Rhumbline Advisers Increases Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Rhumbline Advisers boosted its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 3.7% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 975,081 shares of the semiconductor company's stock after acquiring an additional 34,416 shares during the quarter. Rhumbline Advisers owned 0.18% of Microchip Technology worth $47,204,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of MCHP. Mainstream Capital Management LLC purchased a new stake in shares of Microchip Technology during the 4th quarter valued at about $26,000. Rakuten Securities Inc. grew its position in Microchip Technology by 309.5% during the fourth quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company's stock valued at $27,000 after buying an additional 359 shares during the period. OFI Invest Asset Management purchased a new stake in Microchip Technology during the fourth quarter valued at approximately $29,000. Financial Life Planners bought a new position in Microchip Technology in the fourth quarter worth approximately $32,000. Finally, Kohmann Bosshard Financial Services LLC bought a new position in Microchip Technology in the fourth quarter worth approximately $34,000. Institutional investors own 91.51% of the company's stock.

Insider Activity at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,015 shares of the company's 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 sale, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Karlton D. Johnson sold 494 shares of the stock in a transaction 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 completion of the sale, the director now directly owns 3,468 shares in the company, valued at approximately $210,472.92. This represents a 12.47% decrease in their position. The disclosure for this sale can be found here. 2.10% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research firms have recently commented on MCHP. Bank of America upgraded Microchip Technology from an "underperform" rating to a "neutral" rating and set a $56.00 price objective for the company in a research note on Friday, May 9th. Stifel Nicolaus upped their price target on Microchip Technology from $60.00 to $70.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Mizuho raised their price objective on Microchip Technology from $58.00 to $68.00 and gave the stock an "outperform" rating in a research note on Tuesday, March 4th. UBS Group lifted their price objective on Microchip Technology from $60.00 to $65.00 and gave the company a "buy" rating in a research report on Friday, May 30th. Finally, Raymond James lifted their price objective on Microchip Technology from $60.00 to $65.00 and gave the company a "strong-buy" rating in a research report on Friday, May 9th. One research analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Microchip Technology presently has an average rating of "Moderate Buy" and a consensus target price of $67.68.

Microchip Technology Price Performance

Shares of NASDAQ:MCHP traded down $0.30 during midday trading on Thursday, reaching $64.37. 11,874,050 shares of the company were exchanged, compared to its average volume of 8,709,962. 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 business's fifty day moving average is $49.29 and its two-hundred day moving average is $54.97. Microchip Technology Incorporated has a one year low of $34.13 and a one year high of $96.98. The stock has a market cap of $34.72 billion, a PE ratio of 114.95 and a beta of 1.48.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last issued its earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share for the quarter, topping analysts' consensus estimates of $0.10 by $0.01. Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. The firm had revenue of $970.50 million during the quarter, compared to analyst estimates of $962.86 million. During the same quarter in the prior year, the business earned $0.57 earnings per share. Microchip Technology's revenue for the quarter was down 26.8% on a year-over-year basis. As a group, analysts predict that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Thursday, May 22nd will be paid a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a yield of 2.83%. The ex-dividend date is Thursday, May 22nd. Microchip Technology's payout ratio is -18,200.00%.

About Microchip Technology

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.