1832 Asset Management L.P. Has $60.70 Million Position in Microchip Technology Incorporated (NASDAQ:MCHP)

1832 Asset Management L.P. grew its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 183,762.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 676,615 shares of the semiconductor company’s stock after purchasing an additional 676,247 shares during the quarter. 1832 Asset Management L.P. owned about 0.13% of Microchip Technology worth $60,699,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the company. Bleakley Financial Group LLC lifted its stake in shares of Microchip Technology by 1.3% during the fourth quarter. Bleakley Financial Group LLC now owns 9,415 shares of the semiconductor company’s stock valued at $849,000 after acquiring an additional 119 shares during the period. Financial Counselors Inc. lifted its stake in Microchip Technology by 1.1% in the first quarter. Financial Counselors Inc. now owns 10,689 shares of the semiconductor company’s stock valued at $959,000 after buying an additional 119 shares during the period. RFG Advisory LLC lifted its stake in Microchip Technology by 3.2% in the fourth quarter. RFG Advisory LLC now owns 3,910 shares of the semiconductor company’s stock valued at $353,000 after buying an additional 123 shares during the period. Meridian Wealth Management LLC lifted its stake in Microchip Technology by 5.1% in the first quarter. Meridian Wealth Management LLC now owns 2,810 shares of the semiconductor company’s stock valued at $252,000 after buying an additional 137 shares during the period. Finally, Horizon Bancorp Inc. IN lifted its stake in Microchip Technology by 11.8% in the first quarter. Horizon Bancorp Inc. IN now owns 1,370 shares of the semiconductor company’s stock valued at $123,000 after buying an additional 145 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Truist Financial increased their target price on Microchip Technology from $93.00 to $96.00 and gave the company a “buy” rating in a research note on Tuesday, May 7th. Citigroup increased their target price on Microchip Technology from $100.00 to $104.00 and gave the company a “buy” rating in a research note on Tuesday, May 7th. Stifel Nicolaus increased their target price on Microchip Technology from $98.00 to $102.00 and gave the company a “buy” rating in a research note on Wednesday, May 1st. Evercore ISI assumed coverage on Microchip Technology in a research note on Tuesday, April 16th. They issued an “outperform” rating and a $106.00 target price on the stock. Finally, UBS Group increased their price target on Microchip Technology from $95.00 to $103.00 and gave the stock a “buy” rating in a report on Tuesday, May 7th. Six analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $102.17.

Microchip Technology Stock Up 2.1 %

MCHP stock traded up $1.80 during mid-day trading on Friday, reaching $86.83. The company had a trading volume of 5,590,310 shares, compared to its average volume of 5,836,401. 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 stock has a 50 day simple moving average of $92.96 and a two-hundred day simple moving average of $89.45. The company has a market capitalization of $46.59 billion, a price-to-earnings ratio of 25.02 and a beta of 1.54. Microchip Technology Incorporated has a 52 week low of $68.75 and a 52 week high of $100.57.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Monday, May 6th. The semiconductor company reported $0.57 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.57. The firm had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.33 billion. Microchip Technology had a return on equity of 36.78% and a net margin of 24.98%. The business’s revenue was down 40.6% compared to the same quarter last year. During the same period last year, the company earned $1.56 earnings per share. As a group, equities analysts predict that Microchip Technology Incorporated will post 2.35 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 5th. Stockholders of record on Wednesday, May 22nd were given a $0.452 dividend. This represents a $1.81 dividend on an annualized basis and a dividend yield of 2.08%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date was Tuesday, May 21st. Microchip Technology’s dividend payout ratio (DPR) is presently 52.16%.

Insider Activity

In other news, VP Stephen V. Drehobl sold 10,000 shares of the firm’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 completion of the sale, the vice president now directly owns 82,203 shares of the company’s stock, valued at $7,470,608.64. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, VP Stephen V. Drehobl sold 10,000 shares of Microchip Technology stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $90.88, for a total transaction of $908,800.00. Following the completion of the sale, the vice president now directly owns 82,203 shares of the company’s stock, valued at approximately $7,470,608.64. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Stephen V. Drehobl sold 7,830 shares of Microchip Technology stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $95.06, for a total value of $744,319.80. Following the sale, the vice president now directly owns 79,509 shares of the company’s stock, valued at $7,558,125.54. The disclosure for this sale can be found here. Insiders sold a total of 23,993 shares of company stock valued at $2,251,857 over the last three months. Insiders own 2.07% of the company’s stock.

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.