 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 sale was disclosed in a document filed with the SEC, which is available 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 stock was 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 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.

Analyst Ratings Changes

MCHP has been the subject of a number of recent research reports. Mizuho boosted their price objective on shares of Microchip Technology from $78.00 to $85.00 and gave the company an "outperform" rating in a report on Tuesday. Raymond James Financial raised their price target on Microchip Technology from $60.00 to $65.00 and gave the stock a "strong-buy" rating in a research report on Friday, May 9th. Truist Financial raised their price target on Microchip Technology from $52.00 to $64.00 and gave the stock a "hold" rating in a research report on Wednesday, June 18th. Needham & Company LLC restated a "buy" rating and issued a $66.00 price target on shares of Microchip Technology in a research report on Friday, May 9th. Finally, Citigroup raised their price target on Microchip Technology from $68.00 to $90.00 and gave the stock a "buy" rating in a research report on Monday. Six research 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 company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $75.10.

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.