Microchip Technology Incorporated $MCHP Shares Purchased by Watts Gwilliam & Co. LLC

Key Points

• Watts Gwilliam & Co. LLC increased its stake in Microchip Technology by 128.6% in the first quarter, acquiring 34,535 additional shares valued at approximately $2.97 million.
• Microchip Technology reported earnings of $0.27 per share for the last quarter, surpassing estimates but reflecting a 13.3% decline in revenue from the previous year.
• The company declared a quarterly dividend of $0.455 to be paid on September 5th, with a yield of 2.8%.

Watts Gwilliam & Co. LLC raised its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 128.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 61,396 shares of the semiconductor company's stock after buying an additional 34,535 shares during the quarter. Watts Gwilliam & Co. LLC's holdings in Microchip Technology were worth $2,972,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Garde Capital Inc. acquired a new stake in Microchip Technology during the 1st quarter valued at $30,000. Orion Capital Management LLC acquired a new stake in Microchip Technology during the 4th quarter valued at $41,000. Byrne Asset Management LLC acquired a new stake in Microchip Technology during the 1st quarter valued at $41,000. GW&K Investment Management LLC grew its holdings in Microchip Technology by 161.0% during the 1st quarter. GW&K Investment Management LLC now owns 937 shares of the semiconductor company's stock valued at $45,000 after buying an additional 578 shares during the last quarter. Finally, American National Bank & Trust acquired a new stake in Microchip Technology during the 1st quarter valued at $48,000. Institutional investors and hedge funds own 91.51% of the company's stock.

Microchip Technology Trading Down 0.4%

Shares of MCHP opened at $65.71 on Monday. The stock's fifty day simple moving average is $69.75 and its 200 day simple moving average is $58.38. The company has a current ratio of 2.31, a quick ratio of 1.33 and a debt-to-equity ratio of 0.80. Microchip Technology Incorporated has a twelve month low of $34.13 and a twelve month high of $82.87. The firm has a market capitalization of $35.46 billion, a P/E ratio of -193.26, a price-to-earnings-growth ratio of 1.94 and a beta of 1.55.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The semiconductor company reported $0.27 EPS for the quarter, beating the consensus estimate of $0.24 by $0.03. Microchip Technology had a positive return on equity of 6.24% and a negative net margin of 3.50%. The company had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.05 billion. During the same period last year, the company posted $0.53 earnings per share. The firm's revenue was down 13.3% compared to the same quarter last year. On average, equities research analysts forecast that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 5th. Shareholders of record on Friday, August 22nd will be given a $0.455 dividend. The ex-dividend date of this dividend is Friday, August 22nd. This represents a $1.82 annualized dividend and a yield of 2.8%. Microchip Technology's dividend payout ratio (DPR) is -535.29%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on MCHP. Raymond James Financial increased their target price on Microchip Technology from $65.00 to $75.00 and gave the company a "strong-buy" rating in a report on Friday, August 8th. TD Cowen reduced their price target on Microchip Technology from $75.00 to $60.00 and set a "hold" rating on the stock in a research note on Friday, August 8th. Needham & Company LLC increased their price target on Microchip Technology from $66.00 to $77.00 and gave the stock a "buy" rating in a research note on Friday, August 8th. Citigroup increased their price target on Microchip Technology from $68.00 to $90.00 and gave the stock a "buy" rating in a research note on Monday, July 7th. Finally, The Goldman Sachs Group assumed coverage on Microchip Technology in a research note on Thursday, July 10th. They set a "buy" rating and a $88.00 price target on the stock. Six analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Microchip Technology presently has an average rating of "Moderate Buy" and a consensus price target of $76.58.

Insider Activity

In other Microchip Technology news, Director Karlton D. Johnson sold 494 shares of the firm'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 transaction, the director directly owned 3,468 shares of the company's stock, valued at $210,472.92. This trade represents a 12.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO James Eric Bjornholt sold 2,015 shares of the firm's stock in a transaction dated 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 in the company, valued at $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. 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.

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