Thompson Investment Management Inc. Raises Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Thompson Investment Management Inc. raised its position in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 9.9% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 91,016 shares of the semiconductor company's stock after buying an additional 8,175 shares during the quarter. Thompson Investment Management Inc.'s holdings in Microchip Technology were worth $4,406,000 as of its most recent filing with the SEC.

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

Microchip Technology Trading Down 2.4%

NASDAQ MCHP traded down $1.67 during mid-day trading on Thursday, reaching $67.93. 7,699,552 shares of the stock were exchanged, compared to its average volume of 8,764,313. The stock has a market capitalization of $36.64 billion, a PE ratio of 121.30 and a beta of 1.48. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.23 and a current ratio of 2.25. Microchip Technology Incorporated has a 1-year low of $34.13 and a 1-year high of $96.98. The business's fifty day simple moving average is $52.17 and its 200 day simple moving average is $55.01.

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. Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. The business had revenue of $970.50 million during the quarter, compared to the consensus estimate of $962.86 million. During the same quarter in the previous year, the business earned $0.57 earnings per share. The business's revenue for the quarter was down 26.8% on a year-over-year basis. On average, research analysts anticipate that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Thursday, May 22nd were issued 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 yield of 2.68%. Microchip Technology's payout ratio is -18,200.00%.

Insiders Place Their Bets

In other news, CFO James Eric Bjornholt sold 2,015 shares of the company's stock in a transaction 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 completion of the sale, the chief financial officer now directly owns 34,313 shares in the company, valued at $1,913,979.14. This represents a 5.55% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Karlton D. Johnson sold 494 shares of Microchip Technology stock in a transaction on Tuesday, May 20th. The shares were 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 owns 3,468 shares in the company, valued at $210,472.92. The trade was a 12.47% decrease in their position. The disclosure for this sale can be found here. 2.10% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

MCHP has been the subject of a number of recent analyst reports. Citigroup raised their target price on Microchip Technology from $55.00 to $68.00 and gave the company a "buy" rating in a report on Monday. Bank of America upgraded shares of 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. Rosenblatt Securities upped their target price on shares of Microchip Technology from $63.00 to $70.00 and gave the stock a "buy" rating in a research report on Friday, May 30th. Needham & Company LLC reiterated a "buy" rating and set a $66.00 price target on shares of Microchip Technology in a research report on Friday, May 9th. Finally, Stifel Nicolaus upped their price target on Microchip Technology from $60.00 to $70.00 and gave the stock a "buy" rating in a report on Friday, May 9th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $69.53.

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.