Flagship Harbor Advisors LLC Buys 6,474 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Flagship Harbor Advisors LLC increased its holdings in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 67.3% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 16,098 shares of the semiconductor company's stock after acquiring an additional 6,474 shares during the quarter. Flagship Harbor Advisors LLC's holdings in Microchip Technology were worth $779,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of MCHP. Norges Bank acquired a new stake in shares of Microchip Technology during the 4th quarter worth approximately $452,627,000. Barrow Hanley Mewhinney & Strauss LLC raised its position in shares of Microchip Technology by 273.2% during the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,345,096 shares of the semiconductor company's stock worth $306,541,000 after purchasing an additional 3,912,895 shares during the period. Franklin Resources Inc. raised its position in shares of Microchip Technology by 90.0% during the 4th quarter. Franklin Resources Inc. now owns 6,360,805 shares of the semiconductor company's stock worth $364,792,000 after purchasing an additional 3,013,162 shares during the period. Meritage Group LP acquired a new stake in shares of Microchip Technology during the 4th quarter worth approximately $145,033,000. Finally, Fiduciary Management Inc. WI acquired a new stake in shares of Microchip Technology during the 4th quarter worth approximately $119,431,000. Institutional investors and hedge funds own 91.51% of the company's stock.

Insider Buying and Selling

In related news, 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 transaction of $29,980.86. Following the completion of the sale, the director now directly owns 3,468 shares in the company, valued at approximately $210,472.92. This trade represents a 12.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO James Eric Bjornholt sold 2,015 shares of the stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $55.78, for a total value of $112,396.70. Following the sale, the chief financial officer now owns 34,313 shares of the company's stock, valued at approximately $1,913,979.14. This represents a 5.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.10% of the stock is owned by corporate insiders.

Microchip Technology Stock Down 0.4%

Shares of Microchip Technology stock traded down $0.29 during midday trading on Friday, hitting $70.49. The company's stock had a trading volume of 6,885,466 shares, compared to its average volume of 8,874,693. The firm has a market capitalization of $38.02 billion, a P/E ratio of -7,049.00, a PEG ratio of 2.10 and a beta of 1.48. The stock has a 50-day simple moving average of $58.73 and a 200-day simple moving average of $55.30. 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 1-year low of $34.13 and a 1-year high of $96.98.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last issued its earnings results on Thursday, May 8th. The semiconductor company reported $0.11 EPS for the quarter, topping the consensus estimate of $0.10 by $0.01. The business had revenue of $970.50 million during the quarter, compared to analysts' expectations of $962.86 million. Microchip Technology had a positive return on equity of 8.55% and a negative net margin of 0.01%. Microchip Technology's revenue was down 26.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.57 earnings per share. As a group, sell-side analysts expect that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Thursday, May 22nd were issued a dividend of $0.455 per share. The ex-dividend date of this dividend was Thursday, May 22nd. This represents a $1.82 annualized dividend and a dividend yield of 2.58%. Microchip Technology's dividend payout ratio is -18,200.00%.

Wall Street Analyst Weigh In

MCHP has been the topic of a number of research reports. Morgan Stanley increased their price target on Microchip Technology from $39.00 to $50.00 and gave the stock an "equal weight" rating in a research report on Friday, May 9th. UBS Group increased their price target on Microchip Technology from $60.00 to $65.00 and gave the company a "buy" rating in a research note on Friday, May 30th. Needham & Company LLC reaffirmed a "buy" rating and set a $66.00 price target on shares of Microchip Technology in a research note on Friday, May 9th. TD Cowen increased their price target on Microchip Technology from $35.00 to $55.00 and gave the company a "hold" rating in a research note on Friday, May 9th. Finally, Raymond James Financial increased their price target on Microchip Technology from $60.00 to $65.00 and gave the company a "strong-buy" rating in a research note on Friday, May 9th. Seven investment 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 stock. According to MarketBeat.com, Microchip Technology currently has an average rating of "Moderate Buy" and a consensus target price of $70.15.

Microchip Technology 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.