OVERSEA CHINESE BANKING Corp Ltd Has $579,000 Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Key Points

• OVERSEA CHINESE BANKING Corp Ltd increased its stake in Microchip Technology by 52.2% in Q1, owning a total of 11,692 shares valued at approximately $579,000.
• Analysts are optimistic about Microchip Technology, with several reports indicating a range of price targets, including a notable raise by TD Cowen from $35 to $55.
• Microchip Technology announced a quarterly dividend of $0.455 per share, reflecting a yield of 2.7%, despite reporting a decrease in revenue year-over-year.

OVERSEA CHINESE BANKING Corp Ltd increased its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 52.2% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 11,692 shares of the semiconductor company's stock after purchasing an additional 4,010 shares during the period. OVERSEA CHINESE BANKING Corp Ltd's holdings in Microchip Technology were worth $579,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. Barrow Hanley Mewhinney & Strauss LLC boosted its holdings 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 worth $306,541,000 after buying an additional 3,912,895 shares during the last quarter. Meritage Group LP purchased a new stake in Microchip Technology during the 4th quarter valued at $145,033,000. Fiduciary Management Inc. WI purchased a new stake in Microchip Technology during the fourth quarter worth $119,431,000. Two Sigma Investments LP purchased a new stake in Microchip Technology during the fourth quarter worth $93,196,000. Finally, Woodline Partners LP grew its holdings in Microchip Technology by 285.4% in the fourth quarter. Woodline Partners LP now owns 2,121,677 shares of the semiconductor company's stock worth $121,678,000 after purchasing an additional 1,571,186 shares during the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on MCHP. Bank of America raised shares of 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. TD Cowen cut their price target on shares of Microchip Technology from $75.00 to $60.00 and set a "hold" rating for the company in a report on Friday. Citigroup raised their price objective on Microchip Technology from $68.00 to $90.00 and gave the company a "buy" rating in a report on Monday, July 7th. B. Riley upped their target price on Microchip Technology from $60.00 to $75.00 and gave the company a "buy" rating in a report on Friday, May 9th. Finally, The Goldman Sachs Group assumed coverage on Microchip Technology in a research report on Thursday, July 10th. They issued a "buy" rating and a $88.00 target price on the stock. Six 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. Based on data from MarketBeat, Microchip Technology has a consensus rating of "Moderate Buy" and an average price target of $76.58.

Insider Buying and Selling at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,015 shares of the firm's stock in a transaction 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 owned 34,313 shares of the company's stock, valued at approximately $1,913,979.14. This trade represents a 5.55% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Karlton D. Johnson sold 494 shares of Microchip Technology 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 completion of the sale, the director owned 3,468 shares of the company's stock, valued at approximately $210,472.92. This trade represents a 12.47% decrease in their position. The disclosure for this sale can be found here. 1.94% of the stock is owned by insiders.

Microchip Technology Stock Down 6.6%

Shares of NASDAQ MCHP traded down $4.38 during mid-day trading on Friday, reaching $61.84. The company had a trading volume of 16,116,744 shares, compared to its average volume of 10,524,778. The firm has a 50 day simple moving average of $69.39 and a two-hundred day simple moving average of $58.02. The company has a current ratio of 2.59, a quick ratio of 1.47 and a debt-to-equity ratio of 0.80. The stock has a market cap of $33.37 billion, a P/E ratio of -6,183.60, a PEG ratio of 1.91 and a beta of 1.55. Microchip Technology Incorporated has a 52-week low of $34.13 and a 52-week high of $82.87.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The semiconductor company reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.03. The firm had revenue of $1.08 billion during the quarter, compared to analysts' expectations of $1.05 billion. Microchip Technology had a positive return on equity of 8.55% and a negative net margin of 0.01%. Microchip Technology's revenue was down 13.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.53 earnings per share. Sell-side 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 disclosed a quarterly dividend, which will be paid on Friday, September 5th. Stockholders of record on Friday, August 22nd will be paid a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a dividend yield of 2.9%. Microchip Technology's dividend payout ratio 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.