Oak Thistle LLC Acquires New Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Oak Thistle LLC acquired a new stake in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 37,410 shares of the semiconductor company's stock, valued at approximately $1,811,000.

Other institutional investors have also recently made changes to their positions in the company. Millstone Evans Group LLC acquired a new position in Microchip Technology during the 4th quarter worth approximately $34,000. Garde Capital Inc. acquired a new position in Microchip Technology during the 1st quarter worth approximately $30,000. Orion Capital Management LLC acquired a new position in Microchip Technology during the 4th quarter worth approximately $41,000. Aster Capital Management DIFC Ltd grew its holdings in Microchip Technology by 399.4% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 809 shares of the semiconductor company's stock worth $46,000 after acquiring an additional 647 shares in the last quarter. Finally, Byrne Asset Management LLC acquired a new position in Microchip Technology during the 1st quarter worth approximately $41,000. Institutional investors and hedge funds own 91.51% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Morgan Stanley boosted their price target on shares of Microchip Technology from $39.00 to $50.00 and gave the stock an "equal weight" rating in a report on Friday, May 9th. B. Riley boosted their price target on shares of Microchip Technology from $60.00 to $75.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Cantor Fitzgerald assumed coverage on shares of Microchip Technology in a report on Wednesday, June 18th. They set a "neutral" rating and a $70.00 price target for the company. Evercore ISI boosted their price target on shares of Microchip Technology from $69.00 to $83.00 and gave the stock an "outperform" rating in a report on Thursday, June 12th. Finally, The Goldman Sachs Group started coverage on shares of Microchip Technology in a research report on Thursday, July 10th. They set a "buy" rating and a $88.00 price objective for the company. Six analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $75.70.

Microchip Technology Stock Performance

MCHP stock traded up $1.40 on Friday, hitting $69.21. The company's stock had a trading volume of 8,352,945 shares, compared to its average volume of 7,450,901. The firm has a 50 day moving average of $67.83 and a two-hundred day moving average of $57.38. Microchip Technology Incorporated has a 1 year low of $34.13 and a 1 year high of $89.59. The stock has a market cap of $37.35 billion, a price-to-earnings ratio of -6,921.00, a price-to-earnings-growth ratio of 1.92 and a beta of 1.52. The company has a current ratio of 2.59, a quick ratio of 1.47 and a debt-to-equity ratio of 0.80.

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 the consensus estimate of $962.86 million. During the same quarter in the prior year, the firm earned $0.57 EPS. Microchip Technology's revenue for the quarter was down 26.8% on a year-over-year basis. Equities analysts predict that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Announces Dividend

The company 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 of this dividend was Thursday, May 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 2.63%. Microchip Technology's payout ratio is currently -18,200.00%.

Insiders Place Their Bets

In other Microchip Technology 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 transaction, the chief financial officer owned 34,313 shares in the company, valued at approximately $1,913,979.14. This represents a 5.55% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Karlton D. Johnson sold 494 shares of the company's stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $60.69, for a total transaction of $29,980.86. Following the transaction, the director owned 3,468 shares of the company's stock, valued at approximately $210,472.92. The trade was a 12.47% decrease in their position. The disclosure for this sale can be found here. 1.94% of the stock is currently owned by corporate 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.