Washington Capital Management Inc. Acquires Shares of 14,170 Microchip Technology Incorporated (NASDAQ:MCHP)

Washington Capital Management Inc. acquired a new stake in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 14,170 shares of the semiconductor company's stock, valued at approximately $686,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of MCHP. Mainstream Capital Management LLC bought a new stake in Microchip Technology in the fourth quarter valued at approximately $26,000. Rakuten Securities Inc. raised its stake in Microchip Technology by 309.5% in 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 bought a new stake in Microchip Technology in the fourth quarter valued at approximately $29,000. Kohmann Bosshard Financial Services LLC bought a new stake in Microchip Technology in the fourth quarter valued at approximately $34,000. Finally, Millstone Evans Group LLC bought a new stake in Microchip Technology in the fourth quarter valued at approximately $34,000. Institutional investors own 91.51% of the company's stock.

Microchip Technology Trading Up 1.4%

Shares of NASDAQ:MCHP opened at $65.25 on Friday. The business's 50 day simple moving average is $49.94 and its 200 day simple moving average is $54.89. The company has a market capitalization of $35.20 billion, a P/E ratio of 116.52 and a beta of 1.48. Microchip Technology Incorporated has a 1 year low of $34.13 and a 1 year high of $96.98. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23.

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, beating analysts' consensus estimates of $0.10 by $0.01. The firm had revenue of $970.50 million for the quarter, compared to the consensus estimate of $962.86 million. Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. The company's revenue was down 26.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.57 EPS. On average, research analysts anticipate that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Thursday, May 22nd were issued a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.79%. The ex-dividend date of this dividend was Thursday, May 22nd. Microchip Technology's dividend payout ratio is presently -18,200.00%.

Insider Buying and Selling at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,015 shares of the firm'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 sale, the chief financial officer now owns 34,313 shares of the company's stock, valued at $1,913,979.14. This trade represents a 5.55% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Karlton D. Johnson sold 494 shares of the firm's 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 directly owns 3,468 shares in the company, valued at approximately $210,472.92. This trade represents a 12.47% decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.10% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Raymond James increased their target price on Microchip Technology from $60.00 to $65.00 and gave the stock a "strong-buy" rating in a research note on Friday, May 9th. UBS Group increased their target price on Microchip Technology from $60.00 to $65.00 and gave the stock a "buy" rating in a research note on Friday, May 30th. Morgan Stanley increased their target price on Microchip Technology from $39.00 to $50.00 and gave the stock an "equal weight" rating in a research note on Friday, May 9th. Truist Financial increased their target price on Microchip Technology from $43.00 to $52.00 and gave the stock a "hold" rating in a research note on Friday, May 9th. Finally, Bank of America upgraded 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. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Microchip Technology currently has an average rating of "Moderate Buy" and a consensus target price of $67.68.

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.

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