Entry Point Capital LLC reduced its holdings in Microchip Technology Incorporated (NASDAQ:MCHP – free report ) by 56.8% during the first quarter, according to its latest 13F filing with the Securities and Exchange Commission. The fund sold 790 shares during the period, leaving it holding 600 shares. Entry Point Capital LLC’s holdings in Microchip Technology were worth $54,000 as of the latest filing with the Securities and Exchange Commission.
Other institutional investors also increased or decreased their investments in the company. Rakuten Securities acquired a new stake in Microchip Technology in the fourth quarter, valued at $27,000. Rise Advisors acquired a new stake in Microchip Technology in the first quarter, valued at approximately $28,000. Pine Ridge Advisors acquired a new stake in Microchip Technology in the fourth quarter, valued at approximately $33,000. Steff & Company increased its stake in Microchip Technology by 57.4% in the first quarter. Steff & Company now owns 414 shares of the semiconductor company’s stock, valued at $37,000, after purchasing an additional 151 shares during the period. Finally, Bfsg LLC acquired a new stake in Microchip Technology in the fourth quarter, valued at approximately $45,000. 91.51% of the stock is now held by institutional investors.
Microchip Technology Price Performance
Shares of NASDAQ:MCHP opened trading at $86.83 on Friday. 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’s 52-week low is $68.75 and its 52-week high is $100.57. The company has a market cap of $46.59 billion, a P/E ratio of 25.02 and a beta of 1.54. The company’s 50-day moving average is $92.96 and 200-day moving average is $89.45.
Microchip Technology (NASDAQ:MCHP – Get free report ) released its quarterly earnings on Monday, May 6th. The semiconductor company reported quarterly EPS of $0.57, in line with analysts’ consensus estimates of $0.57. The company’s revenue for the quarter was $1.33 billion, beating analyst expectations of $1.33 billion. Microchip Technology had an ROE of 36.78% and a net margin of 24.98%. The company’s revenue was down 40.6% year-over-year. EPS in the same quarter last year was $1.56. Sell-side analysts expect Microchip Technology Incorporated to post earnings of $2.35 per share this year.
Microchip Technology Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Wednesday, June 5th. Shareholders of record on Wednesday, May 22nd were paid a dividend of $0.452. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. This equates to an annualized dividend of $1.81, or a yield of 2.08%. The ex-dividend date for this dividend was Tuesday, May 21st. Microchip Technology has a dividend payout ratio of 52.16%.
Analyst Rating Changes
MCHP has been the subject of several research reports recently. The Goldman Sachs Group raised their price target on Microchip Technology from $77.00 to $88.00 and gave the company a “neutral” rating in a research report on Tuesday, May 7th. UBS Group raised their price target on Microchip Technology from $95.00 to $103.00 and gave the company a “buy” rating in a report on Tuesday, May 7th. Jefferies Financial Group began researching shares of Microchip Technology in a research report on Monday, May 13th. The firm issued a “buy” rating and a $115.00 price target on the company. Truist Financial raised their price target on Microchip Technology from $93.00 to $96.00 and gave the company a “buy” rating in a research report on Tuesday, May 7th. Finally, Mizuho upgraded Microchip Technology from a “neutral” rating to a “buy” rating and increased their price target from $85.00 to $115.00 in a research note on Friday, May 24th. Six analysts have issued a hold rating to the company’s stock, and thirteen have issued a buy rating. According to MarketBeat.com, Microchip Technology currently has an average rating of a “moderate buy” with a consensus price target of $102.17.
Check out our latest analysis for MCHP
Insider Activities
In related news, CFO James Eric Bjornholt sold 3,188 shares of the company’s 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 CFO now directly owns 33,257 shares of the company’s stock, valued at approximately $3,325,034.86. The sale was disclosed in a Securities and Exchange Commission filing, which can be accessed through this link. In other news, Director Matthew W. Chapman sold 2,748 shares of Microchip Technology stock in a transaction on Monday, June 10th. The shares were sold at an average price of $93.88, for a total value of $257,982.24. Following the completion of the transaction, the director now directly owns 35,682 shares of the company’s stock, valued at $3,349,826.16. The sale was disclosed in a Securities and Exchange Commission filing, which can be accessed through this link. Additionally, CFO James Eric Bjornholt sold 3,188 shares of the company’s stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $99.98, for a total transaction value of $318,736.24. Following the sale, the Chief Financial Officer now directly owns 33,257 shares of the company’s stock, valued at $3,325,034.86. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 23,993 shares of the company’s stock, valued at $2,251,857. Company insiders own 2.07% of the company’s shares.
Microchip Technology Profile
(Free report)
Microchip Technology Incorporated develops, manufactures and sells smart, connected and secure embedded control solutions throughout 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 specialty microcontrollers for automotive, industrial, computing, communications, lighting, power, motor control, human machine interface, security and wired and wireless connectivity applications.
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