Boothbay Fund Management LLC Purchases 94,230 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Boothbay Fund Management LLC increased its holdings in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 570.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 110,752 shares of the semiconductor company's stock after purchasing an additional 94,230 shares during the quarter. Boothbay Fund Management LLC's holdings in Microchip Technology were worth $6,352,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of MCHP. Capital Analysts LLC raised its holdings in shares of Microchip Technology by 0.8% during the fourth quarter. Capital Analysts LLC now owns 53,341 shares of the semiconductor company's stock valued at $3,060,000 after acquiring an additional 439 shares in the last quarter. Burling Wealth Partners LLC purchased a new position in Microchip Technology during the 4th quarter valued at $2,008,000. Adage Capital Partners GP L.L.C. raised its holdings in Microchip Technology by 17.6% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 406,700 shares of the semiconductor company's stock worth $23,324,000 after purchasing an additional 61,000 shares in the last quarter. Coppell Advisory Solutions LLC lifted its position in shares of Microchip Technology by 30.5% in the 4th quarter. Coppell Advisory Solutions LLC now owns 28,388 shares of the semiconductor company's stock worth $1,622,000 after purchasing an additional 6,642 shares during the period. Finally, Symmetry Investments LP purchased a new position in shares of Microchip Technology during the fourth quarter valued at about $553,000. Hedge funds and other institutional investors own 91.51% of the company's stock.

Insider Activity at Microchip Technology

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

Microchip Technology Stock Performance

Shares of NASDAQ:MCHP traded down $0.10 during mid-day trading on Thursday, reaching $45.98. 8,674,713 shares of the company traded hands, compared to its average volume of 8,259,790. The company's 50 day moving average price is $48.49 and its 200-day moving average price is $57.91. The firm has a market cap of $24.73 billion, a PE ratio of 82.11 and a beta of 1.51. 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 current ratio of 2.25 and a quick ratio of 1.23.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.28 by ($0.15). Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. On average, equities analysts expect that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Monday, February 24th were issued a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.96%. The ex-dividend date was Monday, February 24th. Microchip Technology's dividend payout ratio (DPR) is presently 325.00%.

Analyst Upgrades and Downgrades

Several brokerages have commented on MCHP. StockNews.com lowered shares of Microchip Technology from a "hold" rating to a "sell" rating in a report on Monday, February 10th. UBS Group dropped their price target on Microchip Technology from $70.00 to $55.00 and set a "buy" rating on the stock in a research report on Tuesday. KeyCorp reduced their price target on Microchip Technology from $70.00 to $60.00 and set an "overweight" rating on the stock in a research note on Friday, February 7th. Truist Financial lowered their price objective on Microchip Technology from $56.00 to $43.00 and set a "hold" rating for the company in a research report on Monday, April 21st. Finally, B. Riley reiterated a "buy" rating and issued a $75.00 price target (down from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $66.79.

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.