Yousif Capital Management LLC Increases Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Yousif Capital Management LLC grew its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 8.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 79,391 shares of the semiconductor company’s stock after buying an additional 6,316 shares during the period. Yousif Capital Management LLC’s holdings in Microchip Technology were worth $3,843,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Norges Bank acquired a new stake in Microchip Technology during the 4th quarter worth approximately $452,627,000. Barrow Hanley Mewhinney & Strauss LLC grew its position in shares of Microchip Technology by 273.2% in the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,345,096 shares of the semiconductor company’s stock valued at $306,541,000 after buying an additional 3,912,895 shares during the last quarter. Van ECK Associates Corp grew its position in Microchip Technology by 39.3% during the 4th quarter. Van ECK Associates Corp now owns 11,093,007 shares of the semiconductor company’s stock worth $636,184,000 after purchasing an additional 3,131,807 shares during the last quarter. Franklin Resources Inc. grew its position in Microchip Technology by 90.0% during the 4th quarter. Franklin Resources Inc. now owns 6,360,805 shares of the semiconductor company’s stock worth $364,792,000 after purchasing an additional 3,013,162 shares during the last quarter. Finally, Meritage Group LP purchased a new position in Microchip Technology during the 4th quarter worth $145,033,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Insider Transactions at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,015 shares of the firm’s stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $55.78, for a total transaction of $112,396.70. Following the transaction, the chief financial officer now owns 34,313 shares in the company, valued at $1,913,979.14. This trade represents a 5.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Karlton D. Johnson sold 494 shares of the firm’s stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $60.69, for a total transaction of $29,980.86. Following the sale, the director now owns 3,468 shares of the company’s stock, valued at $210,472.92. The trade was a 12.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.10% of the company’s stock.

Microchip Technology Stock Down 2.4%

Shares of Microchip Technology stock opened at $67.93 on Friday. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12. The company has a fifty day moving average price of $52.17 and a 200 day moving average price of $55.01. The stock has a market cap of $36.64 billion, a price-to-earnings ratio of 121.30 and a beta of 1.48. Microchip Technology Incorporated has a twelve month low of $34.13 and a twelve month high of $96.98.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share for the quarter, beating analysts’ consensus estimates of $0.10 by $0.01. Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. The company had revenue of $970.50 million during the quarter, compared to analysts’ expectations of $962.86 million. During the same period in the prior year, the company posted $0.57 EPS. The firm’s revenue for the quarter was down 26.8% on a year-over-year basis. Equities research analysts forecast that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd were given a dividend of $0.455 per share. The ex-dividend date of this dividend was Thursday, May 22nd. This represents a $1.82 annualized dividend and a dividend yield of 2.68%. Microchip Technology’s payout ratio is -18,200.00%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on MCHP. TD Cowen lifted their target price on shares of Microchip Technology from $35.00 to $55.00 and gave the company a “hold” rating in a report on Friday, May 9th. Rosenblatt Securities lifted their target price on shares of Microchip Technology from $63.00 to $70.00 and gave the stock a “buy” rating in a research report on Friday, May 30th. B. Riley lifted their target price on shares of Microchip Technology from $60.00 to $75.00 and gave the stock a “buy” rating in a research report on Friday, May 9th. Truist Financial boosted their price objective on shares of Microchip Technology from $43.00 to $52.00 and gave the company a “hold” rating in a research report on Friday, May 9th. Finally, Evercore ISI boosted their price objective on shares of Microchip Technology from $69.00 to $83.00 and gave the company an “outperform” rating in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $69.53.

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.