Fiduciary Family Office LLC Purchases Shares of 4,338 Microchip Technology Incorporated (NASDAQ:MCHP)

Key Points

• Fiduciary Family Office LLC recently invested $210,000 in Microchip Technology Incorporated, acquiring 4,338 shares in the semiconductor company.
• Research analysts have generally upgraded their views on Microchip Technology, with several institutions raising their target prices and ratings in recent months.
• Microchip Technology announced a quarterly dividend of $0.455 per share, representing a 2.9% annualized dividend yield.

Fiduciary Family Office LLC acquired a new stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 4,338 shares of the semiconductor company's stock, valued at approximately $210,000.

A number of other hedge funds and other institutional investors have also modified their holdings of MCHP. Federated Hermes Inc. raised its position in Microchip Technology by 0.5% in the fourth quarter. Federated Hermes Inc. now owns 39,298 shares of the semiconductor company's stock worth $2,254,000 after acquiring an additional 209 shares in the last quarter. Legacy Financial Advisors Inc. raised its position in Microchip Technology by 8.1% in the fourth quarter. Legacy Financial Advisors Inc. now owns 4,176 shares of the semiconductor company's stock worth $239,000 after acquiring an additional 312 shares in the last quarter. Covestor Ltd raised its position in Microchip Technology by 346.3% in the fourth quarter. Covestor Ltd now owns 1,455 shares of the semiconductor company's stock worth $83,000 after acquiring an additional 1,129 shares in the last quarter. Nicolet Bankshares Inc. raised its holdings in Microchip Technology by 49.9% during the 4th quarter. Nicolet Bankshares Inc. now owns 9,864 shares of the semiconductor company's stock worth $566,000 after buying an additional 3,285 shares during the period. Finally, Sagespring Wealth Partners LLC acquired a new stake in Microchip Technology during the 4th quarter worth about $235,000. 91.51% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. B. Riley boosted their price objective on Microchip Technology from $60.00 to $75.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Stifel Nicolaus boosted their price objective on Microchip Technology from $70.00 to $82.00 and gave the stock a "buy" rating in a report on Friday, July 18th. Truist Financial boosted their price objective on Microchip Technology from $52.00 to $64.00 and gave the stock a "hold" rating in a report on Wednesday, June 18th. Needham & Company LLC lifted their target price on Microchip Technology from $66.00 to $77.00 and gave the company a "buy" rating in a research note on Friday. Finally, Wall Street Zen raised Microchip Technology from a "sell" rating to a "hold" rating in a research note on Friday, June 27th. Six equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Microchip Technology has an average rating of "Moderate Buy" and a consensus price target of $76.58.

Microchip Technology Stock Performance

Shares of MCHP traded up $3.55 during mid-day trading on Tuesday, hitting $64.50. The company's stock had a trading volume of 12,673,559 shares, compared to its average volume of 9,757,185. Microchip Technology Incorporated has a one year low of $34.13 and a one year high of $82.87. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.33 and a current ratio of 2.31. The firm has a market capitalization of $34.81 billion, a PE ratio of -189.71, a price-to-earnings-growth ratio of 1.79 and a beta of 1.55. The stock's 50-day moving average is $69.68 and its two-hundred day moving average is $58.16.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last issued its earnings results on Thursday, August 7th. The semiconductor company reported $0.27 EPS for the quarter, beating analysts' consensus estimates of $0.24 by $0.03. The business had revenue of $1.08 billion during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the prior year, the company posted $0.53 earnings per share. As a group, sell-side analysts anticipate that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 5th. Shareholders of record on Friday, August 22nd will be paid a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a yield of 2.8%. The ex-dividend date is Friday, August 22nd. Microchip Technology's dividend payout ratio is currently -535.29%.

Insider Buying and Selling at Microchip Technology

In related news, Director Karlton D. Johnson sold 494 shares of Microchip Technology stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $60.69, for a total value of $29,980.86. Following the completion of the transaction, the director directly owned 3,468 shares of the company's stock, valued at $210,472.92. The trade was a 12.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, 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 transaction, the chief financial officer owned 34,313 shares in the company, valued at $1,913,979.14. The trade was a 5.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.94% of the company's stock.

Microchip Technology 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.