GPM Growth Investors Inc. Has $7.09 Million Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

GPM Growth Investors Inc. decreased its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 0.8% in the 4th quarter, Holdings Channel reports. The fund owned 78,583 shares of the semiconductor company’s stock after selling 636 shares during the quarter. Microchip Technology accounts for approximately 3.3% of GPM Growth Investors Inc.’s investment portfolio, making the stock its 9th biggest position. GPM Growth Investors Inc.’s holdings in Microchip Technology were worth $7,087,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. BKM Wealth Management LLC acquired a new position in shares of Microchip Technology in the fourth quarter valued at approximately $27,000. Rakuten Securities Inc. bought a new stake in Microchip Technology in the 4th quarter valued at $27,000. Fortitude Family Office LLC acquired a new position in Microchip Technology in the 4th quarter valued at $29,000. OFI Invest Asset Management acquired a new position in Microchip Technology in the 3rd quarter valued at $26,000. Finally, Milestone Investment Advisors LLC bought a new position in Microchip Technology during the 3rd quarter worth $36,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Insider Transactions at Microchip Technology

In other Microchip Technology 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 transaction of $165,283.00. Following the sale, the chief financial officer now owns 32,893 shares of the company’s stock, valued at $2,759,722.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Microchip Technology news, CFO James Eric Bjornholt sold 1,970 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total value of $165,283.00. Following the transaction, the chief financial officer now directly owns 32,893 shares of the company’s stock, valued at $2,759,722.70. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Karlton D. Johnson sold 370 shares of the firm’s stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total transaction of $31,080.00. Following the sale, the director now directly owns 1,789 shares of the company’s stock, valued at approximately $150,276. The disclosure for this sale can be found here. 2.07% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms recently commented on MCHP. TD Cowen raised 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 report on Friday, February 2nd. Piper Sandler downgraded shares of Microchip Technology from an “overweight” rating to a “neutral” rating and set a $80.00 price target for the company. in a research report on Thursday, January 4th. UBS Group reduced their price target on Microchip Technology from $105.00 to $95.00 and set a “buy” rating on the stock in a research report on Friday, February 2nd. Susquehanna reaffirmed a “positive” rating and issued a $100.00 price objective on shares of Microchip Technology in a report on Monday, April 8th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $100.00 target price on shares of Microchip Technology in a report on Tuesday, January 30th. Six analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $92.50.

Microchip Technology Price Performance

MCHP traded down $0.68 on Tuesday, reaching $92.50. The stock had a trading volume of 1,577,378 shares, compared to its average volume of 5,516,872. The firm has a 50-day moving average of $87.47 and a 200-day moving average of $84.79. Microchip Technology Incorporated has a fifty-two week low of $68.75 and a fifty-two week high of $94.63. The company has a market capitalization of $49.99 billion, a price-to-earnings ratio of 21.77, a price-to-earnings-growth ratio of 2.86 and a beta of 1.65. The company has a current ratio of 0.98, a quick ratio of 0.58 and a debt-to-equity ratio of 0.57.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.04 by $0.04. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. The business had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.77 billion. During the same quarter last year, the business earned $1.48 EPS. The firm’s quarterly revenue was down 18.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Microchip Technology Incorporated will post 4.64 EPS for the current year.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 23rd were paid a $0.45 dividend. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.44. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.95%. The ex-dividend date of this dividend was Thursday, February 22nd. Microchip Technology’s dividend payout ratio is currently 42.06%.

About Microchip Technology

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.