Oppenheimer Asset Management Inc. Grows Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Oppenheimer Asset Management Inc. boosted its holdings in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 35.8% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 33,554 shares of the semiconductor company's stock after acquiring an additional 8,843 shares during the quarter. Oppenheimer Asset Management Inc.'s holdings in Microchip Technology were worth $1,624,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in MCHP. Norges Bank bought a new position in Microchip Technology in the 4th quarter worth about $452,627,000. Barrow Hanley Mewhinney & Strauss LLC increased its stake in Microchip Technology by 273.2% in the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,345,096 shares of the semiconductor company's stock worth $306,541,000 after acquiring an additional 3,912,895 shares during the last quarter. Franklin Resources Inc. increased its position 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 purchasing an additional 3,013,162 shares during the last quarter. Meritage Group LP bought a new position in shares of Microchip Technology during the 4th quarter valued at about $145,033,000. Finally, Fiduciary Management Inc. WI bought a new position in shares of Microchip Technology during the 4th quarter valued at about $119,431,000. 91.51% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages have recently commented on MCHP. Stifel Nicolaus increased their price objective on Microchip Technology from $60.00 to $70.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Truist Financial increased their price objective on Microchip Technology from $52.00 to $64.00 and gave the company a "hold" rating in a research report on Wednesday, June 18th. UBS Group increased their price objective on Microchip Technology from $60.00 to $65.00 and gave the company a "buy" rating in a research report on Friday, May 30th. TD Cowen increased their price objective on Microchip Technology from $35.00 to $55.00 and gave the company a "hold" rating in a research report on Friday, May 9th. Finally, Wall Street Zen upgraded Microchip Technology from a "sell" rating to a "hold" rating in a research report on Friday. Seven analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Microchip Technology currently has an average rating of "Moderate Buy" and a consensus price target of $70.15.

Insider Transactions at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,015 shares of the 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 transaction, the chief financial officer now owns 34,313 shares in the company, valued at $1,913,979.14. This represents a 5.55% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Karlton D. Johnson sold 494 shares of the stock in a transaction that occurred 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 completion of the transaction, the director now owns 3,468 shares in the company, valued at $210,472.92. This trade represents a 12.47% decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.10% of the company's stock.

Microchip Technology Stock Down 0.4%

MCHP stock traded down $0.29 on Friday, reaching $70.49. 6,885,466 shares of the company traded hands, compared to its average volume of 8,893,469. Microchip Technology Incorporated has a one year low of $34.13 and a one year high of $96.98. 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 company has a market cap of $38.02 billion, a P/E ratio of -7,049.00, a price-to-earnings-growth ratio of 2.11 and a beta of 1.48. The firm has a fifty day simple moving average of $58.73 and a 200-day simple moving average of $55.34.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.01. The business had revenue of $970.50 million for the quarter, compared to analysts' expectations of $962.86 million. Microchip Technology had a negative net margin of 0.01% and a positive return on equity of 8.55%. The business's revenue for the quarter was down 26.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.57 EPS. Research analysts anticipate that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd were paid a $0.455 dividend. This represents a $1.82 annualized dividend and a dividend yield of 2.58%. The ex-dividend date was Thursday, May 22nd. Microchip Technology's dividend payout ratio (DPR) is presently -18,200.00%.

Microchip Technology 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.