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First Long Island Investors LLC Has $29.25 Million Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Microchip Technology logo with Computer and Technology background

First Long Island Investors LLC grew its position in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 157.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 324,377 shares of the semiconductor company's stock after acquiring an additional 198,206 shares during the period. Microchip Technology comprises 2.6% of First Long Island Investors LLC's portfolio, making the stock its 14th largest holding. First Long Island Investors LLC owned 0.06% of Microchip Technology worth $29,252,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in MCHP. Aptus Capital Advisors LLC purchased a new stake in Microchip Technology during the third quarter worth about $203,000. Deutsche Bank AG boosted its holdings in Microchip Technology by 27.8% during the third quarter. Deutsche Bank AG now owns 1,927,892 shares of the semiconductor company's stock worth $150,472,000 after buying an additional 418,869 shares in the last quarter. Cornerstone Advisors LLC purchased a new stake in Microchip Technology during the third quarter worth about $609,000. First National Advisers LLC boosted its holdings in Microchip Technology by 80.9% during the third quarter. First National Advisers LLC now owns 36,657 shares of the semiconductor company's stock worth $2,862,000 after buying an additional 16,396 shares in the last quarter. Finally, Mizuho Markets Americas LLC purchased a new stake in Microchip Technology during the third quarter worth about $225,800,000. Hedge funds and other institutional investors own 91.51% of the company's stock.


Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Needham & Company LLC upped their price target on shares of Microchip Technology from $90.00 to $100.00 and gave the company a "buy" rating in a report on Tuesday, May 7th. The Goldman Sachs Group upped their price target on shares of Microchip Technology from $77.00 to $88.00 and gave the company a "neutral" rating in a report on Tuesday, May 7th. Evercore ISI assumed coverage on shares of Microchip Technology in a report on Tuesday, April 16th. They issued an "outperform" rating and a $106.00 price target on the stock. TD Cowen upped their price target on shares of Microchip Technology from $80.00 to $90.00 and gave the company a "hold" rating in a report on Tuesday, May 7th. Finally, Susquehanna upped their price target on shares of Microchip Technology from $100.00 to $105.00 and gave the company a "positive" rating in a report on Tuesday, May 7th. Five analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $101.06.

Check Out Our Latest Report on Microchip Technology

Insider Buying and Selling

In other news, VP Stephen V. Drehobl sold 10,000 shares of the stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $90.88, for a total value of $908,800.00. Following the completion of the sale, the vice president now owns 82,203 shares of the company's stock, valued at $7,470,608.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, VP Stephen V. Drehobl sold 7,830 shares of the stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $95.06, for a total value of $744,319.80. Following the completion of the sale, the vice president now owns 79,509 shares of the company's stock, valued at $7,558,125.54. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Stephen V. Drehobl sold 10,000 shares of the stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $90.88, for a total transaction of $908,800.00. Following the completion of the sale, the vice president now directly owns 82,203 shares of the company's stock, valued at approximately $7,470,608.64. The disclosure for this sale can be found here. Over the last quarter, insiders sold 21,245 shares of company stock valued at $1,993,875. Insiders own 2.07% of the company's stock.

Microchip Technology Trading Up 1.1 %

MCHP stock traded up $0.99 on Wednesday, hitting $94.52. 5,870,702 shares of the company were exchanged, compared to its average volume of 5,740,694. Microchip Technology Incorporated has a twelve month low of $68.75 and a twelve month high of $100.57. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.20 and a quick ratio of 0.67. The business's fifty day moving average is $91.85 and its two-hundred day moving average is $88.53. The stock has a market capitalization of $50.75 billion, a price-to-earnings ratio of 26.95 and a beta of 1.55.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last issued its quarterly earnings results on Monday, May 6th. The semiconductor company reported $0.57 EPS for the quarter, hitting the consensus estimate of $0.57. Microchip Technology had a net margin of 24.98% and a return on equity of 36.78%. The firm had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.33 billion. During the same quarter in the prior year, the business posted $1.56 earnings per share. Microchip Technology's revenue for the quarter was down 40.6% compared to the same quarter last year. As a group, research analysts forecast that Microchip Technology Incorporated will post 2.35 earnings per share for the current year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 5th. Investors of record on Wednesday, May 22nd were given a dividend of $0.452 per share. This is a positive change from Microchip Technology's previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Tuesday, May 21st. This represents a $1.81 annualized dividend and a yield of 1.91%. Microchip Technology's dividend payout ratio is 52.16%.

Microchip Technology Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Microchip Technology (NASDAQ:MCHP)

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