IFM Investors Pty Ltd Grows Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

IFM Investors Pty Ltd boosted its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 10.4% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 106,475 shares of the semiconductor company's stock after buying an additional 10,050 shares during the quarter. IFM Investors Pty Ltd's holdings in Microchip Technology were worth $5,154,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. GF Fund Management CO. LTD. raised its holdings in shares of Microchip Technology by 1.8% in the 1st quarter. GF Fund Management CO. LTD. now owns 103,602 shares of the semiconductor company's stock valued at $5,015,000 after purchasing an additional 1,827 shares in the last quarter. OneDigital Investment Advisors LLC raised its holdings in shares of Microchip Technology by 39.6% in the 1st quarter. OneDigital Investment Advisors LLC now owns 6,394 shares of the semiconductor company's stock valued at $310,000 after purchasing an additional 1,814 shares in the last quarter. 44 Wealth Management LLC acquired a new stake in shares of Microchip Technology in the 1st quarter valued at $320,000. Oregon Public Employees Retirement Fund raised its holdings in shares of Microchip Technology by 0.5% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 46,235 shares of the semiconductor company's stock valued at $2,238,000 after purchasing an additional 230 shares in the last quarter. Finally, Resonant Capital Advisors LLC raised its holdings in shares of Microchip Technology by 4.5% in the 1st quarter. Resonant Capital Advisors LLC now owns 9,427 shares of the semiconductor company's stock valued at $456,000 after purchasing an additional 410 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Microchip Technology Price Performance

Shares of NASDAQ MCHP traded down $1.58 during midday trading on Monday, hitting $71.48. The company had a trading volume of 7,789,514 shares, compared to its average volume of 8,906,617. The company has a quick ratio of 1.47, a current ratio of 2.59 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 $96.98. The business has a 50-day simple moving average of $61.61 and a two-hundred day simple moving average of $55.74. The firm has a market capitalization of $38.56 billion, a price-to-earnings ratio of -7,148.00, a price-to-earnings-growth ratio of 2.17 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The semiconductor company reported $0.11 EPS for the quarter, beating the consensus estimate of $0.10 by $0.01. The firm had revenue of $970.50 million during 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 business's revenue for the quarter was down 26.8% compared to the same quarter last year. During the same quarter last year, the business earned $0.57 earnings per share. Equities research analysts anticipate 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. Shareholders of record on Thursday, May 22nd were given a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a yield of 2.55%. The ex-dividend date was Thursday, May 22nd. Microchip Technology's payout ratio is currently -18,200.00%.

Insider Transactions at Microchip Technology

In other news, Director Karlton D. Johnson sold 494 shares of Microchip Technology stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total transaction of $29,980.86. Following the completion of 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 sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO James Eric Bjornholt sold 2,015 shares of the business's 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 completion of the sale, the chief financial officer 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 ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.10% of the company's stock.

Wall Street Analysts Forecast Growth

MCHP has been the topic of a number of recent analyst reports. Truist Financial increased their target price 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. Wall Street Zen raised shares of Microchip Technology from a "sell" rating to a "hold" rating in a research report on Friday, June 27th. Cantor Fitzgerald initiated coverage on shares of Microchip Technology in a research report on Wednesday, June 18th. They issued a "neutral" rating and a $70.00 target price on the stock. Raymond James Financial increased their target price on shares of Microchip Technology from $60.00 to $65.00 and gave the company a "strong-buy" rating in a research report on Friday, May 9th. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $66.00 target price on shares of Microchip Technology in a research report on Friday, May 9th. Seven analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $72.25.

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.