Novare Capital Management LLC Buys 11,229 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Novare Capital Management LLC raised its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 9.3% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 131,335 shares of the semiconductor company's stock after acquiring an additional 11,229 shares during the period. Novare Capital Management LLC's holdings in Microchip Technology were worth $6,358,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. one8zero8 LLC purchased a new position in shares of Microchip Technology in the fourth quarter valued at $384,000. Vanguard Group Inc. increased its position in Microchip Technology by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 68,912,345 shares of the semiconductor company's stock worth $3,952,123,000 after purchasing an additional 569,699 shares in the last quarter. Franklin Resources Inc. increased its position in 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 in the last quarter. Jones Financial Companies Lllp grew its holdings in Microchip Technology by 15.7% in the 4th quarter. Jones Financial Companies Lllp now owns 16,418 shares of the semiconductor company's stock valued at $942,000 after buying an additional 2,226 shares during the period. Finally, Potomac Fund Management Inc. ADV purchased a new stake in Microchip Technology in the 4th quarter valued at about $738,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Microchip Technology Price Performance

Shares of Microchip Technology stock traded down $1.58 during trading on Monday, hitting $71.48. The stock had a trading volume of 7,789,514 shares, compared to its average volume of 8,906,619. Microchip Technology Incorporated has a fifty-two week low of $34.13 and a fifty-two week high of $96.98. The firm has a market cap of $38.56 billion, a P/E ratio of -7,148.00, a PEG ratio of 2.17 and a beta of 1.52. 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 business has a fifty day moving average of $62.10 and a two-hundred day moving average of $55.86.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced its 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 positive return on equity of 8.55% and a negative net margin of 0.01%. The business had revenue of $970.50 million during the quarter, compared to the consensus estimate of $962.86 million. During the same period in the prior year, the business posted $0.57 earnings per share. Microchip Technology's revenue was down 26.8% compared to the same quarter last year. On average, sell-side analysts expect that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Thursday, May 22nd were given a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a yield of 2.55%. The ex-dividend date of this dividend was Thursday, May 22nd. Microchip Technology's payout ratio is -18,200.00%.

Insider Buying and Selling 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 stock was sold at an average price of $55.78, for a total transaction of $112,396.70. Following the transaction, the chief financial officer directly owned 34,313 shares of the company's stock, valued at approximately $1,913,979.14. The trade was a 5.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 value of $29,980.86. Following the completion of the transaction, the director directly owned 3,468 shares in the company, valued at approximately $210,472.92. The trade was a 12.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.10% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on MCHP shares. Morgan Stanley lifted their price objective on Microchip Technology from $39.00 to $50.00 and gave the company an "equal weight" rating in a research note on Friday, May 9th. UBS Group boosted their price target on Microchip Technology from $65.00 to $85.00 and gave the stock a "buy" rating in a research report on Monday. TD Cowen boosted their price target on Microchip Technology from $35.00 to $55.00 and gave the stock a "hold" rating in a research report on Friday, May 9th. Truist Financial upped their target price on Microchip Technology from $52.00 to $64.00 and gave the company a "hold" rating in a research report on Wednesday, June 18th. Finally, Rosenblatt Securities boosted their price target on Microchip Technology from $63.00 to $70.00 and gave the company a "buy" rating in a report on Friday, May 30th. Seven equities research 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 company's stock. According to data from MarketBeat, Microchip Technology currently has a consensus rating of "Moderate Buy" and a consensus price target of $72.25.

About Microchip Technology

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.