Mirae Asset Global Investments Co. Ltd. raised its position in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 9.6% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 937,682 shares of the semiconductor company's stock after purchasing an additional 82,490 shares during the period. Mirae Asset Global Investments Co. Ltd. owned 0.17% of Microchip Technology worth $45,665,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Federated Hermes Inc. raised its holdings in Microchip Technology by 0.5% in the 4th quarter. Federated Hermes Inc. now owns 39,298 shares of the semiconductor company's stock valued at $2,254,000 after buying an additional 209 shares during the period. Northwest Bank & Trust Co grew its position in Microchip Technology by 3.0% in the 4th quarter. Northwest Bank & Trust Co now owns 7,392 shares of the semiconductor company's stock valued at $424,000 after acquiring an additional 217 shares in the last quarter. Bartlett & CO. Wealth Management LLC grew its position in Microchip Technology by 3.4% in the 1st quarter. Bartlett & CO. Wealth Management LLC now owns 8,360 shares of the semiconductor company's stock valued at $405,000 after acquiring an additional 276 shares in the last quarter. State of Wyoming grew its position in Microchip Technology by 27.3% in the 4th quarter. State of Wyoming now owns 1,300 shares of the semiconductor company's stock valued at $75,000 after acquiring an additional 279 shares in the last quarter. Finally, CreativeOne Wealth LLC grew its position in Microchip Technology by 1.0% in the 4th 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 in the last quarter. Hedge funds and other institutional investors own 91.51% of the company's stock.
Microchip Technology Stock Performance
Shares of MCHP opened at $70.49 on Friday. The stock has a 50 day moving average price of $58.73 and a 200 day moving average price 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. The company has a market capitalization of $38.02 billion, a price-to-earnings ratio of -7,049.00, a price-to-earnings-growth ratio of 2.10 and a beta of 1.48. Microchip Technology Incorporated has a 52-week low of $34.13 and a 52-week high of $96.98.
Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 positive return on equity of 8.55% and a negative net margin of 0.01%. The firm's quarterly revenue was down 26.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.57 earnings per share. Research analysts predict that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.
Microchip Technology Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Thursday, May 22nd were issued a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a yield of 2.58%. The ex-dividend date was Thursday, May 22nd. Microchip Technology's dividend payout ratio (DPR) is -18,200.00%.
Insider Activity at Microchip Technology
In other Microchip Technology news, CFO James Eric Bjornholt sold 2,015 shares of the business'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 value of $112,396.70. Following the completion of the sale, the chief financial officer now owns 34,313 shares in the company, valued at approximately $1,913,979.14. The trade was a 5.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Karlton D. Johnson sold 494 shares of the business'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 completion of the sale, the director now owns 3,468 shares of the company's stock, valued at approximately $210,472.92. This represents a 12.47% decrease in their position. The disclosure for this sale can be found here. 2.10% of the stock is currently owned by corporate insiders.
Wall Street Analysts Forecast Growth
MCHP has been the subject of several research reports. TD Cowen lifted their target price on Microchip Technology from $35.00 to $55.00 and gave the company a "hold" rating in a research report on Friday, May 9th. Wall Street Zen raised Microchip Technology from a "sell" rating to a "hold" rating in a research report on Friday. Raymond James Financial lifted their target price on Microchip Technology from $60.00 to $65.00 and gave the company a "strong-buy" rating in a research report on Friday, May 9th. B. Riley lifted their target price on Microchip Technology from $60.00 to $75.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Finally, Rosenblatt Securities lifted their target price on Microchip Technology from $63.00 to $70.00 and gave the company a "buy" rating in a research report on Friday, May 30th. Seven analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $70.15.
Check Out Our Latest Report on Microchip Technology
Microchip Technology Profile
(
Free Report)
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.
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