Fenimore Asset Management Inc Has $63.86 Million Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Fenimore Asset Management Inc raised its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 0.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,319,160 shares of the semiconductor company's stock after purchasing an additional 10,059 shares during the period. Microchip Technology accounts for about 1.4% of Fenimore Asset Management Inc's investment portfolio, making the stock its 29th largest position. Fenimore Asset Management Inc owned approximately 0.25% of Microchip Technology worth $63,861,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Mainstream Capital Management LLC bought a new stake in shares of Microchip Technology during the 4th quarter worth $26,000. Rakuten Securities Inc. lifted its holdings in shares of Microchip Technology by 309.5% during the 4th quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company's stock worth $27,000 after acquiring an additional 359 shares during the period. OFI Invest Asset Management acquired a new stake in Microchip Technology during the fourth quarter valued at approximately $29,000. Kohmann Bosshard Financial Services LLC bought a new stake in Microchip Technology in the fourth quarter valued at $34,000. Finally, Millstone Evans Group LLC acquired a new stake in shares of Microchip Technology during the 4th quarter worth about $34,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have commented on MCHP shares. TD Cowen boosted their price objective on Microchip Technology from $35.00 to $55.00 and gave the stock a "hold" rating in a research note on Friday, May 9th. Raymond James upped their price target on shares of 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 objective on shares of Microchip Technology from $43.00 to $52.00 and gave the company a "hold" rating in a research report on Friday, May 9th. Morgan Stanley upped their target price on shares of Microchip Technology from $39.00 to $50.00 and gave the stock an "equal weight" rating in a research report on Friday, May 9th. Finally, Bank of America raised 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. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $68.37.

Microchip Technology Stock Performance

NASDAQ:MCHP traded up $1.54 on Tuesday, hitting $69.59. The company's stock had a trading volume of 12,063,104 shares, compared to its average volume of 8,720,239. Microchip Technology Incorporated has a one year low of $34.13 and a one year high of $96.98. The firm has a market capitalization of $37.54 billion, a P/E ratio of 124.27 and a beta of 1.48. The stock has a fifty day moving average of $50.33 and a two-hundred day moving average of $54.82. 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 (NASDAQ:MCHP - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The semiconductor company reported $0.11 EPS for the quarter, beating the consensus estimate of $0.10 by $0.01. Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. The firm had revenue of $970.50 million for the quarter, compared to the consensus estimate of $962.86 million. During the same period in the previous year, the company earned $0.57 earnings per share. The company's quarterly revenue was down 26.8% on a year-over-year basis. Research analysts predict that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Thursday, May 22nd were paid a dividend of $0.455 per share. The ex-dividend date of this dividend was Thursday, May 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 2.62%. Microchip Technology's payout ratio is -18,200.00%.

Insider Buying and Selling at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,015 shares of the company's 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 completion of the sale, the chief financial officer now directly owns 34,313 shares in the company, valued at $1,913,979.14. This represents a 5.55% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Karlton D. Johnson sold 494 shares of Microchip Technology stock in a transaction dated 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 owns 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.

About Microchip Technology

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.