Park Place Capital Corp Has $327,000 Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Park Place Capital Corp grew its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 267.0% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,644 shares of the semiconductor company’s stock after purchasing an additional 2,651 shares during the quarter. Park Place Capital Corp’s holdings in Microchip Technology were worth $327,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MCHP. Claro Advisors LLC lifted its position in Microchip Technology by 24.3% in the 1st quarter. Claro Advisors LLC now owns 4,699 shares of the semiconductor company’s stock valued at $422,000 after acquiring an additional 920 shares in the last quarter. Deltec Asset Management LLC bought a new position in Microchip Technology during the first quarter valued at $897,000. Richardson Capital Management LLC bought a new position in shares of Microchip Technology during the 1st quarter worth $45,000. Founders Financial Securities LLC purchased a new position in shares of Microchip Technology in the first quarter worth about $688,000. Finally, Hennion & Walsh Asset Management Inc. raised its holdings in Microchip Technology by 10.4% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 48,994 shares of the semiconductor company’s stock valued at $4,395,000 after acquiring an additional 4,625 shares during the period. 91.51% of the stock is owned by institutional investors and hedge funds.

Microchip Technology Trading Up 0.1 %

MCHP opened at $91.59 on Tuesday. The firm has a market cap of $49.17 billion, a price-to-earnings ratio of 26.39 and a beta of 1.54. The stock has a fifty day moving average price of $93.02 and a 200-day moving average price of $89.10. Microchip Technology Incorporated has a 12 month low of $68.75 and a 12 month high of $100.57. The company has a current ratio of 1.20, a quick ratio of 0.67 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, meeting the consensus estimate of $0.57. Microchip Technology had a return on equity of 36.78% and a net margin of 24.98%. The company had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.33 billion. During the same period in the prior year, the company posted $1.56 EPS. The firm’s quarterly revenue was down 40.6% compared to the same quarter last year. As a group, equities research analysts anticipate that Microchip Technology Incorporated will post 2.35 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 5th. Stockholders of record on Wednesday, May 22nd were paid a $0.452 dividend. This represents a $1.81 annualized dividend and a dividend yield of 1.97%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date was Tuesday, May 21st. Microchip Technology’s dividend payout ratio (DPR) is presently 52.16%.

Insider Buying and Selling

In other Microchip Technology news, Director Matthew W. Chapman sold 2,748 shares of Microchip Technology stock in a transaction that occurred on 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 sale, the director now directly owns 35,682 shares in the company, valued at approximately $3,349,826.16. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CFO James Eric Bjornholt sold 3,188 shares of the business’s stock in a transaction on 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 approximately $3,325,034.86. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Matthew W. Chapman sold 2,748 shares of the company’s stock in a transaction dated Monday, June 10th. The stock was 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 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. Insiders sold 23,993 shares of company stock valued at $2,251,857 over the last quarter. 2.07% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Citigroup upped their price target on Microchip Technology from $100.00 to $104.00 and gave the company a “buy” rating in a research report on Tuesday, May 7th. KeyCorp upped their target price on Microchip Technology from $90.00 to $110.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 7th. TD Cowen raised their price objective on Microchip Technology from $80.00 to $90.00 and gave the company a “hold” rating in a research note on Tuesday, May 7th. Evercore ISI started coverage on shares of Microchip Technology in a report on Tuesday, April 16th. They issued an “outperform” rating and a $106.00 target price on the stock. Finally, Mizuho raised Microchip Technology from a “neutral” rating to a “buy” rating and raised their target price for the stock from $85.00 to $115.00 in a research note on Friday, May 24th. Five equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target 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.