Patrick Mauro Investment Advisor INC. Purchases 33,437 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Patrick Mauro Investment Advisor INC. boosted its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 99.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 67,203 shares of the semiconductor company's stock after purchasing an additional 33,437 shares during the quarter. Microchip Technology comprises 2.2% of Patrick Mauro Investment Advisor INC.'s holdings, making the stock its 21st biggest position. Patrick Mauro Investment Advisor INC.'s holdings in Microchip Technology were worth $3,854,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MCHP. Norges Bank acquired a new position in shares of Microchip Technology during the 4th quarter worth about $452,627,000. Barrow Hanley Mewhinney & Strauss LLC grew its position in shares of Microchip Technology by 273.2% during 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 buying an additional 3,912,895 shares during the period. Van ECK Associates Corp grew its position in shares of Microchip Technology by 39.3% during the 4th quarter. Van ECK Associates Corp now owns 11,093,007 shares of the semiconductor company's stock worth $636,184,000 after buying an additional 3,131,807 shares during the period. Franklin Resources Inc. grew 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 worth $364,792,000 after buying an additional 3,013,162 shares during the period. Finally, Meritage Group LP acquired a new position in shares of Microchip Technology during the 4th quarter worth about $145,033,000. 91.51% of the stock is owned by institutional investors.

Insider Transactions at Microchip Technology

In other news, CFO James Eric Bjornholt sold 3,724 shares of the company's stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total transaction of $226,717.12. Following the sale, the chief financial officer now owns 33,272 shares in the company, valued at $2,025,599.36. This represents a 10.07% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 2.10% of the company's stock.

Microchip Technology Trading Down 2.5%

NASDAQ MCHP opened at $59.25 on Thursday. The stock has a market capitalization of $31.92 billion, a price-to-earnings ratio of 105.80 and a beta of 1.42. The stock's 50 day moving average price is $47.98 and its two-hundred day moving average price is $55.74. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.23 and a current ratio of 2.25. Microchip Technology Incorporated has a 52 week low of $34.13 and a 52 week high of $100.57.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last released 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 return on equity of 12.62% and a net margin of 6.49%. The firm had revenue of $970.50 million for the quarter, compared to analysts' expectations of $962.86 million. During the same quarter in the previous year, the business posted $0.57 EPS. The business's quarterly revenue was down 26.8% compared to the same quarter last year. As a group, analysts anticipate that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd will be paid a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.07%. The ex-dividend date of this dividend is Thursday, May 22nd. Microchip Technology's dividend payout ratio is currently -18,200.00%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Evercore ISI boosted their target price on Microchip Technology from $65.00 to $71.00 and gave the stock an "outperform" rating in a research report on Tuesday, March 4th. Raymond James boosted their price objective on Microchip Technology from $60.00 to $65.00 and gave the company a "strong-buy" rating in a research report on Friday, May 9th. Truist Financial boosted their price objective on Microchip Technology from $43.00 to $52.00 and gave the company a "hold" rating in a research report on Friday, May 9th. UBS Group boosted their price objective on Microchip Technology from $55.00 to $60.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Finally, Citigroup boosted their price objective on Microchip Technology from $50.00 to $55.00 and gave the company a "buy" rating in a research report on Friday, May 9th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $67.42.

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.

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