Microchip Technology Incorporated (NASDAQ:MCHP) Shares Bought by Hennessy Advisors Inc.

Hennessy Advisors Inc. boosted its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 2,194.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 33,454 shares of the semiconductor company’s stock after acquiring an additional 31,996 shares during the quarter. Hennessy Advisors Inc.’s holdings in Microchip Technology were worth $3,001,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC grew its stake in shares of Microchip Technology by 1.6% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 295,427 shares of the semiconductor company’s stock valued at $26,503,000 after buying an additional 4,734 shares in the last quarter. Wealthcare Advisory Partners LLC boosted its holdings in Microchip Technology by 15.0% in the first quarter. Wealthcare Advisory Partners LLC now owns 2,704 shares of the semiconductor company’s stock valued at $243,000 after purchasing an additional 352 shares during the period. Corundum Group Inc. boosted its holdings in Microchip Technology by 19.9% in the first quarter. Corundum Group Inc. now owns 4,172 shares of the semiconductor company’s stock valued at $374,000 after purchasing an additional 693 shares during the period. GoalVest Advisory LLC boosted its holdings in Microchip Technology by 49.8% in the first quarter. GoalVest Advisory LLC now owns 602 shares of the semiconductor company’s stock valued at $54,000 after purchasing an additional 200 shares during the period. Finally, RMR Wealth Builders boosted its holdings in Microchip Technology by 17.6% in the first quarter. RMR Wealth Builders now owns 8,903 shares of the semiconductor company’s stock valued at $799,000 after purchasing an additional 1,333 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

Insiders Place Their Bets

In other news, CFO James Eric Bjornholt sold 3,188 shares of the business’s stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $99.98, for a total transaction of $318,736.24. Following the sale, the chief financial officer now owns 33,257 shares of the company’s stock, valued at approximately $3,325,034.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related 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 sale, the vice president now owns 82,203 shares of the company’s stock, valued at approximately $7,470,608.64. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO James Eric Bjornholt sold 3,188 shares of the company’s stock in a transaction that occurred 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 chief financial officer now directly owns 33,257 shares in the company, valued at approximately $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 company stock worth $2,251,857. Company insiders own 2.07% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Jefferies Financial Group assumed coverage on Microchip Technology in a report on Monday, May 13th. They issued a “buy” rating and a $115.00 target price for the company. KeyCorp lifted their price target on Microchip Technology from $90.00 to $110.00 and gave the stock an “overweight” rating in a report on Tuesday, May 7th. Mizuho raised Microchip Technology from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $85.00 to $115.00 in a report on Friday, May 24th. Evercore ISI assumed coverage on Microchip Technology in a report on Tuesday, April 16th. They set an “outperform” rating and a $106.00 price target for the company. Finally, Stifel Nicolaus lifted their price target on Microchip Technology from $98.00 to $102.00 and gave the stock a “buy” rating in a report on Wednesday, May 1st. Five investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, Microchip Technology currently has an average rating of “Moderate Buy” and an average price target of $101.06.

Microchip Technology Stock Performance

NASDAQ MCHP traded up $1.57 on Friday, hitting $91.00. 2,532,552 shares of the company’s stock were exchanged, compared to its average volume of 5,702,479. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.20 and a quick ratio of 0.67. The firm’s 50-day moving average price is $92.72 and its two-hundred day moving average price is $89.08. Microchip Technology Incorporated has a fifty-two week low of $68.75 and a fifty-two week high of $100.57. The firm has a market cap of $48.86 billion, a price-to-earnings ratio of 26.41 and a beta of 1.55.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Monday, May 6th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.57. Microchip Technology had a return on equity of 36.78% and a net margin of 24.98%. The company had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.33 billion. During the same quarter in the previous year, the firm posted $1.56 EPS. The firm’s quarterly revenue was down 40.6% on a year-over-year basis. On average, research analysts expect that Microchip Technology Incorporated will post 2.35 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 5th. Shareholders of record on Wednesday, May 22nd were given a dividend of $0.452 per share. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date was Tuesday, May 21st. This represents a $1.81 annualized dividend and a yield of 1.99%. Microchip Technology’s payout ratio is presently 51.87%.

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.