Miracle Mile Advisors LLC Purchases New Shares in Microchip Technology Incorporated (NASDAQ:MCHP)

Miracle Mile Advisors LLC acquired a new stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 4,669 shares of the semiconductor company's stock, valued at approximately $226,000.

Several other hedge funds have also recently made changes to their positions in MCHP. Federated Hermes Inc. raised its holdings in shares of Microchip Technology by 0.5% during the fourth quarter. Federated Hermes Inc. now owns 39,298 shares of the semiconductor company's stock worth $2,254,000 after purchasing an additional 209 shares during the last quarter. Northwest Bank & Trust Co increased its position in shares of Microchip Technology by 3.0% in the fourth quarter. Northwest Bank & Trust Co now owns 7,392 shares of the semiconductor company's stock valued at $424,000 after buying an additional 217 shares in the last quarter. State of Wyoming raised its position in Microchip Technology by 27.3% during 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 during the period. CreativeOne Wealth LLC raised its position in shares of Microchip Technology by 1.0% during the 4th quarter. CreativeOne Wealth LLC now owns 28,842 shares of the semiconductor company's stock worth $1,654,000 after purchasing an additional 283 shares during the last quarter. Finally, B. Riley Wealth Advisors Inc. lifted its stake in shares of Microchip Technology by 4.7% in the fourth quarter. B. Riley Wealth Advisors Inc. now owns 6,859 shares of the semiconductor company's stock worth $393,000 after buying an additional 305 shares in the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Microchip Technology Trading Down 2.4%

MCHP stock traded down $1.67 during trading on Thursday, reaching $67.93. 7,699,552 shares of the stock traded hands, compared to its average volume of 8,764,311. Microchip Technology Incorporated has a 52-week low of $34.13 and a 52-week high of $96.98. The business's 50 day moving average price is $51.57 and its 200-day moving average price is $55.02. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23. The firm has a market capitalization of $36.64 billion, a PE ratio of 121.30 and a beta of 1.48.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The semiconductor company reported $0.11 EPS for the quarter, topping analysts' consensus estimates of $0.10 by $0.01. Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. The firm had revenue of $970.50 million for the quarter, compared to analyst estimates of $962.86 million. During the same quarter in the previous year, the business posted $0.57 EPS. The firm's revenue was down 26.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd were issued a $0.455 dividend. The ex-dividend date was Thursday, May 22nd. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.68%. Microchip Technology's dividend payout ratio (DPR) is -18,200.00%.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,015 shares of the firm'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 value of $112,396.70. Following the sale, the chief financial officer now owns 34,313 shares in the company, valued at approximately $1,913,979.14. This trade represents a 5.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Karlton D. Johnson sold 494 shares of the company's stock in a transaction dated 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 of the company's stock, valued at $210,472.92. The trade was a 12.47% decrease in their position. The disclosure for this sale can be found here. 2.10% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have issued reports on MCHP. Citigroup upped their target price on Microchip Technology from $55.00 to $68.00 and gave the company a "buy" rating in a report on Monday. Wall Street Zen cut Microchip Technology from a "hold" rating to a "sell" rating in a research note on Saturday, June 7th. Bank of America upgraded shares of Microchip Technology from an "underperform" rating to a "neutral" rating and set a $56.00 price objective for the company in a report on Friday, May 9th. Stifel Nicolaus raised their target price on shares of Microchip Technology from $60.00 to $70.00 and gave the company a "buy" rating in a report on Friday, May 9th. Finally, UBS Group lifted their price target on Microchip Technology from $60.00 to $65.00 and gave the stock a "buy" rating in a report on Friday, May 30th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $69.53.

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.