Microchip Technology Incorporated (NASDAQ:MCHP) Shares Bought by Tidal Investments LLC

Tidal Investments LLC increased its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 20.9% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 43,862 shares of the semiconductor company's stock after purchasing an additional 7,595 shares during the period. Tidal Investments LLC's holdings in Microchip Technology were worth $2,515,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in MCHP. Federated Hermes Inc. raised its stake in shares of Microchip Technology by 0.5% during the 4th quarter. Federated Hermes Inc. now owns 39,298 shares of the semiconductor company's stock worth $2,254,000 after buying an additional 209 shares in the last quarter. Lebenthal Global Advisors LLC grew its holdings in Microchip Technology by 7.3% during the fourth quarter. Lebenthal Global Advisors LLC now owns 3,894 shares of the semiconductor company's stock worth $223,000 after acquiring an additional 266 shares during the period. State of Wyoming raised its position in Microchip Technology by 27.3% in the fourth quarter. State of Wyoming now owns 1,300 shares of the semiconductor company's stock worth $75,000 after acquiring an additional 279 shares in the last quarter. CreativeOne Wealth LLC lifted its holdings in Microchip Technology by 1.0% in the fourth quarter. CreativeOne Wealth LLC now owns 28,842 shares of the semiconductor company's stock valued at $1,654,000 after acquiring an additional 283 shares during the period. Finally, Legacy Financial Advisors Inc. boosted its position in shares of Microchip Technology by 8.1% during the 4th quarter. Legacy Financial Advisors Inc. now owns 4,176 shares of the semiconductor company's stock worth $239,000 after purchasing an additional 312 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company's stock.

Microchip Technology Stock Down 2.0%

MCHP opened at $58.05 on Friday. The firm has a market cap of $31.27 billion, a P/E ratio of 103.66 and a beta of 1.42. The business's fifty day simple moving average is $48.03 and its 200 day simple moving average is $55.63. Microchip Technology Incorporated has a 52 week low of $34.13 and a 52 week high of $100.57. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced its 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 firm had revenue of $970.50 million during the quarter, compared to the consensus estimate of $962.86 million. Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. The firm's revenue for the quarter was down 26.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.57 EPS. As a group, equities research analysts anticipate that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd will be given a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.14%. The ex-dividend date of this dividend is Thursday, May 22nd. Microchip Technology's dividend payout ratio is presently -18,200.00%.

Insider Activity at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of the business's stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total value of $226,717.12. Following the completion of the transaction, the chief financial officer now directly owns 33,272 shares in the company, valued at approximately $2,025,599.36. The trade was a 10.07% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Karlton D. Johnson sold 494 shares of the stock in a transaction on 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 now directly owns 3,468 shares in the company, valued at approximately $210,472.92. This represents a 12.47% decrease in their position. The disclosure for this sale can be found here. Insiders own 2.10% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on MCHP. Needham & Company LLC reiterated a "buy" rating and issued a $66.00 price objective on shares of Microchip Technology in a research note on Friday, May 9th. UBS Group increased their target price on shares of Microchip Technology from $55.00 to $60.00 and gave the company a "buy" rating in a report on Friday, May 9th. Bank of America raised Microchip Technology from an "underperform" rating to a "neutral" rating and set a $56.00 price target on the stock in a research note on Friday, May 9th. Raymond James upped their price target on Microchip Technology from $60.00 to $65.00 and gave the stock a "strong-buy" rating in a report on Friday, May 9th. Finally, Morgan Stanley lifted their price objective on Microchip Technology from $39.00 to $50.00 and gave the stock an "equal weight" rating in a report on Friday, May 9th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Microchip Technology presently has a consensus rating of "Moderate Buy" and an average price target of $67.42.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.