Value Partners Investments Inc. Increases Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Value Partners Investments Inc. raised its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 36.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 42,974 shares of the semiconductor company's stock after purchasing an additional 11,518 shares during the quarter. Value Partners Investments Inc.'s holdings in Microchip Technology were worth $2,082,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in MCHP. Norges Bank purchased a new stake in Microchip Technology during the fourth quarter valued at about $452,627,000. Barrow Hanley Mewhinney & Strauss LLC lifted its holdings in Microchip Technology by 273.2% during the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,345,096 shares of the semiconductor company's stock valued at $306,541,000 after purchasing an additional 3,912,895 shares during the last quarter. Franklin Resources Inc. lifted its holdings in Microchip Technology by 90.0% during the fourth 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. Meritage Group LP purchased a new stake in shares of Microchip Technology in the fourth quarter worth about $145,033,000. Finally, Fiduciary Management Inc. WI purchased a new stake in shares of Microchip Technology in the fourth quarter worth about $119,431,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Microchip Technology Trading Down 0.4%

Shares of Microchip Technology stock traded down $0.29 on Friday, hitting $70.49. The stock had a trading volume of 6,885,466 shares, compared to its average volume of 8,874,693. The company has a quick ratio of 1.47, a current ratio of 2.59 and a debt-to-equity ratio of 0.80. 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 $38.02 billion, a price-to-earnings ratio of -7,049.00, a PEG ratio of 2.10 and a beta of 1.48. The stock's 50-day simple moving average is $58.73 and its two-hundred day simple moving average is $55.25.

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 (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.01. The firm had revenue of $970.50 million for the quarter, compared to analysts' expectations of $962.86 million. Microchip Technology had a negative net margin of 0.01% and a positive return on equity of 8.55%. The business's revenue was down 26.8% on a year-over-year basis. During the same quarter last year, the business earned $0.57 earnings per share. As a group, sell-side analysts predict that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Thursday, May 22nd were issued a $0.455 dividend. This represents a $1.82 annualized dividend and a yield of 2.58%. The ex-dividend date of this dividend was Thursday, May 22nd. Microchip Technology's dividend payout ratio (DPR) is currently -18,200.00%.

Wall Street Analyst Weigh In

MCHP has been the topic of a number of recent analyst reports. Rosenblatt Securities increased their price target on shares of Microchip Technology from $63.00 to $70.00 and gave the stock a "buy" rating in a report on Friday, May 30th. Stifel Nicolaus increased their price target on shares of Microchip Technology from $60.00 to $70.00 and gave the stock a "buy" rating in a report on Friday, May 9th. TD Cowen increased their price target 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. Truist Financial increased their price target on shares of Microchip Technology from $52.00 to $64.00 and gave the stock a "hold" rating in a report on Wednesday, June 18th. Finally, UBS Group raised their target price on shares of Microchip Technology from $60.00 to $65.00 and gave the company a "buy" rating in a research note on Friday, May 30th. Seven equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $70.15.

Insider Activity at Microchip Technology

In related news, 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 sale, the director now owns 3,468 shares in the company, valued at $210,472.92. The trade was a 12.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO James Eric Bjornholt sold 2,015 shares of the firm's stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $55.78, for a total value of $112,396.70. Following the transaction, the chief financial officer now directly owns 34,313 shares of the company's stock, valued at $1,913,979.14. This represents a 5.55% decrease in their position. The disclosure for this sale can be found here. 2.10% of the stock is currently owned by company insiders.

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.