Wealth Enhancement Advisory Services LLC Grows Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Wealth Enhancement Advisory Services LLC boosted its stake in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 24.8% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 403,829 shares of the semiconductor company's stock after purchasing an additional 80,125 shares during the quarter. Wealth Enhancement Advisory Services LLC owned about 0.08% of Microchip Technology worth $19,549,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of MCHP. Azzad Asset Management Inc. ADV purchased a new position in shares of Microchip Technology in the first quarter valued at $234,000. Everhart Financial Group Inc. purchased a new position in shares of Microchip Technology in the first quarter valued at $221,000. Fort Washington Investment Advisors Inc. OH boosted its stake in shares of Microchip Technology by 4.2% in the first quarter. Fort Washington Investment Advisors Inc. OH now owns 617,675 shares of the semiconductor company's stock valued at $29,902,000 after purchasing an additional 24,628 shares during the period. GPS Wealth Strategies Group LLC boosted its stake in shares of Microchip Technology by 106.5% in the first quarter. GPS Wealth Strategies Group LLC now owns 1,939 shares of the semiconductor company's stock valued at $94,000 after purchasing an additional 1,000 shares during the period. Finally, Thompson Investment Management Inc. boosted its stake in shares of Microchip Technology by 9.9% in the first quarter. Thompson Investment Management Inc. now owns 91,016 shares of the semiconductor company's stock valued at $4,406,000 after purchasing an additional 8,175 shares during the period. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Microchip Technology 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 transaction 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 filing with the Securities & Exchange Commission, which is available at this link. Also, CFO James Eric Bjornholt sold 2,015 shares of Microchip Technology 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 in the company, valued at $1,913,979.14. This represents a 5.55% decrease in their position. The disclosure for this sale can be found here. Insiders own 2.10% of the company's stock.

Microchip Technology Stock Performance

Shares of MCHP opened at $68.97 on Friday. Microchip Technology Incorporated has a one year low of $34.13 and a one year high of $96.98. The company has a 50-day moving average of $55.54 and a two-hundred day moving average of $54.96. The stock has a market cap of $37.20 billion, a price-to-earnings ratio of -6,897.00, a PEG ratio of 2.05 and a beta of 1.48. The company has a debt-to-equity ratio of 0.80, a current ratio of 2.59 and a quick ratio of 1.47.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced its earnings results on Thursday, May 8th. The semiconductor company reported $0.11 EPS for the quarter, topping the consensus estimate of $0.10 by $0.01. The company had revenue of $970.50 million during 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 for the quarter was down 26.8% on a year-over-year basis. During the same period last year, the company posted $0.57 earnings per share. On average, equities research analysts expect that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd were given a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.64%. The ex-dividend date was Thursday, May 22nd. Microchip Technology's dividend payout ratio is -18,200.00%.

Analyst Ratings Changes

Several research firms recently issued reports on MCHP. Raymond James Financial upped their price target on shares of Microchip Technology from $60.00 to $65.00 and gave the company a "strong-buy" rating in a report on Friday, May 9th. Citigroup upped their price target on shares of Microchip Technology from $55.00 to $68.00 and gave the company a "buy" rating in a report on Monday, June 9th. TD Cowen upped their price target on shares of Microchip Technology from $35.00 to $55.00 and gave the company a "hold" rating in a report on Friday, May 9th. Stifel Nicolaus upped their price target on shares of Microchip Technology from $60.00 to $70.00 and gave the company a "buy" rating in a report on Friday, May 9th. Finally, Bank of America raised shares of Microchip Technology from an "underperform" rating to a "neutral" rating and set a $56.00 price target on the stock in a report on Friday, May 9th. One analyst has rated the stock with a sell rating, six have issued 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, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $70.15.

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.

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