Fairvoy Private Wealth LLC purchased a new stake in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 42,553 shares of the semiconductor company's stock, valued at approximately $2,060,000.
A number of other large investors have also recently made changes to their positions in MCHP. Vanguard Group Inc. increased its holdings in shares of Microchip Technology by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 68,912,345 shares of the semiconductor company's stock valued at $3,952,123,000 after acquiring an additional 569,699 shares during the last quarter. Invesco Ltd. grew its position in shares of Microchip Technology by 9.5% in the 4th quarter. Invesco Ltd. now owns 10,247,908 shares of the semiconductor company's stock valued at $587,718,000 after buying an additional 890,819 shares during the last quarter. Norges Bank acquired a new stake in Microchip Technology during the 4th quarter worth $452,627,000. FIL Ltd lifted its position in Microchip Technology by 9.0% in the fourth quarter. FIL Ltd now owns 7,877,482 shares of the semiconductor company's stock valued at $451,774,000 after acquiring an additional 653,705 shares during the last quarter. Finally, Northern Trust Corp raised its position in Microchip Technology by 4.7% in the 4th quarter. Northern Trust Corp now owns 6,958,502 shares of the semiconductor company's stock valued at $399,070,000 after purchasing an additional 311,796 shares during the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.
Microchip Technology Stock Up 3.1%
Shares of NASDAQ:MCHP traded up $2.04 during trading on Monday, hitting $67.77. 2,741,724 shares of the company's stock traded hands, compared to its average volume of 11,087,128. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12. Microchip Technology Incorporated has a 52 week low of $34.13 and a 52 week high of $96.98. The company has a 50-day moving average price of $52.78 and a 200-day moving average price of $54.81. The company has a market cap of $36.55 billion, a price-to-earnings ratio of 121.10 and a beta of 1.48.
Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The semiconductor company reported $0.11 EPS for the quarter, topping analysts' consensus estimates of $0.10 by $0.01. Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. The company had revenue of $970.50 million during the quarter, compared to the consensus estimate of $962.86 million. During the same period in the prior year, the business posted $0.57 EPS. The company's quarterly revenue was down 26.8% on a year-over-year basis. As a group, research analysts forecast that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.
Microchip Technology Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Thursday, May 22nd were given a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.69%. The ex-dividend date of this dividend was Thursday, May 22nd. Microchip Technology's payout ratio is currently -18,200.00%.
Insider Activity at Microchip Technology
In other news, CFO James Eric Bjornholt sold 2,015 shares of the firm'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 now directly owns 34,313 shares in the company, valued at approximately $1,913,979.14. This trade represents a 5.55% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Karlton D. Johnson sold 494 shares of the company'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 value of $29,980.86. Following the completion of the transaction, the director now directly owns 3,468 shares of the company's stock, valued at $210,472.92. This represents a 12.47% decrease in their position. The disclosure for this sale can be found here. 2.10% of the stock is owned by insiders.
Wall Street Analyst Weigh In
A number of research firms have commented on MCHP. Morgan Stanley raised their target price on Microchip Technology from $39.00 to $50.00 and gave the company an "equal weight" rating in a report on Friday, May 9th. Citigroup lifted their target price on shares of Microchip Technology from $55.00 to $68.00 and gave the stock a "buy" rating in a research report on Monday, June 9th. B. Riley boosted their price objective on shares of Microchip Technology from $60.00 to $75.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Bank of America raised Microchip Technology from an "underperform" rating to a "neutral" rating and set a $56.00 price objective for the company in a research report on Friday, May 9th. Finally, UBS Group upped their price target on shares of Microchip Technology from $60.00 to $65.00 and gave the stock a "buy" rating in a research report on Friday, May 30th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $69.53.
Check Out Our Latest Stock Report on MCHP
Microchip Technology Company Profile
(
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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