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

Park Avenue Securities LLC lifted its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 1.8% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 59,210 shares of the semiconductor company’s stock after acquiring an additional 1,070 shares during the period. Park Avenue Securities LLC’s holdings in Microchip Technology were worth $5,418,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Vanguard Group Inc. raised its position in shares of Microchip Technology by 2.9% during the 1st quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company’s stock worth $6,152,646,000 after acquiring an additional 1,921,497 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of Microchip Technology by 0.9% during the 4th quarter. Principal Financial Group Inc. now owns 9,279,166 shares of the semiconductor company’s stock worth $836,795,000 after acquiring an additional 87,203 shares in the last quarter. Boston Partners raised its position in shares of Microchip Technology by 10.7% during the 1st quarter. Boston Partners now owns 7,591,471 shares of the semiconductor company’s stock worth $681,838,000 after acquiring an additional 736,818 shares in the last quarter. Norges Bank acquired a new stake in shares of Microchip Technology during the 4th quarter worth about $672,196,000. Finally, Van ECK Associates Corp raised its position in shares of Microchip Technology by 17.2% during the 1st quarter. Van ECK Associates Corp now owns 6,068,311 shares of the semiconductor company’s stock worth $544,388,000 after acquiring an additional 891,297 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Insiders Place Their Bets

In other Microchip Technology news, Director Matthew W. Chapman sold 2,748 shares of the business’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $93.88, for a total transaction of $257,982.24. Following the sale, the director now directly owns 35,682 shares in the company, valued at $3,349,826.16. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Microchip Technology news, Director Matthew W. Chapman sold 2,748 shares of the business’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $93.88, for a total transaction of $257,982.24. Following the sale, the director now directly owns 35,682 shares in the company, valued at $3,349,826.16. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO James Eric Bjornholt sold 3,188 shares of the business’s stock in a transaction 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 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. Over the last ninety days, insiders have sold 13,993 shares of company stock worth $1,343,057. 2.07% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

MCHP has been the topic of several research analyst reports. KeyCorp raised their target price on Microchip Technology from $90.00 to $110.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 7th. Morgan Stanley lowered Microchip Technology from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $102.00 to $100.00 in a research report on Thursday, July 11th. Needham & Company LLC cut their price target on Microchip Technology from $100.00 to $96.00 and set a “buy” rating on the stock in a research report on Monday. The Goldman Sachs Group lifted their price target on Microchip Technology from $77.00 to $88.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 7th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $100.00 price target on shares of Microchip Technology in a research report on Wednesday, July 31st. Six analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Microchip Technology presently has an average rating of “Moderate Buy” and a consensus target price of $99.42.

Microchip Technology Price Performance

Shares of Microchip Technology stock traded down $2.67 during trading on Wednesday, reaching $72.00. The company’s stock had a trading volume of 8,308,395 shares, compared to its average volume of 6,016,741. 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 Incorporated has a 12-month low of $68.75 and a 12-month high of $100.57. The company has a market capitalization of $38.63 billion, a P/E ratio of 21.52 and a beta of 1.54. The business has a 50 day moving average price of $90.69 and a 200-day moving average price of $89.27.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.01. Microchip Technology had a return on equity of 27.82% and a net margin of 20.80%. The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same period in the previous year, the business earned $1.56 earnings per share. The company’s revenue for the quarter was down 45.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Microchip Technology Incorporated will post 2.35 EPS for the current year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd will be given a dividend of $0.454 per share. This represents a $1.82 dividend on an annualized basis and a yield of 2.52%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date is Thursday, August 22nd. Microchip Technology’s payout ratio is presently 52.16%.

Microchip Technology Company Profile

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.