Microchip Technology Incorporated (NASDAQ:MCHP) is Sora Investors LLC's 4th Largest Position

Sora Investors LLC boosted its holdings in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 118.2% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 578,334 shares of the semiconductor company's stock after buying an additional 313,334 shares during the quarter. Microchip Technology accounts for approximately 3.7% of Sora Investors LLC's holdings, making the stock its 4th biggest position. Sora Investors LLC owned approximately 0.11% of Microchip Technology worth $33,167,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of MCHP. Norges Bank purchased a new stake in shares of Microchip Technology during the 4th quarter valued at about $452,627,000. Barrow Hanley Mewhinney & Strauss LLC increased its position in shares of Microchip Technology by 273.2% during the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,345,096 shares of the semiconductor company's stock valued at $306,541,000 after purchasing an additional 3,912,895 shares during the last quarter. Van ECK Associates Corp increased its position in shares of Microchip Technology by 39.3% during the 4th quarter. Van ECK Associates Corp now owns 11,093,007 shares of the semiconductor company's stock valued at $636,184,000 after purchasing an additional 3,131,807 shares during the last quarter. Franklin Resources Inc. increased its position in shares of Microchip Technology by 90.0% during the 4th quarter. Franklin Resources Inc. now owns 6,360,805 shares of the semiconductor company's stock valued at $364,792,000 after purchasing an additional 3,013,162 shares during the last quarter. Finally, Meritage Group LP purchased a new stake in shares of Microchip Technology during the 4th quarter valued at about $145,033,000. Hedge funds and other institutional investors own 91.51% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on MCHP. Citigroup upped their price target on shares of Microchip Technology from $50.00 to $55.00 and gave the company a "buy" rating in a research report on Friday, May 9th. KeyCorp reduced their price target on shares of Microchip Technology from $70.00 to $60.00 and set an "overweight" rating for the company in a research report on Friday, February 7th. Bank of America raised shares of Microchip Technology from an "underperform" rating to a "neutral" rating and set a $56.00 price target for the company in a research report on Friday, May 9th. Mizuho increased their target price on shares of Microchip Technology from $58.00 to $68.00 and gave the stock an "outperform" rating in a report on Tuesday, March 4th. Finally, Stifel Nicolaus increased their target price on shares of Microchip Technology from $60.00 to $70.00 and gave the stock a "buy" rating in a report on Friday, May 9th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $67.42.

Insider Activity at Microchip Technology

In related news, CFO James Eric Bjornholt sold 3,724 shares of the company's stock in a transaction that occurred on Tuesday, February 25th. The stock was 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.10% of the stock is owned by insiders.

Microchip Technology Price Performance

Shares of MCHP stock opened at $60.80 on Friday. Microchip Technology Incorporated has a 1-year low of $34.13 and a 1-year high of $100.57. The stock's 50-day moving average is $47.33 and its 200 day moving average is $56.16. The company has a market cap of $32.75 billion, a P/E ratio of 108.57 and a beta of 1.42. 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 quarterly earnings data 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. Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. The company had revenue of $970.50 million for the quarter, compared to the consensus estimate of $962.86 million. During the same quarter last year, the company earned $0.57 earnings per share. The firm's revenue for the quarter was down 26.8% compared to the same quarter last year. Research analysts predict that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Investors 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 2.99%. The ex-dividend date of this dividend is Thursday, May 22nd. Microchip Technology's dividend payout ratio (DPR) is -18,200.00%.

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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