ProShare Advisors LLC Grows Position in Microchip Technology Incorporated (NASDAQ:MCHP)

ProShare Advisors LLC lifted its position in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 17.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 884,664 shares of the semiconductor company's stock after acquiring an additional 132,466 shares during the quarter. ProShare Advisors LLC owned 0.16% of Microchip Technology worth $50,735,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Mainstream Capital Management LLC acquired a new position in Microchip Technology during the 4th quarter valued at approximately $26,000. Rakuten Securities Inc. boosted its position in Microchip Technology by 309.5% during the 4th quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company's stock valued at $27,000 after purchasing an additional 359 shares during the period. OFI Invest Asset Management acquired a new position in Microchip Technology during the 4th quarter valued at approximately $29,000. Financial Life Planners bought a new stake in Microchip Technology during the 4th quarter valued at $32,000. Finally, Kohmann Bosshard Financial Services LLC bought a new stake in Microchip Technology during the 4th quarter valued at $34,000. Institutional investors and hedge funds own 91.51% of the company's stock.

Insiders Place Their Bets

In related news, CFO James Eric Bjornholt sold 3,724 shares of the firm's stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total transaction of $226,717.12. Following the completion of the transaction, the chief financial officer now directly owns 33,272 shares of the company's stock, valued at approximately $2,025,599.36. This trade represents a 10.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 2.10% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on MCHP shares. Bank of America raised Microchip Technology from an "underperform" rating to a "neutral" rating and set a $56.00 price objective on the stock in a research note on Friday, May 9th. Stifel Nicolaus boosted their price objective on Microchip Technology from $60.00 to $70.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. B. Riley raised their target price on shares of Microchip Technology from $60.00 to $75.00 and gave the stock a "buy" rating in a report on Friday, May 9th. StockNews.com downgraded Microchip Technology from a "hold" rating to a "sell" rating in a report on Monday, February 10th. Finally, TD Cowen boosted their target price on Microchip Technology from $35.00 to $55.00 and gave the company a "hold" rating in a research note on Friday, May 9th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $67.42.

Microchip Technology Stock Performance

Microchip Technology stock traded down $0.64 during midday trading on Monday, reaching $60.57. 8,218,687 shares of the company traded hands, compared to its average volume of 8,552,453. The firm has a market capitalization of $32.63 billion, a price-to-earnings ratio of 108.16 and a beta of 1.42. The business has a 50 day moving average of $47.51 and a two-hundred day moving average of $55.78. Microchip Technology Incorporated has a 12 month low of $34.13 and a 12 month 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 released its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share for the quarter, topping the consensus estimate of $0.10 by $0.01. Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. The business had revenue of $970.50 million for the quarter, compared to the consensus estimate of $962.86 million. During the same period last year, the firm earned $0.57 earnings per share. The company's quarterly revenue was down 26.8% on a year-over-year basis. As a group, research analysts predict that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Shareholders of record on Thursday, May 22nd will be given a $0.455 dividend. The ex-dividend date of this dividend is Thursday, May 22nd. This represents a $1.82 annualized dividend and a yield of 3.00%. Microchip Technology's payout ratio is presently -18,200.00%.

Microchip Technology Company 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.