Madison Asset Management LLC Boosts Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Madison Asset Management LLC increased its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 15.2% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 1,579,949 shares of the semiconductor company's stock after purchasing an additional 208,346 shares during the period. Madison Asset Management LLC owned 0.29% of Microchip Technology worth $76,485,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in MCHP. Garde Capital Inc. purchased a new stake in Microchip Technology during the 1st quarter worth about $30,000. Millstone Evans Group LLC purchased a new stake in Microchip Technology in the fourth quarter valued at approximately $34,000. Orion Capital Management LLC purchased a new position in shares of Microchip Technology during the fourth quarter worth approximately $41,000. Byrne Asset Management LLC purchased a new position in shares of Microchip Technology during the first quarter worth approximately $41,000. Finally, GW&K Investment Management LLC raised its stake in shares of Microchip Technology by 161.0% during the first quarter. GW&K Investment Management LLC now owns 937 shares of the semiconductor company's stock worth $45,000 after acquiring an additional 578 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company's stock.

Microchip Technology Trading Up 2.1%

NASDAQ:MCHP traded up $1.40 during trading hours on Friday, hitting $69.21. The company had a trading volume of 8,352,945 shares, compared to its average volume of 7,450,901. The company has a market capitalization of $37.35 billion, a PE ratio of -6,921.00, a price-to-earnings-growth ratio of 1.92 and a beta of 1.52. The stock has a 50-day moving average price of $67.83 and a 200 day moving average price of $57.38. Microchip Technology Incorporated has a 52 week low of $34.13 and a 52 week high of $89.59. The company has a debt-to-equity ratio of 0.80, a current ratio of 2.59 and a quick ratio of 1.47.

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 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 analysts' expectations of $962.86 million. Microchip Technology had a negative net margin of 0.01% and a positive return on equity of 8.55%. The firm's revenue for the quarter was down 26.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.57 earnings per share. On average, equities research analysts predict that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Thursday, May 22nd were given a dividend of $0.455 per share. 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%.

Wall Street Analysts Forecast Growth

Several research firms have commented on MCHP. Truist Financial lifted their price target on shares of Microchip Technology from $52.00 to $64.00 and gave the stock a "hold" rating in a research note on Wednesday, June 18th. KeyCorp lifted their price target on shares of Microchip Technology from $70.00 to $85.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Evercore ISI lifted their price target on shares of Microchip Technology from $69.00 to $83.00 and gave the stock an "outperform" rating in a research note on Thursday, June 12th. The Goldman Sachs Group began coverage on shares of Microchip Technology in a research note on Thursday, July 10th. They set a "buy" rating and a $88.00 price target on the stock. Finally, B. Riley lifted their price target on shares of Microchip Technology from $60.00 to $75.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Six investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, Microchip Technology currently has an average rating of "Moderate Buy" and a consensus target price of $75.70.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,015 shares of the firm's stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $55.78, for a total transaction of $112,396.70. Following the completion of the transaction, 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 sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Karlton D. Johnson sold 494 shares of the firm's stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total value 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 position. The disclosure for this sale can be found here. Company insiders own 1.94% of the company's stock.

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.