E Fund Management Co. Ltd. grew its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 41.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 24,642 shares of the semiconductor company's stock after purchasing an additional 7,254 shares during the quarter. E Fund Management Co. Ltd.'s holdings in Microchip Technology were worth $1,193,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Tokio Marine Asset Management Co. Ltd. raised its holdings in shares of Microchip Technology by 18.5% during the 1st quarter. Tokio Marine Asset Management Co. Ltd. now owns 16,259 shares of the semiconductor company's stock worth $787,000 after acquiring an additional 2,542 shares during the period. Caitong International Asset Management Co. Ltd increased its stake in Microchip Technology by 19.7% during the first quarter. Caitong International Asset Management Co. Ltd now owns 1,887 shares of the semiconductor company's stock worth $91,000 after purchasing an additional 310 shares during the period. National Pension Service increased its stake in Microchip Technology by 3.2% during the first quarter. National Pension Service now owns 797,862 shares of the semiconductor company's stock worth $38,624,000 after purchasing an additional 24,466 shares during the period. Russell Investments Group Ltd. increased its stake in Microchip Technology by 54.0% during the first quarter. Russell Investments Group Ltd. now owns 611,883 shares of the semiconductor company's stock worth $29,750,000 after purchasing an additional 214,674 shares during the period. Finally, Resona Asset Management Co. Ltd. increased its stake in Microchip Technology by 6.2% during the first quarter. Resona Asset Management Co. Ltd. now owns 164,529 shares of the semiconductor company's stock worth $7,972,000 after purchasing an additional 9,568 shares during the period. Institutional investors and hedge funds own 91.51% of the company's stock.
Microchip Technology Price Performance
NASDAQ:MCHP traded down $0.28 during trading hours on Friday, hitting $65.71. The company's stock had a trading volume of 7,744,425 shares, compared to its average volume of 10,186,693. The business's 50-day moving average is $69.75 and its two-hundred day moving average is $58.38. The company has a market capitalization of $35.46 billion, a PE ratio of -193.26, a PEG ratio of 1.93 and a beta of 1.55. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.33 and a current ratio of 2.31. Microchip Technology Incorporated has a 52-week low of $34.13 and a 52-week high of $82.87.
Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The semiconductor company reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.03. The firm had revenue of $1.08 billion during the quarter, compared to analysts' expectations of $1.05 billion. Microchip Technology had a positive return on equity of 6.24% and a negative net margin of 3.50%. Microchip Technology's revenue was down 13.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.53 earnings per share. As a group, research analysts anticipate that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.
Microchip Technology Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, September 5th. Shareholders of record on Friday, August 22nd will be issued a $0.455 dividend. The ex-dividend date of this dividend is Friday, August 22nd. This represents a $1.82 annualized dividend and a yield of 2.8%. Microchip Technology's dividend payout ratio is -535.29%.
Wall Street Analyst Weigh In
A number of brokerages have issued reports on MCHP. Bank of America upgraded shares of Microchip Technology from an "underperform" rating to a "neutral" rating and set a $56.00 price target on the stock in a research note on Friday, May 9th. Citigroup boosted their price objective on Microchip Technology from $68.00 to $90.00 and gave the stock a "buy" rating in a research report on Monday, July 7th. Cantor Fitzgerald began coverage on Microchip Technology in a research report on Wednesday, June 18th. They set a "neutral" rating and a $70.00 price objective for the company. Raymond James Financial upped their price target on Microchip Technology from $65.00 to $75.00 and gave the company a "strong-buy" rating in a report on Friday, August 8th. Finally, Rosenblatt Securities increased their price objective on Microchip Technology from $63.00 to $70.00 and gave the company a "buy" rating in a report on Friday, May 30th. Six investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $76.58.
Get Our Latest Analysis on Microchip Technology
Insider Buying and Selling at Microchip Technology
In related news, CFO James Eric Bjornholt sold 2,015 shares of the stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $55.78, for a total transaction 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. This trade represents a 5.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Karlton D. Johnson sold 494 shares of the stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total value of $29,980.86. Following the sale, 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 position. The disclosure for this sale can be found here. 1.94% of the stock is currently owned by corporate insiders.
About Microchip Technology
(
Free Report)
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.
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