Microchip Technology Incorporated (NASDAQ:MCHP) Shares Purchased by GAMMA Investing LLC

GAMMA Investing LLC boosted its position in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 8,371.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 480,324 shares of the semiconductor company's stock after purchasing an additional 474,654 shares during the period. GAMMA Investing LLC owned approximately 0.09% of Microchip Technology worth $23,252,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also modified their holdings of the company. Spire Wealth Management raised its position in Microchip Technology by 18.5% during the 4th quarter. Spire Wealth Management now owns 3,340 shares of the semiconductor company's stock valued at $192,000 after purchasing an additional 521 shares in the last quarter. Retirement Systems of Alabama increased its stake in shares of Microchip Technology by 87.3% during the fourth quarter. Retirement Systems of Alabama now owns 460,767 shares of the semiconductor company's stock valued at $26,425,000 after buying an additional 214,720 shares during the period. Stratos Wealth Partners LTD. raised its holdings in shares of Microchip Technology by 7.4% in the fourth quarter. Stratos Wealth Partners LTD. now owns 4,680 shares of the semiconductor company's stock valued at $268,000 after acquiring an additional 321 shares in the last quarter. Trilogy Capital Inc. purchased a new stake in Microchip Technology in the fourth quarter worth about $2,020,000. Finally, Financial Advocates Investment Management grew its holdings in Microchip Technology by 9.4% during the 4th quarter. Financial Advocates Investment Management now owns 11,807 shares of the semiconductor company's stock worth $677,000 after acquiring an additional 1,012 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company's stock.

Insider Activity

In other news, Director Karlton D. Johnson sold 494 shares of the company's 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 sale, the director now owns 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 filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO James Eric Bjornholt sold 2,015 shares of the firm's stock in a transaction dated Friday, May 23rd. The stock was 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 ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.10% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Rosenblatt Securities upped their price target on shares of Microchip Technology from $63.00 to $70.00 and gave the stock a "buy" rating in a research report on Friday, May 30th. Truist Financial upped their target price on Microchip Technology from $43.00 to $52.00 and gave the stock a "hold" rating in a report on Friday, May 9th. Morgan Stanley lifted their price target on Microchip Technology from $39.00 to $50.00 and gave the company an "equal weight" rating in a report on Friday, May 9th. KeyCorp decreased their price objective on Microchip Technology from $70.00 to $60.00 and set an "overweight" rating for the company in a research note on Friday, February 7th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $66.00 price objective on shares of Microchip Technology in a research report on Friday, May 9th. One equities research analyst has rated the stock with a sell rating, five have assigned 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, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $67.68.

Microchip Technology Stock Performance

Shares of NASDAQ:MCHP traded up $0.88 on Friday, hitting $65.25. 8,884,506 shares of the company were exchanged, compared to its average volume of 8,678,596. The firm has a market capitalization of $35.20 billion, a P/E ratio of 116.52 and a beta of 1.48. 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 1-year low of $34.13 and a 1-year high of $96.98. The stock's 50 day moving average price is $49.61 and its 200 day moving average price is $54.96.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.01. The business had revenue of $970.50 million for the quarter, compared to the consensus estimate of $962.86 million. Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. The company's quarterly revenue was down 26.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.57 EPS. Sell-side analysts predict that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd were issued a $0.455 dividend. This represents a $1.82 annualized dividend and a dividend yield of 2.79%. The ex-dividend date of this dividend was Thursday, May 22nd. Microchip Technology's dividend payout ratio (DPR) is currently -18,200.00%.

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.