Reinhart Partners LLC. Increases Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Reinhart Partners LLC. boosted its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 35.8% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 135,822 shares of the semiconductor company's stock after acquiring an additional 35,797 shares during the period. Reinhart Partners LLC.'s holdings in Microchip Technology were worth $6,575,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in Microchip Technology by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 68,912,345 shares of the semiconductor company's stock worth $3,952,123,000 after acquiring an additional 569,699 shares during the period. Van ECK Associates Corp raised its position in Microchip Technology by 39.3% during the fourth quarter. Van ECK Associates Corp now owns 11,093,007 shares of the semiconductor company's stock worth $636,184,000 after acquiring an additional 3,131,807 shares during the period. Invesco Ltd. grew its holdings in shares of Microchip Technology by 9.5% during the fourth quarter. Invesco Ltd. now owns 10,247,908 shares of the semiconductor company's stock worth $587,718,000 after buying an additional 890,819 shares in the last quarter. Norges Bank purchased a new stake in shares of Microchip Technology during the fourth quarter worth $452,627,000. Finally, FIL Ltd grew its holdings in shares of Microchip Technology by 9.0% during the fourth quarter. FIL Ltd now owns 7,877,482 shares of the semiconductor company's stock worth $451,774,000 after buying an additional 653,705 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Microchip Technology Trading Up 2.3%

NASDAQ MCHP traded up $1.54 during trading hours on Tuesday, reaching $69.59. The company had a trading volume of 12,063,104 shares, compared to its average volume of 8,720,239. The stock has a 50-day moving average of $50.90 and a 200 day moving average of $54.92. Microchip Technology Incorporated has a 1-year low of $34.13 and a 1-year high of $96.98. 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 stock has a market capitalization of $37.54 billion, a P/E ratio of 124.27 and a beta of 1.48.

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 (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.01. The business had revenue of $970.50 million for the quarter, compared to analysts' expectations of $962.86 million. Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. The business's quarterly revenue was down 26.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.57 earnings per share. As a group, research analysts anticipate that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd were given a dividend of $0.455 per share. The ex-dividend date of this dividend was Thursday, May 22nd. This represents a $1.82 annualized dividend and a dividend yield of 2.62%. Microchip Technology's dividend payout ratio is presently -18,200.00%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on MCHP shares. UBS Group upped their target price on shares of Microchip Technology from $60.00 to $65.00 and gave the stock a "buy" rating in a report on Friday, May 30th. TD Cowen upped their target price on shares of Microchip Technology from $35.00 to $55.00 and gave the stock a "hold" rating in a report on Friday, May 9th. Evercore ISI upped their target price on shares of Microchip Technology from $65.00 to $71.00 and gave the stock an "outperform" rating in a report on Tuesday, March 4th. Citigroup upped their target price on shares of Microchip Technology from $55.00 to $68.00 and gave the stock a "buy" rating in a report on Monday. Finally, Bank of America raised shares of Microchip Technology from an "underperform" rating to a "neutral" rating and set a $56.00 price objective for the company in a report on Friday, May 9th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Microchip Technology presently has an average rating of "Moderate Buy" and a consensus target price of $68.37.

Insider Transactions at Microchip Technology

In other Microchip Technology news, Director Karlton D. Johnson sold 494 shares of the firm's 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 now owns 3,468 shares of the company's stock, valued at approximately $210,472.92. This trade represents a 12.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO James Eric Bjornholt sold 2,015 shares of the firm's stock in a transaction that occurred on 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 in the company, valued at approximately $1,913,979.14. The trade was a 5.55% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.10% of the company's stock.

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.