Edgestream Partners L.P. Buys 33,255 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Edgestream Partners L.P. boosted its holdings in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 26.8% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 157,380 shares of the semiconductor company's stock after acquiring an additional 33,255 shares during the quarter. Edgestream Partners L.P.'s holdings in Microchip Technology were worth $7,619,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. Bleakley Financial Group LLC lifted its position in Microchip Technology by 94.1% in the 1st quarter. Bleakley Financial Group LLC now owns 11,935 shares of the semiconductor company's stock valued at $578,000 after acquiring an additional 5,785 shares in the last quarter. CWM LLC lifted its position in shares of Microchip Technology by 8.9% during the 1st quarter. CWM LLC now owns 40,537 shares of the semiconductor company's stock worth $1,962,000 after buying an additional 3,299 shares in the last quarter. Stephens Investment Management Group LLC lifted its position in shares of Microchip Technology by 13.0% during the 1st quarter. Stephens Investment Management Group LLC now owns 774,871 shares of the semiconductor company's stock worth $37,512,000 after buying an additional 89,416 shares in the last quarter. Stephens Inc. AR lifted its position in shares of Microchip Technology by 2.9% during the 1st quarter. Stephens Inc. AR now owns 26,408 shares of the semiconductor company's stock worth $1,278,000 after buying an additional 739 shares in the last quarter. Finally, Schechter Investment Advisors LLC lifted its position in shares of Microchip Technology by 11.5% during the 1st quarter. Schechter Investment Advisors LLC now owns 7,878 shares of the semiconductor company's stock worth $381,000 after buying an additional 812 shares in the last quarter. Institutional investors own 91.51% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have commented on MCHP shares. Needham & Company LLC reissued a "buy" rating and set a $66.00 target price on shares of Microchip Technology in a research report on Friday, May 9th. 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 target price on the stock. Citigroup lifted their target price on shares of Microchip Technology from $68.00 to $90.00 and gave the stock a "buy" rating in a research report on Monday, July 7th. B. Riley lifted their target price on shares of Microchip Technology from $60.00 to $75.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Finally, Truist Financial raised their price target on shares of Microchip Technology from $52.00 to $64.00 and gave the stock a "hold" rating in a research note on Wednesday, June 18th. Six analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $75.10.

Microchip Technology Stock Performance

Microchip Technology stock traded down $0.13 during mid-day trading on Thursday, reaching $74.30. The company's stock had a trading volume of 6,255,263 shares, compared to its average volume of 8,956,588. Microchip Technology Incorporated has a 12-month low of $34.13 and a 12-month high of $93.31. The company has a market capitalization of $40.10 billion, a P/E ratio of -7,430.00, a PEG ratio of 2.21 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 $66.43 and its two-hundred day moving average price is $56.78.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its quarterly earnings data 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. Microchip Technology had a negative net margin of 0.01% and a positive return on equity of 8.55%. The business had revenue of $970.50 million during the quarter, compared to analyst estimates of $962.86 million. During the same period in the previous year, the business earned $0.57 EPS. Microchip Technology's revenue was down 26.8% compared to the same quarter last year. Sell-side analysts predict that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal 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 given 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 dividend yield of 2.45%. Microchip Technology's dividend payout ratio (DPR) is currently -18,200.00%.

Insiders Place Their Bets

In other news, 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 completion of the transaction, the director directly owned 3,468 shares in the company, valued at $210,472.92. The trade was a 12.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, 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 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 disclosure for this sale can be found here. 1.94% of the stock is owned by insiders.

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.