Larson Financial Group LLC increased its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 291.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 13,176 shares of the semiconductor company's stock after buying an additional 9,810 shares during the quarter. Larson Financial Group LLC's holdings in Microchip Technology were worth $638,000 at the end of the most recent quarter.
A number of other institutional investors have also added to or reduced their stakes in the company. Federated Hermes Inc. boosted its holdings in Microchip Technology by 0.5% during the fourth quarter. Federated Hermes Inc. now owns 39,298 shares of the semiconductor company's stock valued at $2,254,000 after purchasing an additional 209 shares in the last quarter. Northwest Bank & Trust Co raised its stake in shares of Microchip Technology by 3.0% in the fourth quarter. Northwest Bank & Trust Co now owns 7,392 shares of the semiconductor company's stock valued at $424,000 after acquiring an additional 217 shares during the last quarter. Oregon Public Employees Retirement Fund raised its stake in shares of Microchip Technology by 0.5% in the first quarter. Oregon Public Employees Retirement Fund now owns 46,235 shares of the semiconductor company's stock valued at $2,238,000 after acquiring an additional 230 shares during the last quarter. Greenleaf Trust raised its stake in shares of Microchip Technology by 1.0% in the first quarter. Greenleaf Trust now owns 24,933 shares of the semiconductor company's stock valued at $1,207,000 after acquiring an additional 242 shares during the last quarter. Finally, Bartlett & CO. Wealth Management LLC raised its stake in shares of Microchip Technology by 3.4% in the first quarter. Bartlett & CO. Wealth Management LLC now owns 8,360 shares of the semiconductor company's stock valued at $405,000 after acquiring an additional 276 shares during the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.
Insiders Place Their Bets
In related news, CFO James Eric Bjornholt sold 2,015 shares of the company's 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 directly owned 34,313 shares of the company's stock, valued at approximately $1,913,979.14. This represents a 5.55% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Karlton D. Johnson sold 494 shares of the firm's stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $60.69, for a total transaction of $29,980.86. Following the transaction, the director directly owned 3,468 shares of the company's stock, valued at $210,472.92. This represents a 12.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.94% of the stock is currently owned by corporate insiders.
Analyst Ratings Changes
A number of research analysts have recently issued reports on MCHP shares. Citigroup lifted their target price on shares of Microchip Technology from $68.00 to $90.00 and gave the company a "buy" rating in a research note on Monday, July 7th. B. Riley lifted their target price on shares of Microchip Technology from $60.00 to $75.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Needham & Company LLC reiterated a "buy" rating and issued a $66.00 target price on shares of Microchip Technology in a research note on Friday, May 9th. Truist Financial lifted their target price on shares of Microchip Technology from $52.00 to $64.00 and gave the company a "hold" rating in a research note on Wednesday, June 18th. Finally, KeyCorp boosted their price objective on shares of Microchip Technology from $70.00 to $85.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Six research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $75.70.
Check Out Our Latest Report on MCHP
Microchip Technology Trading Up 0.6%
Shares of MCHP stock traded up $0.48 on Friday, hitting $74.78. The stock had a trading volume of 5,239,291 shares, compared to its average volume of 8,941,777. Microchip Technology Incorporated has a twelve month low of $34.13 and a twelve month high of $93.31. The firm has a market cap of $40.36 billion, a P/E ratio of -7,478.00, a PEG ratio of 2.21 and a beta of 1.52. The company has a current ratio of 2.59, a quick ratio of 1.47 and a debt-to-equity ratio of 0.80. The company has a fifty day moving average price of $66.43 and a two-hundred day moving average price of $56.78.
Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.01. Microchip Technology had a negative net margin of 0.01% and a positive return on equity of 8.55%. The company had revenue of $970.50 million during the quarter, compared to analyst estimates of $962.86 million. During the same quarter in the previous year, the business earned $0.57 EPS. The firm's revenue was down 26.8% on a year-over-year basis. As a group, analysts forecast that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.
Microchip Technology Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Thursday, May 22nd were paid a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a yield of 2.43%. The ex-dividend date of this dividend was Thursday, May 22nd. Microchip Technology's payout ratio is presently -18,200.00%.
Microchip Technology Profile
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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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