DekaBank Deutsche Girozentrale Boosts Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

DekaBank Deutsche Girozentrale boosted its holdings in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 2.6% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 276,157 shares of the semiconductor company's stock after purchasing an additional 7,095 shares during the quarter. DekaBank Deutsche Girozentrale owned about 0.05% of Microchip Technology worth $13,263,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Proficio Capital Partners LLC purchased a new stake in shares of Microchip Technology during the fourth quarter valued at approximately $3,818,000. Independent Advisor Alliance grew its holdings in shares of 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 last quarter. AGF Management Ltd. purchased a new stake in shares of Microchip Technology during the fourth quarter valued at approximately $405,000. HighTower Advisors LLC grew its holdings in shares of Microchip Technology by 5.6% during the fourth quarter. HighTower Advisors LLC now owns 95,983 shares of the semiconductor company's stock valued at $5,505,000 after buying an additional 5,097 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of Microchip Technology by 55.7% during the fourth quarter. EverSource Wealth Advisors LLC now owns 2,988 shares of the semiconductor company's stock valued at $171,000 after buying an additional 1,069 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on MCHP. TD Cowen increased their price target on shares of Microchip Technology from $35.00 to $55.00 and gave the company a "hold" rating in a report on Friday, May 9th. Rosenblatt Securities increased their price objective on shares of Microchip Technology from $63.00 to $70.00 and gave the company a "buy" rating in a research report on Friday, May 30th. Stifel Nicolaus increased their price objective on shares of Microchip Technology from $60.00 to $70.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Wall Street Zen upgraded shares of Microchip Technology from a "sell" rating to a "hold" rating in a research report on Friday, June 27th. Finally, Cantor Fitzgerald started coverage on shares of Microchip Technology in a research report on Wednesday, June 18th. They set a "neutral" rating and a $70.00 price objective on the stock. Six investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Microchip Technology has an average rating of "Moderate Buy" and an average target price of $75.10.

Insiders Place Their Bets

In other news, CFO James Eric Bjornholt sold 2,015 shares of the 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 completion of the sale, the chief financial officer directly owned 34,313 shares of the company's stock, valued at $1,913,979.14. This represents a 5.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Karlton D. Johnson sold 494 shares of the 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 of the company's stock, valued at approximately $210,472.92. This trade represents 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 Stock Performance

MCHP traded down $0.52 during trading on Friday, hitting $74.56. The company's stock had a trading volume of 4,885,920 shares, compared to its average volume of 8,943,616. 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 Incorporated has a one year low of $34.13 and a one year high of $96.98. The firm has a market cap of $40.24 billion, a PE ratio of -7,456.00, a P/E/G ratio of 2.23 and a beta of 1.52. The business's 50 day simple moving average is $63.83 and its 200-day simple moving average is $56.23.

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, topping the consensus estimate of $0.10 by $0.01. The business had revenue of $970.50 million for the quarter, compared to the consensus estimate 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 last year, the firm earned $0.57 earnings per share. As a group, sell-side analysts predict that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Announces Dividend

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

Microchip Technology Company 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.