Chicago Capital LLC Raises Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Chicago Capital LLC grew its holdings in Microchip Technology Incorporated (NASDAQ:MCHPFree Report) by 119.0% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 10,782 shares of the semiconductor company’s stock after buying an additional 5,858 shares during the period. Chicago Capital LLC’s holdings in Microchip Technology were worth $972,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in MCHP. Norges Bank purchased a new position in shares of Microchip Technology in the 4th quarter worth $412,120,000. Mizuho Markets Americas LLC purchased a new position in shares of Microchip Technology in the 3rd quarter worth $225,800,000. Prudential Financial Inc. grew its stake in shares of Microchip Technology by 98.5% in the 1st quarter. Prudential Financial Inc. now owns 2,056,405 shares of the semiconductor company’s stock worth $154,518,000 after buying an additional 1,020,624 shares in the last quarter. Qube Research & Technologies Ltd grew its stake in shares of Microchip Technology by 122.1% in the 3rd quarter. Qube Research & Technologies Ltd now owns 1,529,186 shares of the semiconductor company’s stock worth $119,353,000 after buying an additional 840,526 shares in the last quarter. Finally, Virginia Retirement Systems ET AL purchased a new position in shares of Microchip Technology during the 2nd quarter worth about $69,092,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Microchip Technology Stock Up 0.6 %

NASDAQ:MCHP opened at $89.71 on Monday. The company has a market cap of $48.48 billion, a PE ratio of 20.96, a P/E/G ratio of 1.60 and a beta of 1.65. Microchip Technology Incorporated has a twelve month low of $68.75 and a twelve month high of $94.30. The company has a current ratio of 0.98, a quick ratio of 0.58 and a debt-to-equity ratio of 0.57. The company’s 50 day moving average is $86.38 and its two-hundred day moving average is $83.32.

Microchip Technology (NASDAQ:MCHPGet Free Report) last released its earnings results on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share for the quarter, topping the consensus estimate of $1.04 by $0.04. The company had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.77 billion. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. Microchip Technology’s revenue was down 18.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.48 EPS. Analysts anticipate that Microchip Technology Incorporated will post 4.64 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 23rd were issued a $0.45 dividend. This is an increase from Microchip Technology’s previous quarterly dividend of $0.44. This represents a $1.80 annualized dividend and a dividend yield of 2.01%. The ex-dividend date of this dividend was Thursday, February 22nd. Microchip Technology’s dividend payout ratio is 42.06%.

Analysts Set New Price Targets

MCHP has been the subject of a number of recent analyst reports. TD Cowen lifted their price target on shares of Microchip Technology from $75.00 to $80.00 and gave the stock a “market perform” rating in a research note on Friday, February 2nd. Needham & Company LLC lifted their price objective on shares of Microchip Technology from $85.00 to $90.00 and gave the company a “buy” rating in a report on Friday, February 2nd. UBS Group decreased their price objective on shares of Microchip Technology from $105.00 to $95.00 and set a “buy” rating for the company in a report on Friday, February 2nd. StockNews.com lowered shares of Microchip Technology from a “buy” rating to a “hold” rating in a report on Friday, December 29th. Finally, Wolfe Research upgraded shares of Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 price target for the company in a report on Thursday, January 18th. Six investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $91.33.

Read Our Latest Analysis on Microchip Technology

Insider Activity

In other news, CFO James Eric Bjornholt sold 1,970 shares of the company’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 sale, the chief financial officer now directly owns 32,893 shares of the company’s stock, valued at approximately $2,759,722.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Karlton D. Johnson sold 370 shares of the business’s stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $84.00, for a total value of $31,080.00. Following the completion of the transaction, the director now directly owns 1,789 shares in the company, valued at approximately $150,276. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, 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 transaction of $165,283.00. Following the completion of the transaction, the chief financial officer now owns 32,893 shares of the company’s stock, valued at $2,759,722.70. The disclosure for this sale can be found here. Insiders own 2.07% of the company’s stock.

Microchip Technology 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.

Further Reading

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

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