Wealthfront Advisers LLC Has $976,000 Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Wealthfront Advisers LLC raised its stake in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 68.0% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 20,165 shares of the semiconductor company's stock after buying an additional 8,163 shares during the quarter. Wealthfront Advisers LLC's holdings in Microchip Technology were worth $976,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MCHP. Vanguard Group Inc. increased its position in Microchip Technology by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 68,912,345 shares of the semiconductor company's stock worth $3,952,123,000 after buying an additional 569,699 shares in the last quarter. Franklin Resources Inc. grew its position in shares of Microchip Technology by 90.0% in the 4th quarter. Franklin Resources Inc. now owns 6,360,805 shares of the semiconductor company's stock worth $364,792,000 after acquiring an additional 3,013,162 shares in the last quarter. Potomac Fund Management Inc. ADV acquired a new position in shares of Microchip Technology during the fourth quarter valued at $738,000. First Citizens Bank & Trust Co. raised its holdings in shares of Microchip Technology by 468.2% in the 1st quarter. First Citizens Bank & Trust Co. now owns 73,737 shares of the semiconductor company's stock worth $3,570,000 after purchasing an additional 60,760 shares in the last quarter. Finally, Allstate Corp acquired a new stake in shares of Microchip Technology during the 4th quarter valued at $922,000. Hedge funds and other institutional investors own 91.51% of the company's stock.

Microchip Technology Stock Up 1.9%

Shares of Microchip Technology stock traded up $1.41 on Tuesday, hitting $75.26. The company had a trading volume of 8,409,448 shares, compared to its average volume of 8,953,607. 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 Incorporated has a twelve month low of $34.13 and a twelve month high of $93.23. The stock has a 50-day moving average of $66.82 and a 200-day moving average of $56.90. The firm has a market capitalization of $40.62 billion, a P/E ratio of -7,526.00, a P/E/G ratio of 2.23 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 EPS for the quarter, beating analysts' consensus estimates of $0.10 by $0.01. Microchip Technology had a positive return on equity of 8.55% and a negative net margin of 0.01%. The company had revenue of $970.50 million during the quarter, compared to analysts' expectations of $962.86 million. During the same period in the prior year, the company earned $0.57 EPS. Microchip Technology's revenue was down 26.8% compared to the same quarter last year. Research analysts predict that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd were issued a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.42%. The ex-dividend date of this dividend was Thursday, May 22nd. Microchip Technology's dividend payout ratio (DPR) is presently -18,200.00%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Rosenblatt Securities upped their target price 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. B. Riley lifted their price objective on Microchip Technology from $60.00 to $75.00 and gave the company a "buy" rating in a report on Friday, May 9th. Morgan Stanley increased their target price on Microchip Technology from $39.00 to $50.00 and gave the stock an "equal weight" rating in a research note on Friday, May 9th. Cantor Fitzgerald assumed coverage on shares of Microchip Technology in a research note on Wednesday, June 18th. They issued a "neutral" rating and a $70.00 price target on the stock. Finally, Truist Financial boosted their price objective on shares of Microchip Technology from $52.00 to $64.00 and gave the company a "hold" rating in a research report on Wednesday, June 18th. Six investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $75.70.

Insider Activity at Microchip Technology

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 transaction, the chief financial officer directly owned 34,313 shares of the company's stock, valued at $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 is available through this link. Also, Director Karlton D. Johnson sold 494 shares of the 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 directly owned 3,468 shares in the company, 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. Corporate insiders own 1.94% of the company's stock.

Microchip Technology Company 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.