Microchip Technology Incorporated (NASDAQ:MCHP) Shares Purchased by Concentric Wealth Management LLC

Concentric Wealth Management LLC raised its position in Microchip Technology Incorporated (NASDAQ:MCHPFree Report) by 2.9% during the 4th quarter, HoldingsChannel.com reports. The firm owned 33,720 shares of the semiconductor company’s stock after acquiring an additional 943 shares during the period. Concentric Wealth Management LLC’s holdings in Microchip Technology were worth $3,041,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Pitcairn Co. raised its holdings in Microchip Technology by 5.4% in the 4th quarter. Pitcairn Co. now owns 38,220 shares of the semiconductor company’s stock valued at $3,447,000 after buying an additional 1,966 shares during the period. Orleans Capital Management Corp LA boosted its position in shares of Microchip Technology by 3.3% during the 4th quarter. Orleans Capital Management Corp LA now owns 23,017 shares of the semiconductor company’s stock worth $2,076,000 after purchasing an additional 730 shares during the period. First Long Island Investors LLC boosted its position in shares of Microchip Technology by 157.1% during the 4th quarter. First Long Island Investors LLC now owns 324,377 shares of the semiconductor company’s stock worth $29,252,000 after purchasing an additional 198,206 shares during the period. Caxton Associates LP increased its holdings in Microchip Technology by 4,511.5% in the 4th quarter. Caxton Associates LP now owns 400,000 shares of the semiconductor company’s stock valued at $36,072,000 after purchasing an additional 391,326 shares during the last quarter. Finally, Ethic Inc. raised its position in Microchip Technology by 28.2% in the fourth quarter. Ethic Inc. now owns 66,655 shares of the semiconductor company’s stock valued at $6,011,000 after purchasing an additional 14,666 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

Insider Activity

In other Microchip Technology news, VP Stephen V. Drehobl sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $90.88, for a total value of $908,800.00. Following the completion of the transaction, the vice president now owns 82,203 shares in the company, valued at approximately $7,470,608.64. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Microchip Technology news, VP Stephen V. Drehobl sold 10,000 shares of the company’s stock in a transaction that occurred 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 sale, the vice president now owns 82,203 shares in the company, valued at $7,470,608.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO James Eric Bjornholt sold 3,188 shares of Microchip Technology stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $99.98, for a total value of $318,736.24. Following the completion of the transaction, the chief financial officer now owns 33,257 shares of the company’s stock, valued at approximately $3,325,034.86. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 21,245 shares of company stock valued at $1,993,875. Company insiders own 2.07% of the company’s stock.

Microchip Technology Trading Up 1.1 %

NASDAQ MCHP traded up $0.99 during mid-day trading on Wednesday, reaching $94.52. 5,873,285 shares of the stock were exchanged, compared to its average volume of 5,740,694. The stock has a market capitalization of $50.75 billion, a PE ratio of 27.24 and a beta of 1.55. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.67 and a current ratio of 1.20. Microchip Technology Incorporated has a 1-year low of $68.75 and a 1-year high of $100.57. The business’s fifty day simple moving average is $91.98 and its 200 day simple moving average is $88.57.

Microchip Technology (NASDAQ:MCHPGet Free Report) last issued its earnings results on Monday, May 6th. The semiconductor company reported $0.57 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.57. The firm had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.33 billion. Microchip Technology had a return on equity of 36.78% and a net margin of 24.98%. The firm’s revenue for the quarter was down 40.6% compared to the same quarter last year. During the same quarter last year, the firm earned $1.56 earnings per share. On average, research analysts anticipate that Microchip Technology Incorporated will post 2.35 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

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

Wall Street Analysts Forecast Growth

MCHP has been the topic of several research reports. Evercore ISI started coverage on shares of Microchip Technology in a research report on Tuesday, April 16th. They set an “outperform” rating and a $106.00 price target on the stock. Piper Sandler reissued a “neutral” rating and issued a $90.00 target price (up previously from $80.00) on shares of Microchip Technology in a report on Tuesday, May 7th. Jefferies Financial Group began coverage on shares of Microchip Technology in a research report on Monday, May 13th. They issued a “buy” rating and a $115.00 target price on the stock. Citigroup upped their price objective on shares of Microchip Technology from $100.00 to $104.00 and gave the company a “buy” rating in a research note on Tuesday, May 7th. Finally, TD Cowen lifted their target price on Microchip Technology from $80.00 to $90.00 and gave the stock a “hold” rating in a research report on Tuesday, May 7th. Five equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $101.06.

Read Our Latest Stock Analysis on Microchip Technology

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.

Read More

Want to see what other hedge funds are holding MCHP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Microchip Technology Incorporated (NASDAQ:MCHPFree Report).

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

Receive News & Ratings for Microchip Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Microchip Technology and related companies with MarketBeat.com's FREE daily email newsletter.