Harvest Fund Management Co. Ltd Boosts Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Harvest Fund Management Co. Ltd lifted its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 31.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,302 shares of the semiconductor company’s stock after acquiring an additional 1,747 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in Microchip Technology were worth $658,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of the stock. Bleakley Financial Group LLC increased its holdings in Microchip Technology by 1.3% in the fourth quarter. Bleakley Financial Group LLC now owns 9,415 shares of the semiconductor company’s stock valued at $849,000 after buying an additional 119 shares during the last quarter. RFG Advisory LLC increased its holdings in Microchip Technology by 3.2% in the fourth quarter. RFG Advisory LLC now owns 3,910 shares of the semiconductor company’s stock valued at $353,000 after buying an additional 123 shares during the last quarter. Twelve Points Wealth Management LLC increased its holdings in Microchip Technology by 1.0% in the fourth quarter. Twelve Points Wealth Management LLC now owns 12,229 shares of the semiconductor company’s stock valued at $1,103,000 after buying an additional 125 shares during the last quarter. Merit Financial Group LLC increased its holdings in Microchip Technology by 1.9% in the third quarter. Merit Financial Group LLC now owns 7,096 shares of the semiconductor company’s stock valued at $554,000 after buying an additional 134 shares during the last quarter. Finally, Financial Advocates Investment Management increased its holdings in Microchip Technology by 4.1% in the third quarter. Financial Advocates Investment Management now owns 3,607 shares of the semiconductor company’s stock valued at $281,000 after buying an additional 142 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Microchip Technology Trading Up 5.2 %

NASDAQ MCHP traded up $4.49 during mid-day trading on Wednesday, reaching $90.68. 7,107,396 shares of the stock were exchanged, compared to its average volume of 5,549,640. Microchip Technology Incorporated has a 1-year low of $68.75 and a 1-year high of $94.30. The business’s fifty day simple moving average is $86.61 and its 200 day simple moving average is $84.46. The stock has a market capitalization of $49.00 billion, a PE ratio of 21.17, a PEG ratio of 2.55 and a beta of 1.65. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.58 and a current ratio of 0.98.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share for the quarter, beating analysts’ consensus estimates of $1.04 by $0.04. The company had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.77 billion. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. Microchip Technology’s revenue for the quarter was down 18.6% on a year-over-year basis. During the same quarter last year, the business earned $1.48 EPS. On average, research analysts anticipate that Microchip Technology Incorporated will post 4.64 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 23rd were issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.99%. The ex-dividend date was Thursday, February 22nd. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.44. Microchip Technology’s dividend payout ratio (DPR) is 42.06%.

Insider Buying and Selling at Microchip Technology

In related news, Director Karlton D. Johnson sold 370 shares of Microchip Technology stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $84.00, for a total transaction of $31,080.00. Following the transaction, the director now owns 1,789 shares in the company, valued at approximately $150,276. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CFO James Eric Bjornholt sold 1,970 shares of Microchip Technology stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $83.90, for a total transaction of $165,283.00. Following the sale, the chief financial officer now owns 32,893 shares of the company’s stock, valued at approximately $2,759,722.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Karlton D. Johnson sold 370 shares of the business’s stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total transaction of $31,080.00. Following the completion of the sale, the director now directly owns 1,789 shares of the company’s stock, valued at approximately $150,276. The disclosure for this sale can be found here. 2.07% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on MCHP shares. Stifel Nicolaus upped their price objective on shares of Microchip Technology from $94.00 to $98.00 and gave the company a “buy” rating in a research note on Thursday, April 18th. Piper Sandler downgraded shares of Microchip Technology from an “overweight” rating to a “neutral” rating and set a $80.00 price objective for the company. in a research note on Thursday, January 4th. Evercore ISI initiated coverage on shares of Microchip Technology in a research note on Tuesday, April 16th. They issued an “outperform” rating and a $106.00 price objective for the company. Rosenblatt Securities reiterated a “buy” rating and set a $100.00 target price on shares of Microchip Technology in a research note on Tuesday, January 30th. Finally, Susquehanna restated a “positive” rating and issued a $100.00 price objective on shares of Microchip Technology in a research report on Monday, April 8th. Six equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, Microchip Technology currently has an average rating of “Moderate Buy” and an average target price of $92.50.

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.