Lifeworks Advisors LLC Buys 4,268 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Lifeworks Advisors LLC grew its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 15.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 31,364 shares of the semiconductor company's stock after acquiring an additional 4,268 shares during the period. Lifeworks Advisors LLC's holdings in Microchip Technology were worth $1,518,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of the stock. Argonautica Private Wealth Management Inc. purchased a new position in shares of Microchip Technology during the 1st quarter worth $428,000. Pinnacle Associates Ltd. grew its stake in shares of Microchip Technology by 8.7% during the first quarter. Pinnacle Associates Ltd. now owns 61,054 shares of the semiconductor company's stock valued at $2,956,000 after acquiring an additional 4,907 shares in the last quarter. Madison Asset Management LLC grew its stake in shares of Microchip Technology by 15.2% during the first quarter. Madison Asset Management LLC now owns 1,579,949 shares of the semiconductor company's stock valued at $76,485,000 after acquiring an additional 208,346 shares in the last quarter. Oak Thistle LLC acquired a new position in Microchip Technology in the first quarter worth about $1,811,000. Finally, KLP Kapitalforvaltning AS lifted its holdings in Microchip Technology by 1.7% in the first quarter. KLP Kapitalforvaltning AS now owns 181,280 shares of the semiconductor company's stock worth $8,776,000 after acquiring an additional 3,000 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CFO James Eric Bjornholt sold 2,015 shares of Microchip Technology stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $55.78, for a total transaction of $112,396.70. Following the sale, the chief financial officer directly owned 34,313 shares of the company's stock, valued at approximately $1,913,979.14. The trade was a 5.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Karlton D. Johnson sold 494 shares of the business'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 sale, the director directly owned 3,468 shares in the company, valued at $210,472.92. The trade was 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 owned by company insiders.

Microchip Technology Stock Up 2.1%

Microchip Technology stock traded up $1.40 during mid-day trading on Friday, reaching $69.21. The company's stock had a trading volume of 8,352,945 shares, compared to its average volume of 7,450,901. The business's 50 day simple moving average is $67.83 and its 200 day simple moving average is $57.38. Microchip Technology Incorporated has a 12 month low of $34.13 and a 12 month high of $89.59. The company has a market capitalization of $37.35 billion, a price-to-earnings ratio of -6,921.00, a price-to-earnings-growth ratio of 1.92 and a beta of 1.52. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.47 and a current ratio of 2.59.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its 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 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 analysts' expectations of $962.86 million. During the same quarter last year, the company posted $0.57 EPS. Microchip Technology's quarterly revenue was down 26.8% compared to the same quarter last year. As a group, research analysts anticipate that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Thursday, May 22nd were issued a $0.455 dividend. This represents a $1.82 annualized dividend and a yield of 2.63%. The ex-dividend date of this dividend was Thursday, May 22nd. Microchip Technology's dividend payout ratio is currently -18,200.00%.

Analysts Set New Price Targets

MCHP has been the topic of a number of research analyst reports. TD Cowen raised their price objective on shares of Microchip Technology from $35.00 to $55.00 and gave the company a "hold" rating in a research note on Friday, May 9th. B. Riley boosted 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. Truist Financial boosted their price objective on shares of Microchip Technology from $52.00 to $64.00 and gave the stock a "hold" rating in a report on Wednesday, June 18th. Susquehanna upped their target price on shares of Microchip Technology from $60.00 to $90.00 and gave the company a "positive" rating in a research note on Tuesday. Finally, Bank of America upgraded 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 report on Friday, May 9th. Six investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $75.70.

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.