Microchip Technology Incorporated (NASDAQ:MCHP) Shares Purchased by Tidal Investments LLC

Tidal Investments LLC increased its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 17.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 33,796 shares of the semiconductor company’s stock after acquiring an additional 5,094 shares during the quarter. Tidal Investments LLC’s holdings in Microchip Technology were worth $3,028,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Caxton Associates LP lifted its position in Microchip Technology by 4,511.5% in the fourth quarter. Caxton Associates LP now owns 400,000 shares of the semiconductor company’s stock valued at $36,072,000 after buying an additional 391,326 shares during the last quarter. SageView Advisory Group LLC increased its stake in Microchip Technology by 507.5% during the first quarter. SageView Advisory Group LLC now owns 17,307 shares of the semiconductor company’s stock worth $1,553,000 after purchasing an additional 14,458 shares during the period. RFG Advisory LLC increased its stake in Microchip Technology by 228.4% during the first quarter. RFG Advisory LLC now owns 12,841 shares of the semiconductor company’s stock worth $1,152,000 after purchasing an additional 8,931 shares during the period. AIA Group Ltd increased its stake in Microchip Technology by 80.4% during the fourth quarter. AIA Group Ltd now owns 29,910 shares of the semiconductor company’s stock worth $2,697,000 after purchasing an additional 13,326 shares during the period. Finally, Hennessy Advisors Inc. increased its stake in Microchip Technology by 2,194.5% during the first quarter. Hennessy Advisors Inc. now owns 33,454 shares of the semiconductor company’s stock worth $3,001,000 after purchasing an additional 31,996 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Stock Performance

Shares of NASDAQ MCHP traded down $2.73 during mid-day trading on Thursday, hitting $86.05. 3,995,681 shares of the company were exchanged, compared to its average volume of 5,795,392. The company has a quick ratio of 0.67, a current ratio of 1.20 and a debt-to-equity ratio of 0.75. The stock has a 50 day simple moving average of $92.39 and a 200-day simple moving average of $89.50. Microchip Technology Incorporated has a 1-year low of $68.75 and a 1-year high of $100.57. The firm has a market cap of $46.17 billion, a price-to-earnings ratio of 25.59 and a beta of 1.54.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data 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 firm had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.33 billion. Microchip Technology’s revenue was down 40.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.56 earnings per share. On average, sell-side analysts forecast that Microchip Technology Incorporated will post 2.35 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 5th. Investors of record on Wednesday, May 22nd were given a dividend of $0.452 per share. This represents a $1.81 dividend on an annualized basis and a yield of 2.10%. The ex-dividend date of this dividend was Tuesday, May 21st. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio (DPR) is currently 52.16%.

Insider Buying and Selling

In other Microchip Technology news, VP Stephen V. Drehobl sold 10,000 shares of the firm’s stock in a transaction dated 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 directly owns 82,203 shares of the company’s stock, valued at approximately $7,470,608.64. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, VP Stephen V. Drehobl sold 10,000 shares of Microchip Technology stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $90.88, for a total value of $908,800.00. Following the transaction, 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO James Eric Bjornholt sold 3,188 shares of Microchip Technology stock in a transaction dated 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 transaction, the chief financial officer now directly owns 33,257 shares in the company, valued at $3,325,034.86. The disclosure for this sale can be found here. In the last quarter, insiders sold 23,993 shares of company stock worth $2,251,857. 2.07% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. Piper Sandler reiterated a “neutral” rating and set a $90.00 price target (up from $80.00) on shares of Microchip Technology in a research note on Tuesday, May 7th. Evercore ISI began coverage on shares of Microchip Technology in a research note on Tuesday, April 16th. They set an “outperform” rating and a $106.00 target price on the stock. UBS Group upped their target price on shares of Microchip Technology from $95.00 to $103.00 and gave the stock a “buy” rating in a research note on Tuesday, May 7th. Citigroup upped their target price on shares of Microchip Technology from $100.00 to $104.00 and gave the stock a “buy” rating in a research note on Tuesday, May 7th. Finally, Susquehanna upped their target price on shares of Microchip Technology from $105.00 to $115.00 and gave the stock a “positive” rating in a research note on Wednesday, July 17th. Six equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $102.17.

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.