Naples Global Advisors LLC Acquires 10,865 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Naples Global Advisors LLC raised its position in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 13.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 90,360 shares of the semiconductor company's stock after buying an additional 10,865 shares during the quarter. Naples Global Advisors LLC's holdings in Microchip Technology were worth $4,374,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new stake in Microchip Technology during the fourth quarter valued at about $452,627,000. Barrow Hanley Mewhinney & Strauss LLC raised its position in shares of Microchip Technology by 273.2% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,345,096 shares of the semiconductor company's stock valued at $306,541,000 after purchasing an additional 3,912,895 shares during the period. Van ECK Associates Corp lifted its stake in shares of Microchip Technology by 39.3% during the 4th quarter. Van ECK Associates Corp now owns 11,093,007 shares of the semiconductor company's stock valued at $636,184,000 after buying an additional 3,131,807 shares in the last quarter. Franklin Resources Inc. lifted its stake 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 valued at $364,792,000 after buying an additional 3,013,162 shares in the last quarter. Finally, Meritage Group LP bought a new position in Microchip Technology in the 4th quarter worth approximately $145,033,000. Hedge funds and other institutional investors own 91.51% of the company's stock.

Analysts Set New Price Targets

Several research firms have issued reports on MCHP. Truist Financial increased their target price on Microchip Technology from $43.00 to $52.00 and gave the stock a "hold" rating in a research report on Friday, May 9th. B. Riley boosted their price objective on Microchip Technology from $60.00 to $75.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Bank of America raised Microchip Technology from an "underperform" rating to a "neutral" rating and set a $56.00 price objective on the stock in a report on Friday, May 9th. Needham & Company LLC restated a "buy" rating and issued a $66.00 target price on shares of Microchip Technology in a research note on Friday, May 9th. Finally, Stifel Nicolaus upped their price target on Microchip Technology from $60.00 to $70.00 and gave the company a "buy" rating in a research report on Friday, May 9th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $67.68.

Microchip Technology Price Performance

NASDAQ MCHP traded up $0.88 on Friday, reaching $65.25. 8,884,511 shares of the company's stock traded hands, compared to its average volume of 8,678,596. The stock has a market cap of $35.20 billion, a PE ratio of 116.52 and a beta of 1.48. Microchip Technology Incorporated has a 12 month low of $34.13 and a 12 month high of $96.98. The stock has a 50-day simple moving average of $49.61 and a 200 day simple moving average of $54.96. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced its quarterly earnings data 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 company had revenue of $970.50 million during the quarter, compared to analysts' expectations 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 was down 26.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.57 EPS. As a group, research analysts predict that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Dividend Announcement

The business also recently announced 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. This represents a $1.82 annualized dividend and a yield of 2.79%. The ex-dividend date was Thursday, May 22nd. Microchip Technology's dividend payout ratio is presently -18,200.00%.

Insider Activity at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,015 shares of the company's stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $55.78, for a total transaction of $112,396.70. Following the completion of the sale, the chief financial officer now directly owns 34,313 shares in the company, valued at $1,913,979.14. This represents a 5.55% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Karlton D. Johnson sold 494 shares of the stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total transaction of $29,980.86. Following 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 currently owned by company insiders.

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.