MeadowBrook Investment Advisors LLC Acquires Shares of 10,400 Microchip Technology Incorporated (NASDAQ:MCHP)

MeadowBrook Investment Advisors LLC acquired a new stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 10,400 shares of the semiconductor company's stock, valued at approximately $938,000.

Other hedge funds have also made changes to their positions in the company. Summit Trail Advisors LLC boosted its stake in Microchip Technology by 7.7% in the 4th quarter. Summit Trail Advisors LLC now owns 5,449 shares of the semiconductor company's stock worth $491,000 after purchasing an additional 390 shares in the last quarter. Spire Wealth Management raised its position in Microchip Technology by 10.8% during the 4th quarter. Spire Wealth Management now owns 2,879 shares of the semiconductor company's stock worth $257,000 after buying an additional 281 shares during the last quarter. National Bank of Canada FI raised its position in Microchip Technology by 203.3% during the 4th quarter. National Bank of Canada FI now owns 753,829 shares of the semiconductor company's stock worth $65,252,000 after buying an additional 505,324 shares during the last quarter. Legacy Financial Advisors Inc. raised its position in Microchip Technology by 7.1% during the 4th quarter. Legacy Financial Advisors Inc. now owns 3,398 shares of the semiconductor company's stock worth $306,000 after buying an additional 225 shares during the last quarter. Finally, Merit Financial Group LLC raised its position in Microchip Technology by 12.2% during the 4th quarter. Merit Financial Group LLC now owns 7,960 shares of the semiconductor company's stock worth $718,000 after buying an additional 864 shares during the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. B. Riley raised their price target on shares of Microchip Technology from $105.00 to $110.00 and gave the stock a "buy" rating in a research report on Tuesday. UBS Group raised their price target on shares of Microchip Technology from $95.00 to $103.00 and gave the stock a "buy" rating in a research report on Tuesday. Mizuho raised their price target on shares of Microchip Technology from $82.00 to $85.00 and gave the stock a "neutral" rating in a research report on Tuesday. Stifel Nicolaus raised their price objective on shares of Microchip Technology from $98.00 to $102.00 and gave the stock a "buy" rating in a research note on Wednesday, May 1st. Finally, Susquehanna lifted their price target on shares of Microchip Technology from $100.00 to $105.00 and gave the company a "positive" rating in a research note on Tuesday. Six research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. According to MarketBeat.com, Microchip Technology currently has an average rating of "Moderate Buy" and an average target price of $98.47.

Microchip Technology Trading Down 1.8 %

NASDAQ MCHP traded down $1.70 during trading on Tuesday, hitting $92.06. The stock had a trading volume of 7,414,199 shares, compared to its average volume of 5,645,306. The company has a market capitalization of $49.75 billion, a PE ratio of 21.51, a PEG ratio of 2.79 and a beta of 1.60. The company has a quick ratio of 0.58, a current ratio of 0.98 and a debt-to-equity ratio of 0.57. The firm has a 50 day moving average price of $88.45 and a 200 day moving average price of $85.37. Microchip Technology Incorporated has a twelve month low of $68.75 and a twelve month high of $96.14.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced its quarterly earnings data on Monday, May 6th. The semiconductor company reported $0.57 EPS for the quarter, hitting analysts' consensus estimates of $0.57. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The business had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.33 billion. During the same period in the previous year, the company posted $1.56 earnings per share. The business's revenue for the quarter was down 40.6% on a year-over-year basis. As a group, equities research analysts forecast that Microchip Technology Incorporated will post 4.64 earnings per share for the current year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 5th. Stockholders of record on Wednesday, May 22nd will be given a dividend of $0.452 per share. This represents a $1.81 annualized dividend and a dividend yield of 1.96%. The ex-dividend date of this dividend is Tuesday, May 21st. This is an increase from Microchip Technology's previous quarterly dividend of $0.45. Microchip Technology's payout ratio is currently 42.06%.

Insider Activity

In related news, CFO James Eric Bjornholt sold 1,970 shares of the business's stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $83.90, for a total value of $165,283.00. Following the completion of the sale, the chief financial officer now directly owns 32,893 shares of the company's stock, valued at $2,759,722.70. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 2.07% of the company's stock.

Microchip Technology Profile

Microchip Technology Incorporated develops, manufactures, and sells 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 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.