GSA Capital Partners LLP Has $600,000 Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Key Points

• GSA Capital Partners LLP reduced its stake in Microchip Technology by 25.5% during the first quarter, holding 12,391 shares valued at approximately $600,000.
• Microchip Technology announced a quarterly dividend of $0.455 per share, resulting in an annualized yield of 2.7%.
• Several analysts have raised their price targets for Microchip Technology, with an average target price of $74.42 representing a consensus rating of "Moderate Buy."

GSA Capital Partners LLP lessened its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 25.5% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 12,391 shares of the semiconductor company's stock after selling 4,232 shares during the quarter. GSA Capital Partners LLP's holdings in Microchip Technology were worth $600,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of MCHP. Resona Asset Management Co. Ltd. bought a new stake in Microchip Technology in the fourth quarter worth about $8,908,000. Perennial Investment Advisors LLC grew its stake in shares of Microchip Technology by 6.5% during the fourth quarter. Perennial Investment Advisors LLC now owns 5,231 shares of the semiconductor company's stock valued at $300,000 after buying an additional 317 shares during the last quarter. Envestnet Asset Management Inc. lifted its position in Microchip Technology by 9.7% in the fourth quarter. Envestnet Asset Management Inc. now owns 3,511,663 shares of the semiconductor company's stock valued at $201,394,000 after purchasing an additional 309,193 shares during the last quarter. Russell Investments Group Ltd. increased its position in shares of Microchip Technology by 21.0% in the fourth quarter. Russell Investments Group Ltd. now owns 397,209 shares of the semiconductor company's stock valued at $22,745,000 after acquiring an additional 69,016 shares during the period. Finally, Ilmarinen Mutual Pension Insurance Co purchased a new stake in Microchip Technology in the 4th quarter worth approximately $6,882,000. Institutional investors own 91.51% of the company's stock.

Wall Street Analyst Weigh In

MCHP has been the subject of a number of research reports. Raymond James Financial increased their price objective on Microchip Technology from $60.00 to $65.00 and gave the stock a "strong-buy" rating in a report on Friday, May 9th. Needham & Company LLC reiterated a "buy" rating and set a $66.00 target price on shares of Microchip Technology in a research report on Friday, May 9th. Cantor Fitzgerald initiated coverage on shares of Microchip Technology in a research report on Wednesday, June 18th. They set a "neutral" rating and a $70.00 target price for the company. Mizuho lifted their price target on shares of Microchip Technology from $78.00 to $85.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th. Finally, Evercore ISI raised their price target on shares of Microchip Technology from $69.00 to $83.00 and gave the company an "outperform" rating in a report on Thursday, June 12th. Six analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $74.42.

Insiders Place Their Bets

In other news, Director Karlton D. Johnson sold 494 shares of the company's stock in a transaction that occurred 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 transaction, the director directly owned 3,468 shares in the company, valued at approximately $210,472.92. This represents a 12.47% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO James Eric Bjornholt sold 2,015 shares of the firm's stock in a transaction that occurred 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 sale, the chief financial officer directly owned 34,313 shares in the company, valued at approximately $1,913,979.14. The trade was 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.

Microchip Technology Price Performance

MCHP stock traded down $0.96 during mid-day trading on Wednesday, hitting $66.17. 6,361,377 shares of the stock were exchanged, compared to its average volume of 8,468,882. The business has a fifty day moving average price of $69.22 and a 200 day moving average price of $57.96. Microchip Technology Incorporated has a 12 month low of $34.13 and a 12 month high of $82.87. The company has a debt-to-equity ratio of 0.80, a current ratio of 2.59 and a quick ratio of 1.47. The stock has a market capitalization of $35.71 billion, a price-to-earnings ratio of -6,617.00, a PEG ratio of 1.94 and a beta of 1.55.

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

Microchip Technology Dividend Announcement

The business also recently disclosed 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. The ex-dividend date was Thursday, May 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 2.8%. Microchip Technology's dividend payout ratio is currently -18,200.00%.

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.