GAMMA Investing LLC boosted its position in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 75.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,922 shares of the semiconductor company's stock after buying an additional 4,252 shares during the quarter. GAMMA Investing LLC's holdings in Microchip Technology were worth $480,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds have also recently made changes to their positions in MCHP. Yousif Capital Management LLC grew its stake in Microchip Technology by 8.6% during the first quarter. Yousif Capital Management LLC now owns 79,391 shares of the semiconductor company's stock valued at $3,843,000 after acquiring an additional 6,316 shares in the last quarter. Bruce G. Allen Investments LLC increased its holdings in shares of Microchip Technology by 63.9% in the first quarter. Bruce G. Allen Investments LLC now owns 1,170 shares of the semiconductor company's stock worth $57,000 after purchasing an additional 456 shares during the period. Pallas Capital Advisors LLC raised its position in shares of Microchip Technology by 8.3% in the first quarter. Pallas Capital Advisors LLC now owns 111,727 shares of the semiconductor company's stock worth $5,409,000 after buying an additional 8,560 shares in the last quarter. Cetera Trust Company N.A boosted its stake in Microchip Technology by 5.6% during the first quarter. Cetera Trust Company N.A now owns 22,289 shares of the semiconductor company's stock valued at $1,079,000 after buying an additional 1,175 shares during the period. Finally, Farther Finance Advisors LLC grew its position in Microchip Technology by 24.0% during the first quarter. Farther Finance Advisors LLC now owns 3,685 shares of the semiconductor company's stock worth $179,000 after buying an additional 713 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors.
Insiders Place Their Bets
In other news, Director Karlton D. Johnson sold 494 shares of the company's stock in a transaction on Tuesday, May 20th. The stock was 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 $210,472.92. This represents a 12.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO James Eric Bjornholt sold 2,015 shares of Microchip Technology stock in a transaction dated 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 approximately $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. 2.10% of the stock is currently owned by company insiders.
Analyst Upgrades and Downgrades
Several research analysts have recently commented on the company. 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 report on Friday, May 9th. Morgan Stanley boosted their price target on shares of Microchip Technology from $39.00 to $50.00 and gave the stock an "equal weight" rating in a research note on Friday, May 9th. Stifel Nicolaus raised their price objective on shares of Microchip Technology from $60.00 to $70.00 and gave the company a "buy" rating in a research report on Friday, May 9th. B. Riley upped 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, Citigroup increased their target price on Microchip Technology from $55.00 to $68.00 and gave the company a "buy" rating in a research note on Monday, June 9th. Seven analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Microchip Technology has a consensus rating of "Moderate Buy" and a consensus price target of $70.15.
View Our Latest Research Report on MCHP
Microchip Technology Stock Up 2.1%
Shares of MCHP traded up $1.48 during midday trading on Wednesday, reaching $73.16. The stock had a trading volume of 8,243,136 shares, compared to its average volume of 8,859,001. Microchip Technology Incorporated has a 1-year low of $34.13 and a 1-year high of $96.98. The company has a market cap of $39.46 billion, a price-to-earnings ratio of -7,316.00, a PEG ratio of 2.09 and a beta of 1.52. The company has a debt-to-equity ratio of 0.80, a current ratio of 2.59 and a quick ratio of 1.47. The company's fifty day simple moving average is $59.97 and its two-hundred day simple moving average is $55.44.
Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.10 by $0.01. Microchip Technology had a positive return on equity of 8.55% and a negative net margin of 0.01%. The firm had revenue of $970.50 million for the quarter, compared to the consensus estimate of $962.86 million. During the same quarter last year, the business posted $0.57 EPS. The firm's quarterly revenue was down 26.8% compared to the same quarter last year. Equities research analysts expect that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.
Microchip Technology Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Thursday, May 22nd were given a $0.455 dividend. This represents a $1.82 annualized dividend and a yield of 2.49%. The ex-dividend date of this dividend was Thursday, May 22nd. Microchip Technology's payout ratio is -18,200.00%.
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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