Perpetual Ltd boosted its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 99.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 618,770 shares of the semiconductor company's stock after purchasing an additional 308,208 shares during the quarter. Perpetual Ltd owned 0.12% of Microchip Technology worth $29,955,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Federated Hermes Inc. raised its position in shares of Microchip Technology by 0.5% during the fourth quarter. Federated Hermes Inc. now owns 39,298 shares of the semiconductor company's stock valued at $2,254,000 after buying an additional 209 shares during the last quarter. Northwest Bank & Trust Co increased its stake in Microchip Technology by 3.0% during the fourth quarter. Northwest Bank & Trust Co now owns 7,392 shares of the semiconductor company's stock valued at $424,000 after acquiring an additional 217 shares during the period. State of Wyoming raised its holdings in Microchip Technology by 27.3% in the 4th quarter. State of Wyoming now owns 1,300 shares of the semiconductor company's stock valued at $75,000 after acquiring an additional 279 shares in the last quarter. CreativeOne Wealth LLC lifted its position in shares of Microchip Technology by 1.0% in the 4th quarter. CreativeOne Wealth LLC now owns 28,842 shares of the semiconductor company's stock worth $1,654,000 after acquiring an additional 283 shares during the period. Finally, B. Riley Wealth Advisors Inc. lifted its position in shares of Microchip Technology by 4.7% in the 4th quarter. B. Riley Wealth Advisors Inc. now owns 6,859 shares of the semiconductor company's stock worth $393,000 after acquiring an additional 305 shares during the period. 91.51% of the stock is owned by institutional investors.
Insider Buying and Selling
In other Microchip Technology 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 transaction, the chief financial officer now owns 34,313 shares in the company, valued at approximately $1,913,979.14. This trade represents a 5.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Karlton D. Johnson sold 494 shares of the business'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 transaction, the director now owns 3,468 shares of the company's stock, valued at $210,472.92. The trade was a 12.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.10% of the company's stock.
Wall Street Analyst Weigh In
MCHP has been the subject of a number of recent research reports. Evercore ISI upped their target price on Microchip Technology from $69.00 to $83.00 and gave the company an "outperform" rating in a research note on Thursday, June 12th. TD Cowen increased their price objective on shares of Microchip Technology from $35.00 to $55.00 and gave the company a "hold" rating in a research note on Friday, May 9th. Rosenblatt Securities lifted their target price on shares of Microchip Technology from $63.00 to $70.00 and gave the company a "buy" rating in a research report on Friday, May 30th. Needham & Company LLC reissued a "buy" rating and issued a $66.00 target price on shares of Microchip Technology in a research note on Friday, May 9th. Finally, Mizuho raised their price target on shares of Microchip Technology from $68.00 to $78.00 and gave the stock an "outperform" rating in a research note on Thursday, June 12th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $70.15.
View Our Latest Research Report on Microchip Technology
Microchip Technology Trading Down 1.1%
MCHP opened at $70.78 on Friday. Microchip Technology Incorporated has a 1-year low of $34.13 and a 1-year high of $96.98. The stock has a market capitalization of $38.18 billion, a PE ratio of -7,078.00, a PEG ratio of 2.13 and a beta of 1.48. 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 firm has a 50-day moving average price of $58.09 and a two-hundred day moving average price of $55.28.
Microchip Technology (NASDAQ:MCHP - Get Free Report) last issued its quarterly earnings results 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. Microchip Technology had a negative net margin of 0.01% and a positive return on equity of 8.55%. The business had revenue of $970.50 million during the quarter, compared to analyst estimates of $962.86 million. During the same quarter last year, the business posted $0.57 earnings per share. Microchip Technology's revenue for the quarter was down 26.8% compared to the same quarter last year. As a group, equities analysts anticipate that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.
Microchip Technology Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Thursday, May 22nd were given a $0.455 dividend. 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 2.57%. Microchip Technology's payout ratio is -18,200.00%.
Microchip Technology Company Profile
(
Free Report)
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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