GAMMA Investing LLC Boosts Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

GAMMA Investing LLC increased its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 36.9% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 4,107 shares of the semiconductor company’s stock after buying an additional 1,106 shares during the quarter. GAMMA Investing LLC’s holdings in Microchip Technology were worth $368,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. BKM Wealth Management LLC purchased a new stake in shares of Microchip Technology in the 4th quarter worth approximately $27,000. Rakuten Securities Inc. bought a new position in Microchip Technology in the 4th quarter valued at approximately $27,000. Fortitude Family Office LLC bought a new position in Microchip Technology in the 4th quarter valued at approximately $29,000. Pineridge Advisors LLC bought a new position in Microchip Technology in the 4th quarter valued at approximately $33,000. Finally, Bfsg LLC bought a new position in Microchip Technology in the 4th quarter valued at approximately $45,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Mizuho raised Microchip Technology from a “neutral” rating to a “buy” rating and upped their price objective for the company from $85.00 to $115.00 in a research report on Friday, May 24th. Stifel Nicolaus upped their price objective on Microchip Technology from $98.00 to $102.00 and gave the company a “buy” rating in a research report on Wednesday, May 1st. Truist Financial upped their price objective on Microchip Technology from $93.00 to $96.00 and gave the company a “buy” rating in a research report on Tuesday, May 7th. Needham & Company LLC increased their price target on Microchip Technology from $90.00 to $100.00 and gave the company a “buy” rating in a report on Tuesday, May 7th. Finally, UBS Group increased their price target on Microchip Technology from $95.00 to $103.00 and gave the company a “buy” rating in a report on Tuesday, May 7th. 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.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $101.06.

Microchip Technology Price Performance

Shares of Microchip Technology stock opened at $93.45 on Thursday. Microchip Technology Incorporated has a one year low of $68.75 and a one year high of $100.57. The stock’s fifty day moving average is $92.37 and its 200 day moving average is $88.91. The stock has a market cap of $50.17 billion, a P/E ratio of 26.93 and a beta of 1.55. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.67 and a current ratio of 1.20.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly 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 return on equity of 36.78% and a net margin of 24.98%. The business had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.33 billion. During the same quarter in the prior year, the business posted $1.56 EPS. Microchip Technology’s revenue for the quarter was down 40.6% compared to the same quarter last year. Sell-side analysts anticipate that Microchip Technology Incorporated will post 2.35 earnings per share for the current year.

Microchip Technology Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 5th. Shareholders of record on Wednesday, May 22nd were paid a $0.452 dividend. This represents a $1.81 dividend on an annualized basis and a yield of 1.93%. The ex-dividend date of this dividend was Tuesday, May 21st. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio is presently 52.16%.

Insiders Place Their Bets

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,188 shares of the stock in a transaction on Thursday, May 23rd. The stock was 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 owns 33,257 shares in the company, valued at approximately $3,325,034.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CFO James Eric Bjornholt sold 3,188 shares of the firm’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 transaction, the chief financial officer now owns 33,257 shares in the company, valued at $3,325,034.86. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Matthew W. Chapman sold 2,748 shares of the firm’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $93.88, for a total value of $257,982.24. Following the transaction, the director now owns 35,682 shares of the company’s stock, valued at approximately $3,349,826.16. 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. Corporate insiders own 2.07% of the company’s stock.

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.