QRG Capital Management Inc. Has $4.55 Million Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

QRG Capital Management Inc. trimmed its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 19.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 93,877 shares of the semiconductor company's stock after selling 22,911 shares during the quarter. QRG Capital Management Inc.'s holdings in Microchip Technology were worth $4,545,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in MCHP. one8zero8 LLC acquired a new stake in Microchip Technology in the fourth quarter valued at approximately $384,000. Vanguard Group Inc. lifted its stake in Microchip Technology by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 68,912,345 shares of the semiconductor company's stock valued at $3,952,123,000 after acquiring an additional 569,699 shares during the last quarter. Franklin Resources Inc. lifted its stake in shares of Microchip Technology by 90.0% in the 4th quarter. Franklin Resources Inc. now owns 6,360,805 shares of the semiconductor company's stock valued at $364,792,000 after purchasing an additional 3,013,162 shares during the last quarter. Jones Financial Companies Lllp lifted its stake in shares of Microchip Technology by 15.7% in the 4th quarter. Jones Financial Companies Lllp now owns 16,418 shares of the semiconductor company's stock valued at $942,000 after purchasing an additional 2,226 shares during the last quarter. Finally, Potomac Fund Management Inc. ADV acquired a new stake in shares of Microchip Technology in the 4th quarter valued at $738,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Microchip Technology Stock Performance

Shares of MCHP traded up $0.95 during trading hours on Friday, reaching $68.97. 19,067,211 shares of the company traded hands, compared to its average volume of 8,857,721. The stock's fifty day moving average is $55.54 and its 200 day moving average is $54.96. The stock has a market cap of $37.20 billion, a P/E ratio of -6,897.00, a price-to-earnings-growth ratio of 2.05 and a beta of 1.48. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.47 and a current ratio of 2.59. 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 EPS for the quarter, beating analysts' consensus estimates of $0.10 by $0.01. The business had revenue of $970.50 million during the quarter, compared to analyst estimates of $962.86 million. Microchip Technology had a negative net margin of 0.01% and a positive return on equity of 8.55%. The firm's revenue for the quarter was down 26.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.57 earnings per share. Equities research 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 announced a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Thursday, May 22nd were paid 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 dividend yield of 2.64%. Microchip Technology's payout ratio is -18,200.00%.

Insider Activity at Microchip Technology

In other news, Director Karlton D. Johnson sold 494 shares of the stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $60.69, for a total value of $29,980.86. Following the completion of the transaction, the director now directly owns 3,468 shares of the company's stock, valued at approximately $210,472.92. This represents a 12.47% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO James Eric Bjornholt sold 2,015 shares of the stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $55.78, for a total value of $112,396.70. Following the transaction, the chief financial officer now owns 34,313 shares of the company's stock, valued at $1,913,979.14. This represents a 5.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.10% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Evercore ISI lifted their price objective on shares of 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 boosted their price target on Microchip Technology from $35.00 to $55.00 and gave the stock a "hold" rating in a research report on Friday, May 9th. Truist Financial boosted their target price on Microchip Technology from $52.00 to $64.00 and gave the stock a "hold" rating in a report on Wednesday. Needham & Company LLC restated a "buy" rating and issued a $66.00 target price on shares of Microchip Technology in a report on Friday, May 9th. Finally, UBS Group boosted their target price on Microchip Technology from $60.00 to $65.00 and gave the stock a "buy" rating in a report on Friday, May 30th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $70.15.

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.