Park Place Capital Corp Acquires 2,651 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Park Place Capital Corp increased its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 267.0% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 3,644 shares of the semiconductor company’s stock after acquiring an additional 2,651 shares during the period. Park Place Capital Corp’s holdings in Microchip Technology were worth $327,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also modified their holdings of the company. Claro Advisors LLC grew its holdings in shares of Microchip Technology by 24.3% during the 1st quarter. Claro Advisors LLC now owns 4,699 shares of the semiconductor company’s stock worth $422,000 after purchasing an additional 920 shares in the last quarter. Deltec Asset Management LLC acquired a new stake in shares of Microchip Technology in the first quarter valued at approximately $897,000. Richardson Capital Management LLC acquired a new position in Microchip Technology during the 1st quarter valued at about $45,000. Founders Financial Securities LLC bought a new stake in shares of Microchip Technology during the 1st quarter valued at $688,000. Finally, Hennion & Walsh Asset Management Inc. boosted its holdings in Microchip Technology by 10.4% during the first quarter. Hennion & Walsh Asset Management Inc. now owns 48,994 shares of the semiconductor company’s stock worth $4,395,000 after buying an additional 4,625 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on MCHP shares. Mizuho upgraded shares of Microchip Technology from a “neutral” rating to a “buy” rating and upped their price target for the company from $85.00 to $115.00 in a report on Friday, May 24th. Citigroup raised their target price on shares of Microchip Technology from $100.00 to $104.00 and gave the stock a “buy” rating in a report on Tuesday, May 7th. Needham & Company LLC lifted their price objective on shares of Microchip Technology from $90.00 to $100.00 and gave the company a “buy” rating in a research note on Tuesday, May 7th. Truist Financial boosted their target price on Microchip Technology from $93.00 to $96.00 and gave the stock a “buy” rating in a research note on Tuesday, May 7th. Finally, Jefferies Financial Group assumed coverage on Microchip Technology in a report on Monday, May 13th. They set a “buy” rating and a $115.00 price target on the stock. Five research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $101.06.

Insiders Place Their Bets

In other news, CFO James Eric Bjornholt sold 3,188 shares of the stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $99.98, for a total transaction 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 $3,325,034.86. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, Director Matthew W. Chapman sold 2,748 shares of Microchip Technology stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $93.88, for a total transaction of $257,982.24. Following the completion of the transaction, the director now directly owns 35,682 shares of the company’s stock, valued at approximately $3,349,826.16. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO James Eric Bjornholt sold 3,188 shares of the company’s stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $99.98, for a total transaction of $318,736.24. Following the completion of the sale, the chief financial officer now owns 33,257 shares in the company, valued at approximately $3,325,034.86. The disclosure for this sale can be found here. Insiders have sold a total of 23,993 shares of company stock valued at $2,251,857 in the last quarter. Insiders own 2.07% of the company’s stock.

Microchip Technology Stock Up 0.1 %

Shares of NASDAQ MCHP opened at $91.59 on Tuesday. The stock has a market capitalization of $49.17 billion, a P/E ratio of 26.39 and a beta of 1.54. Microchip Technology Incorporated has a one year low of $68.75 and a one year high of $100.57. The firm’s 50 day simple moving average is $93.02 and its two-hundred day simple moving average is $89.10. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.20 and a quick ratio of 0.67.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Monday, May 6th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $1.33 billion. During the same period last year, the firm earned $1.56 earnings per share. The company’s revenue for the quarter was down 40.6% compared to the same quarter last year. As a group, analysts expect that Microchip Technology Incorporated will post 2.35 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently declared 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. The ex-dividend date was Tuesday, May 21st. This represents a $1.81 annualized dividend and a yield of 1.97%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio is presently 52.16%.

Microchip Technology 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.