Pallas Capital Advisors LLC Raises Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Pallas Capital Advisors LLC lifted its stake in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 8.3% in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 111,727 shares of the semiconductor company's stock after purchasing an additional 8,560 shares during the quarter. Pallas Capital Advisors LLC's holdings in Microchip Technology were worth $5,409,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of MCHP. Mainstream Capital Management LLC purchased a new position in Microchip Technology during the 4th quarter valued at $26,000. Rakuten Securities Inc. boosted its holdings in Microchip Technology by 309.5% during the 4th quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company's stock valued at $27,000 after acquiring an additional 359 shares during the period. OFI Invest Asset Management purchased a new position in Microchip Technology during the 4th quarter valued at $29,000. Kohmann Bosshard Financial Services LLC purchased a new position in Microchip Technology during the 4th quarter valued at $34,000. Finally, Millstone Evans Group LLC purchased a new position in Microchip Technology during the 4th quarter valued at $34,000. Hedge funds and other institutional investors own 91.51% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on MCHP shares. Evercore ISI boosted their price objective on Microchip Technology from $65.00 to $71.00 and gave the company an "outperform" rating in a report on Tuesday, March 4th. UBS Group boosted their price objective on Microchip Technology from $60.00 to $65.00 and gave the company a "buy" rating in a report on Friday, May 30th. Rosenblatt Securities boosted their price objective on Microchip Technology from $63.00 to $70.00 and gave the company a "buy" rating in a report on Friday, May 30th. Citigroup upped their target price on Microchip Technology from $55.00 to $68.00 and gave the stock a "buy" rating in a report on Monday. Finally, Morgan Stanley upped their target price on Microchip Technology from $39.00 to $50.00 and gave the stock an "equal weight" rating in a report on Friday, May 9th. One research analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $68.37.

Microchip Technology Stock Performance

Shares of MCHP stock traded up $0.01 during mid-day trading on Wednesday, reaching $69.60. The stock had a trading volume of 12,729,896 shares, compared to its average volume of 8,757,025. The business's fifty day moving average is $51.57 and its 200-day moving average is $55.02. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12. The firm has a market cap of $37.54 billion, a price-to-earnings ratio of 124.29 and a beta of 1.48. Microchip Technology Incorporated has a 1-year low of $34.13 and a 1-year high of $96.98.

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 for the quarter, beating analysts' consensus estimates of $0.10 by $0.01. The business had revenue of $970.50 million for the quarter, compared to analyst estimates of $962.86 million. Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. The company's revenue was down 26.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.57 earnings per share. On average, research analysts forecast 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 2.61%. The ex-dividend date was Thursday, May 22nd. Microchip Technology's dividend payout ratio (DPR) is -18,200.00%.

Insider Buying and Selling

In related news, CFO James Eric Bjornholt sold 2,015 shares of the firm's stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $55.78, for a total transaction of $112,396.70. Following the sale, the chief financial officer now directly owns 34,313 shares of the company's stock, valued at $1,913,979.14. This trade represents a 5.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Karlton D. Johnson sold 494 shares of the firm'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 sale, the director now directly owns 3,468 shares in the company, valued at approximately $210,472.92. This trade represents 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 owned by corporate insiders.

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.