New England Research & Management Inc. Has $292,000 Position in Microchip Technology Incorporated (NASDAQ:MCHP)

New England Research & Management Inc. reduced its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 62.4% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 3,250 shares of the semiconductor company’s stock after selling 5,400 shares during the quarter. New England Research & Management Inc.’s holdings in Microchip Technology were worth $292,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Principal Financial Group Inc. grew its position in Microchip Technology by 0.9% during the fourth quarter. Principal Financial Group Inc. now owns 9,279,166 shares of the semiconductor company’s stock worth $836,795,000 after buying an additional 87,203 shares in the last quarter. Norges Bank acquired a new stake in Microchip Technology during the fourth quarter worth about $672,196,000. Van ECK Associates Corp grew its position in Microchip Technology by 16.0% during the fourth quarter. Van ECK Associates Corp now owns 5,177,014 shares of the semiconductor company’s stock worth $466,863,000 after buying an additional 714,376 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Microchip Technology by 1.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,881,646 shares of the semiconductor company’s stock worth $259,867,000 after buying an additional 51,249 shares in the last quarter. Finally, Rafferty Asset Management LLC grew its position in Microchip Technology by 3.7% during the fourth quarter. Rafferty Asset Management LLC now owns 2,755,496 shares of the semiconductor company’s stock worth $248,491,000 after buying an additional 98,914 shares in the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, VP Stephen V. Drehobl sold 10,000 shares of the company’s stock in a transaction on Wednesday, May 8th. The shares were 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 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 accessible through this hyperlink. In other Microchip Technology news, VP Stephen V. Drehobl sold 10,000 shares of the company’s stock in a transaction on Wednesday, May 8th. The shares were 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 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 accessible through this hyperlink. Also, VP Stephen V. Drehobl sold 7,830 shares of the business’s stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $95.06, for a total transaction of $744,319.80. Following the completion of the transaction, the vice president now directly owns 79,509 shares of the company’s stock, valued at approximately $7,558,125.54. The disclosure for this sale can be found here. In the last 90 days, insiders sold 23,993 shares of company stock worth $2,251,857. Insiders own 2.07% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Evercore ISI assumed coverage on Microchip Technology in a research report on Tuesday, April 16th. They set an “outperform” rating and a $106.00 target price on the stock. The Goldman Sachs Group lifted their target price on Microchip Technology from $77.00 to $88.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 7th. Needham & Company LLC lifted their price objective on Microchip Technology from $90.00 to $100.00 and gave the company a “buy” rating in a report on Tuesday, May 7th. Jefferies Financial Group began coverage on Microchip Technology in a report on Monday, May 13th. They set a “buy” rating and a $115.00 price objective on the stock. Finally, Mizuho raised Microchip Technology from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $85.00 to $115.00 in a report on Friday, May 24th. Five equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $101.06.

Microchip Technology Stock Performance

MCHP stock opened at $91.50 on Friday. 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 company has a 50 day moving average price of $93.02 and a 200 day moving average price of $89.10. Microchip Technology Incorporated has a fifty-two week low of $68.75 and a fifty-two week high of $100.57. The stock has a market capitalization of $49.13 billion, a PE ratio of 26.37 and a beta of 1.55.

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

Microchip Technology Increases Dividend

The firm also recently announced 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. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date was Tuesday, May 21st. This represents a $1.81 annualized dividend and a dividend yield of 1.98%. Microchip Technology’s payout ratio is presently 52.16%.

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.