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Park Avenue Securities LLC Raises Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Microchip Technology logo with Computer and Technology background

Park Avenue Securities LLC raised its position in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 199.3% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 58,140 shares of the semiconductor company's stock after purchasing an additional 38,713 shares during the period. Park Avenue Securities LLC's holdings in Microchip Technology were worth $5,216,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. V Square Quantitative Management LLC purchased a new position in Microchip Technology in the third quarter valued at approximately $185,000. Brandywine Global Investment Management LLC acquired a new stake in Microchip Technology during the 3rd quarter worth $5,764,000. LPL Financial LLC raised its stake in Microchip Technology by 23.9% during the 3rd quarter. LPL Financial LLC now owns 238,990 shares of the semiconductor company's stock worth $18,653,000 after acquiring an additional 46,150 shares in the last quarter. Ontario Teachers Pension Plan Board lifted its position in Microchip Technology by 77.9% in the third quarter. Ontario Teachers Pension Plan Board now owns 29,438 shares of the semiconductor company's stock valued at $2,298,000 after acquiring an additional 12,892 shares during the last quarter. Finally, Stifel Financial Corp boosted its stake in Microchip Technology by 1.6% in the third quarter. Stifel Financial Corp now owns 463,150 shares of the semiconductor company's stock valued at $36,149,000 after acquiring an additional 7,116 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Microchip Technology news, Director Matthew W. Chapman sold 2,748 shares of the business's stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $93.88, for a total transaction of $257,982.24. Following the completion of the sale, the director now owns 35,682 shares of the company's stock, valued at $3,349,826.16. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CFO James Eric Bjornholt sold 3,188 shares of the stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $99.98, for a total value of $318,736.24. Following the completion of the sale, the chief financial officer now owns 33,257 shares of the company's stock, valued at $3,325,034.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Matthew W. Chapman sold 2,748 shares of the firm's stock in a transaction on Monday, June 10th. The shares were sold at an average price of $93.88, for a total transaction of $257,982.24. Following the completion of the transaction, the director now directly owns 35,682 shares in the company, valued at approximately $3,349,826.16. The disclosure for this sale can be found here. Insiders sold 23,993 shares of company stock valued at $2,251,857 in the last ninety days. Company insiders own 2.07% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. B. Riley boosted their target price on Microchip Technology from $105.00 to $110.00 and gave the company a "buy" rating in a report on Tuesday, May 7th. Mizuho raised Microchip Technology from a "neutral" rating to a "buy" rating and increased their price objective for the company from $85.00 to $115.00 in a report on Friday, May 24th. Piper Sandler reaffirmed a "neutral" rating and issued a $90.00 target price (up from $80.00) on shares of Microchip Technology in a report on Tuesday, May 7th. Needham & Company LLC increased their price target on shares of Microchip Technology from $90.00 to $100.00 and gave the stock a "buy" rating in a research note on Tuesday, May 7th. Finally, 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 report on Wednesday, May 1st. Five equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $101.06.


View Our Latest Research Report on MCHP

Microchip Technology Trading Up 2.9 %

Shares of NASDAQ:MCHP traded up $2.56 during midday trading on Friday, reaching $91.58. The company's stock had a trading volume of 9,783,651 shares, compared to its average volume of 5,755,465. The firm has a market cap of $49.17 billion, a price-to-earnings ratio of 26.39 and a beta of 1.55. The business has a 50 day moving average price of $92.48 and a 200 day moving average price of $88.96. Microchip Technology Incorporated has a 1 year low of $68.75 and a 1 year high of $100.57. The company has a quick ratio of 0.67, a current ratio of 1.20 and a debt-to-equity ratio of 0.75.

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

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 5th. Shareholders of record on Wednesday, May 22nd were issued a $0.452 dividend. This represents a $1.81 dividend on an annualized basis and a dividend yield of 1.97%. The ex-dividend date was Tuesday, May 21st. This is a positive change from Microchip Technology's previous quarterly dividend of $0.45. Microchip Technology's dividend payout ratio (DPR) is 52.16%.

About Microchip Technology

(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)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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