Mitsubishi UFJ Asset Management Co. Ltd. Increases Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Key Points

• Mitsubishi UFJ Asset Management increased its stake in Microchip Technology by 13.8% during Q1, owning over 1 million shares valued at approximately $49.4 million.
• The company announced a quarterly dividend of $0.455, yielding 2.9%, with the ex-dividend date set for August 22nd.
• Microchip Technology's latest earnings report showed an EPS of $0.27, exceeding estimates, although year-over-year revenue declined by 13.3%.

Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 13.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,020,933 shares of the semiconductor company's stock after buying an additional 123,922 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.19% of Microchip Technology worth $49,423,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the stock. Garde Capital Inc. purchased a new position in Microchip Technology during the 1st quarter valued at about $30,000. Orion Capital Management LLC purchased a new position in Microchip Technology during the 4th quarter valued at about $41,000. Byrne Asset Management LLC purchased a new position in Microchip Technology during the 1st quarter valued at about $41,000. GW&K Investment Management LLC increased 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 purchasing an additional 578 shares during the period. Finally, American National Bank & Trust purchased a new position in Microchip Technology during the 1st quarter valued at about $48,000. Hedge funds and other institutional investors own 91.51% of the company's stock.

Insider Buying and Selling at Microchip Technology

In related news, Director Karlton D. Johnson sold 494 shares of the company'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 completion of the transaction, the director owned 3,468 shares of the company's stock, valued at approximately $210,472.92. This represents a 12.47% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO James Eric Bjornholt sold 2,015 shares of the company'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 directly owned 34,313 shares of the company's stock, valued at $1,913,979.14. This represents a 5.55% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.94% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Truist Financial boosted their price target on Microchip Technology from $52.00 to $64.00 and gave the company a "hold" rating in a report on Wednesday, June 18th. Needham & Company LLC lifted their price objective on Microchip Technology from $66.00 to $77.00 and gave the company a "buy" rating in a research report on Friday. B. Riley lifted their price objective on Microchip Technology from $60.00 to $75.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Stifel Nicolaus lifted their price objective on Microchip Technology from $70.00 to $82.00 and gave the company a "buy" rating in a research report on Friday, July 18th. Finally, The Goldman Sachs Group began coverage on Microchip Technology in a research report on Thursday, July 10th. They set a "buy" rating and a $88.00 price objective on the stock. Six research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $76.58.

Microchip Technology Stock Performance

Shares of NASDAQ:MCHP traded up $3.55 during midday trading on Tuesday, hitting $64.50. The company had a trading volume of 12,673,559 shares, compared to its average volume of 10,567,588. The company has a debt-to-equity ratio of 0.80, a current ratio of 2.31 and a quick ratio of 1.33. The company has a market cap of $34.81 billion, a price-to-earnings ratio of -189.71, a PEG ratio of 1.79 and a beta of 1.55. Microchip Technology Incorporated has a 12-month low of $34.13 and a 12-month high of $82.87. The company has a fifty day moving average of $69.68 and a two-hundred day moving average of $58.16.

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

Microchip Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 5th. Investors of record on Friday, August 22nd will be issued 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 is currently -535.29%.

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.