Resona Asset Management Co. Ltd. Acquires 9,568 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Key Points

• Resona Asset Management Co. Ltd. has increased its stake in Microchip Technology by 6.2%, now holding 164,529 shares worth approximately $7.97 million.
• Microchip Technology announced a quarterly dividend of $0.455 per share, with an upcoming payment date of September 5th.
• Wall Street analysts have a consensus rating of "Moderate Buy" for Microchip Technology, with a target price averaging $76.58.

Resona Asset Management Co. Ltd. boosted its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 6.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 164,529 shares of the semiconductor company's stock after purchasing an additional 9,568 shares during the quarter. Resona Asset Management Co. Ltd.'s holdings in Microchip Technology were worth $7,972,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. Garde Capital Inc. acquired a new stake in shares of Microchip Technology during the 1st quarter worth about $30,000. Orion Capital Management LLC acquired a new stake in Microchip Technology in the 4th quarter valued at about $41,000. Byrne Asset Management LLC acquired a new stake in Microchip Technology in the 1st quarter valued at about $41,000. GW&K Investment Management LLC increased its position in Microchip Technology by 161.0% in the 1st quarter. GW&K Investment Management LLC now owns 937 shares of the semiconductor company's stock valued at $45,000 after acquiring an additional 578 shares in the last quarter. Finally, American National Bank & Trust acquired a new stake in Microchip Technology in the 1st quarter valued at about $48,000. Institutional investors and hedge funds own 91.51% of the company's stock.

Microchip Technology Stock Down 0.4%

Shares of NASDAQ MCHP traded down $0.28 during midday trading on Friday, reaching $65.71. The company's stock had a trading volume of 7,744,425 shares, compared to its average volume of 10,186,693. The company has a current ratio of 2.31, a quick ratio of 1.33 and a debt-to-equity ratio of 0.80. Microchip Technology Incorporated has a fifty-two week low of $34.13 and a fifty-two week high of $82.87. The stock has a market capitalization of $35.46 billion, a price-to-earnings ratio of -193.26, a PEG ratio of 1.93 and a beta of 1.55. The stock has a 50 day simple moving average of $69.75 and a 200-day simple moving average of $58.36.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last issued its earnings results on Thursday, August 7th. The semiconductor company reported $0.27 earnings per share for the quarter, topping analysts' consensus estimates of $0.24 by $0.03. The business had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.05 billion. Microchip Technology had a negative net margin of 3.50% and a positive return on equity of 6.24%. The firm's revenue for the quarter was down 13.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.53 earnings per share. Equities research analysts predict that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 5th. Investors of record on Friday, August 22nd will be issued a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Friday, August 22nd. Microchip Technology's payout ratio is presently -535.29%.

Insiders Place Their Bets

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,015 shares of Microchip Technology stock in a transaction 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 $1,913,979.14. The trade was a 5.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Karlton D. Johnson sold 494 shares of Microchip Technology stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $60.69, for a total transaction of $29,980.86. Following the transaction, the director directly owned 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 disclosure for this sale can be found here. 1.94% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. B. Riley raised their target price on shares of Microchip Technology from $60.00 to $75.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Bank of America raised shares of Microchip Technology from an "underperform" rating to a "neutral" rating and set a $56.00 target price on the stock in a research note on Friday, May 9th. Truist Financial raised their target price on shares of Microchip Technology from $52.00 to $64.00 and gave the company a "hold" rating in a research note on Wednesday, June 18th. Needham & Company LLC lifted their price objective on shares of Microchip Technology from $66.00 to $77.00 and gave the stock a "buy" rating in a research note on Friday, August 8th. Finally, UBS Group lifted their price objective on shares of Microchip Technology from $65.00 to $85.00 and gave the stock a "buy" rating in a research note on Monday, July 7th. Six analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $76.58.

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.