Pinnacle Wealth Management Advisory Group LLC Acquires 4,528 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Key Points

• Pinnacle Wealth Management Advisory Group LLC increased its holdings in Microchip Technology by 87.8%, acquiring an additional 4,528 shares during the first quarter, bringing their total to 9,686 shares worth $469,000.
• Microchip Technology reported earnings per share of $0.11 for the last quarter, surpassing analysts' expectations of $0.10, although its revenues showed a 26.8% decline year-over-year.
• The company recently declared a quarterly dividend of $0.455 per share, resulting in an annualized yield of 2.58%, despite a notably high negative payout ratio of -18,200.00%.

Pinnacle Wealth Management Advisory Group LLC raised its holdings in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 87.8% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 9,686 shares of the semiconductor company's stock after acquiring an additional 4,528 shares during the quarter. Pinnacle Wealth Management Advisory Group LLC's holdings in Microchip Technology were worth $469,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently bought and sold shares of MCHP. Federated Hermes Inc. grew its holdings in shares of Microchip Technology by 0.5% in the fourth quarter. Federated Hermes Inc. now owns 39,298 shares of the semiconductor company's stock worth $2,254,000 after purchasing an additional 209 shares during the last quarter. Northwest Bank & Trust Co grew its stake in Microchip Technology by 3.0% in the 4th quarter. Northwest Bank & Trust Co now owns 7,392 shares of the semiconductor company's stock worth $424,000 after acquiring an additional 217 shares in the last quarter. Oregon Public Employees Retirement Fund grew its stake in Microchip Technology by 0.5% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 46,235 shares of the semiconductor company's stock worth $2,238,000 after acquiring an additional 230 shares in the last quarter. Greenleaf Trust increased its position in shares of Microchip Technology by 1.0% during the first quarter. Greenleaf Trust now owns 24,933 shares of the semiconductor company's stock worth $1,207,000 after acquiring an additional 242 shares during the period. Finally, Bartlett & CO. Wealth Management LLC raised its stake in shares of Microchip Technology by 3.4% during the first quarter. Bartlett & CO. Wealth Management LLC now owns 8,360 shares of the semiconductor company's stock valued at $405,000 after acquiring an additional 276 shares in the last quarter. Institutional investors own 91.51% of the company's stock.

Microchip Technology Stock Up 1.9%

MCHP stock opened at $70.53 on Tuesday. The stock has a market capitalization of $38.06 billion, a PE ratio of -7,053.00, a price-to-earnings-growth ratio of 1.96 and a beta of 1.52. Microchip Technology Incorporated has a 52 week low of $34.13 and a 52 week high of $89.59. The company has a quick ratio of 1.47, a current ratio of 2.59 and a debt-to-equity ratio of 0.80. The firm has a 50 day moving average of $68.03 and a 200 day moving average of $57.50.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, topping 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 analysts' expectations of $962.86 million. During the same quarter last year, the company posted $0.57 earnings per share. The business's quarterly revenue was down 26.8% on a year-over-year basis. Sell-side analysts forecast that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Dividend Announcement

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

Insider Transactions at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,015 shares of the firm's stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $55.78, for a total transaction of $112,396.70. Following the completion of the transaction, the chief financial officer directly 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 transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Karlton D. Johnson sold 494 shares of Microchip Technology stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total transaction of $29,980.86. Following the sale, the director owned 3,468 shares of the company's stock, valued at approximately $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. 1.94% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. Mizuho increased their price objective on Microchip Technology from $78.00 to $85.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th. TD Cowen raised their price target on Microchip Technology from $35.00 to $55.00 and gave the company a "hold" rating in a research note on Friday, May 9th. Needham & Company LLC reissued a "buy" rating and set a $66.00 target price on shares of Microchip Technology in a research report on Friday, May 9th. Bank of America upgraded shares of Microchip Technology from an "underperform" rating to a "neutral" rating and set a $56.00 price target for the company in a report on Friday, May 9th. Finally, Stifel Nicolaus increased their price objective on shares of Microchip Technology from $70.00 to $82.00 and gave the company a "buy" rating in a research note on Friday, July 18th. Six investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Microchip Technology has a consensus rating of "Moderate Buy" and a consensus price target of $75.70.

Microchip Technology Company 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.

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