Woodline Partners LP Boosts Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Woodline Partners LP raised its position in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 285.4% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,121,677 shares of the semiconductor company's stock after buying an additional 1,571,186 shares during the period. Microchip Technology accounts for 0.8% of Woodline Partners LP's investment portfolio, making the stock its 11th biggest holding. Woodline Partners LP owned 0.40% of Microchip Technology worth $121,678,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MCHP. Mainstream Capital Management LLC purchased a new stake in Microchip Technology in the 4th quarter valued at about $26,000. Rakuten Securities Inc. increased its stake in Microchip Technology by 309.5% in the 4th 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 last quarter. OFI Invest Asset Management purchased a new stake in Microchip Technology in the 4th quarter valued at about $29,000. Financial Life Planners purchased a new stake in Microchip Technology in the 4th quarter valued at about $32,000. Finally, Kohmann Bosshard Financial Services LLC purchased a new stake in Microchip Technology in the 4th quarter valued at about $34,000. Hedge funds and other institutional investors own 91.51% of the company's stock.

Microchip Technology Stock Performance

NASDAQ MCHP opened at $60.57 on Tuesday. Microchip Technology Incorporated has a 52-week low of $34.13 and a 52-week high of $100.57. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.23 and a current ratio of 2.25. The company has a market capitalization of $32.63 billion, a P/E ratio of 108.16 and a beta of 1.42. The company has a fifty day moving average of $47.68 and a 200-day moving average of $55.68.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) 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 company had revenue of $970.50 million during the quarter, compared to the consensus estimate of $962.86 million. During the same period in the previous year, the firm posted $0.57 EPS. The firm's revenue was down 26.8% compared to the same quarter last year. As a group, equities research analysts predict that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd will be issued a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.00%. The ex-dividend date of this dividend is Thursday, May 22nd. Microchip Technology's dividend payout ratio is currently -18,200.00%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on MCHP shares. Morgan Stanley lifted their price target on shares of Microchip Technology from $39.00 to $50.00 and gave the stock an "equal weight" rating in a report on Friday, May 9th. Evercore ISI lifted their price target on shares of Microchip Technology from $65.00 to $71.00 and gave the stock an "outperform" rating in a report on Tuesday, March 4th. UBS Group lifted their price target on shares of Microchip Technology from $55.00 to $60.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $70.00 price target on shares of Microchip Technology in a report on Tuesday, March 4th. Finally, StockNews.com cut shares of Microchip Technology from a "hold" rating to a "sell" rating in a report on Monday, February 10th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $67.42.

Insider Transactions at Microchip Technology

In other news, CFO James Eric Bjornholt sold 3,724 shares of Microchip Technology stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total transaction of $226,717.12. Following the completion of the sale, the chief financial officer now directly owns 33,272 shares of the company's stock, valued at approximately $2,025,599.36. The trade was a 10.07% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 2.10% of the stock is currently owned by 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.

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