Graham Capital Management L.P. Purchases New Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Graham Capital Management L.P. bought a new stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 11,566 shares of the semiconductor company's stock, valued at approximately $663,000.

Several other institutional investors have also recently added to or reduced their stakes in MCHP. Mainstream Capital Management LLC bought a new position in shares of Microchip Technology during the fourth quarter worth about $26,000. Rakuten Securities Inc. lifted its holdings 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 acquiring an additional 359 shares during the last quarter. OFI Invest Asset Management purchased a new stake in Microchip Technology during the fourth quarter valued at about $29,000. Financial Life Planners purchased a new stake in Microchip Technology during the fourth quarter valued at about $32,000. Finally, Kohmann Bosshard Financial Services LLC purchased a new stake in Microchip Technology during the fourth quarter valued at about $34,000. Institutional investors own 91.51% of the company's stock.

Insider Buying and Selling

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of the company's stock in a transaction that occurred 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 completion of the sale, the chief financial officer now owns 33,272 shares of the company's stock, valued at approximately $2,025,599.36. This represents a 10.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 2.10% of the stock is currently owned by insiders.

Microchip Technology Trading Down 2.6%

Shares of MCHP stock opened at $60.65 on Thursday. Microchip Technology Incorporated has a 12-month low of $34.13 and a 12-month high of $100.57. The company has a market capitalization of $32.62 billion, a P/E ratio of 108.30 and a beta of 1.42. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12. The firm has a 50-day moving average price of $47.18 and a 200 day moving average price of $56.27.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced 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. 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 earnings per share. The company's revenue was down 26.8% on a year-over-year basis. Research analysts forecast that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Thursday, May 22nd will be paid 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 is Thursday, May 22nd. Microchip Technology's dividend payout ratio (DPR) is -18,200.00%.

Analyst Ratings Changes

A number of brokerages have recently weighed in on MCHP. TD Cowen upped their target price on Microchip Technology from $35.00 to $55.00 and gave the company a "hold" rating in a report on Friday, May 9th. Raymond James increased their price target on Microchip Technology from $60.00 to $65.00 and gave the company a "strong-buy" rating in a report on Friday, May 9th. Piper Sandler reiterated an "overweight" rating and set a $65.00 price target (down previously from $85.00) on shares of Microchip Technology in a report on Friday, February 7th. Evercore ISI increased their price objective on Microchip Technology from $65.00 to $71.00 and gave the company an "outperform" rating in a research report on Tuesday, March 4th. Finally, Needham & Company LLC reissued a "buy" rating and issued a $66.00 price objective on shares of Microchip Technology in a research report on Friday, May 9th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price 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.

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