Microchip Technology Incorporated (NASDAQ:MCHP) is FORA Capital LLC's 5th Largest Position

FORA Capital LLC grew its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 362.2% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 243,725 shares of the semiconductor company's stock after acquiring an additional 190,990 shares during the quarter. Microchip Technology accounts for approximately 1.6% of FORA Capital LLC's holdings, making the stock its 5th biggest holding. FORA Capital LLC's holdings in Microchip Technology were worth $13,978,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. Pallas Capital Advisors LLC purchased a new stake in shares of Microchip Technology during the fourth quarter valued at approximately $5,917,000. Consolidated Planning Corp purchased a new stake in Microchip Technology during the 4th quarter valued at $308,000. one8zero8 LLC bought a new stake in Microchip Technology in the 4th quarter worth $384,000. Symphony Financial Ltd. Co. purchased a new position in shares of Microchip Technology in the fourth quarter valued at about $520,000. Finally, Truist Financial Corp raised its stake in shares of Microchip Technology by 5.8% during the fourth quarter. Truist Financial Corp now owns 959,439 shares of the semiconductor company's stock valued at $55,024,000 after acquiring an additional 52,222 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors.

Microchip Technology Stock Up 12.6 %

Shares of Microchip Technology stock traded up $6.19 during trading on Friday, hitting $55.33. 21,358,016 shares of the stock traded hands, compared to its average volume of 8,407,364. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12. The stock's fifty day simple moving average is $47.06 and its 200 day simple moving average is $56.44. The firm has a market cap of $29.76 billion, a P/E ratio of 98.80 and a beta of 1.42. Microchip Technology Incorporated has a 52-week low of $34.13 and a 52-week high of $100.57.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share for the quarter, topping analysts' consensus estimates of $0.10 by $0.01. The company had revenue of $970.50 million during the quarter, compared to analyst estimates of $962.86 million. Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. Microchip Technology's revenue was down 26.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.57 earnings per share. On average, equities analysts predict that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd will be paid a dividend of $0.455 per share. The ex-dividend date of this dividend is Thursday, May 22nd. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.29%. Microchip Technology's payout ratio is -18,200.00%.

Insider Activity

In other news, CFO James Eric Bjornholt sold 3,724 shares of the stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total value of $226,717.12. Following the sale, the chief financial officer now owns 33,272 shares in the company, valued at $2,025,599.36. This represents a 10.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 2.10% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on MCHP shares. Bank of America raised 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. TD Cowen boosted their target price on Microchip Technology from $35.00 to $55.00 and gave the company a "hold" rating in a research note on Friday. Needham & Company LLC restated a "buy" rating and set a $66.00 target price on shares of Microchip Technology in a report on Friday. UBS Group lifted their price target on shares of Microchip Technology from $55.00 to $60.00 and gave the company a "buy" rating in a report on Friday. Finally, Raymond James raised their target price on shares of Microchip Technology from $60.00 to $65.00 and gave the stock a "strong-buy" rating in a research report on Friday. One investment analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Microchip Technology has an average rating of "Moderate Buy" and an average price target of $67.42.

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.