Microchip Technology Incorporated (NASDAQ:MCHP) Stake Boosted by Sunbelt Securities Inc.

Sunbelt Securities Inc. raised its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 9.2% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 9,356 shares of the semiconductor company’s stock after buying an additional 791 shares during the quarter. Sunbelt Securities Inc.’s holdings in Microchip Technology were worth $839,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in MCHP. First Financial Corp IN raised its position in Microchip Technology by 46.7% during the first quarter. First Financial Corp IN now owns 1,058 shares of the semiconductor company’s stock valued at $95,000 after buying an additional 337 shares during the period. Dynamic Advisor Solutions LLC increased its holdings in shares of Microchip Technology by 80.7% in the 1st quarter. Dynamic Advisor Solutions LLC now owns 23,194 shares of the semiconductor company’s stock valued at $2,081,000 after purchasing an additional 10,358 shares during the period. CGN Advisors LLC lifted its position in shares of Microchip Technology by 10.0% in the first quarter. CGN Advisors LLC now owns 28,565 shares of the semiconductor company’s stock worth $2,563,000 after purchasing an additional 2,586 shares in the last quarter. Northwest Investment Counselors LLC boosted its holdings in shares of Microchip Technology by 2.7% during the first quarter. Northwest Investment Counselors LLC now owns 38,504 shares of the semiconductor company’s stock worth $3,454,000 after purchasing an additional 1,029 shares during the period. Finally, Steph & Co. grew its position in Microchip Technology by 57.4% during the first quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock valued at $37,000 after purchasing an additional 151 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Microchip Technology

In other Microchip Technology 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 owns 82,203 shares in the company, valued at approximately $7,470,608.64. 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 7,830 shares of the company’s stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $95.06, for a total value of $744,319.80. Following the sale, the vice president now owns 79,509 shares of the company’s stock, valued at $7,558,125.54. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, 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 transaction of $908,800.00. Following the transaction, the vice president now owns 82,203 shares of the company’s stock, valued at approximately $7,470,608.64. The disclosure for this sale can be found here. Insiders have sold 23,993 shares of company stock worth $2,251,857 over the last three months. Company insiders own 2.07% of the company’s stock.

Microchip Technology Stock Performance

MCHP opened at $89.43 on Friday. Microchip Technology Incorporated has a 12-month low of $68.75 and a 12-month high of $100.57. The firm has a market capitalization of $48.01 billion, a P/E ratio of 25.77 and a beta of 1.55. The stock’s 50 day moving average price is $92.72 and its two-hundred day moving average price is $89.08. The company has a quick ratio of 0.67, a current ratio of 1.20 and a debt-to-equity ratio of 0.75.

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

Microchip Technology Increases Dividend

The company also recently announced 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. The ex-dividend date was Tuesday, May 21st. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.81 dividend on an annualized basis and a yield of 2.02%. Microchip Technology’s dividend payout ratio (DPR) is 52.16%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. UBS Group lifted their target price on shares of Microchip Technology from $95.00 to $103.00 and gave the company a “buy” rating in a research note on Tuesday, May 7th. Mizuho raised Microchip Technology from a “neutral” rating to a “buy” rating and upped their target price for the stock from $85.00 to $115.00 in a research report on Friday, May 24th. Evercore ISI assumed coverage on Microchip Technology in a research note on Tuesday, April 16th. They set an “outperform” rating and a $106.00 price target for the company. Jefferies Financial Group initiated coverage on Microchip Technology in a research note on Monday, May 13th. They issued a “buy” rating and a $115.00 price target for the company. Finally, The Goldman Sachs Group raised their price objective on shares of Microchip Technology from $77.00 to $88.00 and gave the company a “neutral” rating in a research report on Tuesday, May 7th. Five investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $101.06.

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.