L. Roy Papp & Associates LLP acquired shares of Microchip Technology Incorporated (NASDAQ:MCHP – Free Report) during the fourth quarter, according to the company's most recent disclosures filed with the Securities and Exchange Commission. The company's holdings have been reduced by 4.8%. The company owned 30,104 shares of the company's stock after selling 1,524 shares during the period. Microchip Technology holdings in L. Roy Papp & Associates LLP were worth him $2,715,000 at the end of the most recent reporting period.
Other hedge funds and institutional investors have also recently modified their holdings of the company's stock. Horizon Bancorp Inc. Indiana purchased a new stake in shares of Microchip Technology during the 4th quarter valued at approximately $110,000. Engine No. 1 LLC Fund Management increased his position in shares of Microchip Technology by 7.3% during the 2nd quarter. Engine No. 1 LLC Fund Management now owns 7,128 shares of the company's stock valued at $639,000 after purchasing an additional 488 shares during the period. Eqis Capital Management Inc. increased his position in shares of Microchip Technology by 14.9% in the 2nd quarter. Eqis Capital Management Inc. now owns 10,429 shares of the company's stock valued at $934,000 after purchasing an additional 1,356 shares during the period. Rockline Wealth Management LLC bought a new stake in shares of his Microchip Technology during the 4th quarter valued at approximately $4,449,000. Finally, 17 Capital Partners LLC purchased a new stake in shares of Microchip Technology during the 4th quarter valued at approximately $1,827,000. Currently, 91.51% of the stock is held by institutional investors.
Insider activity
In related news, CFO James Eric Bjornholt sold 1,970 shares of the company's stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total value of $165,283.00. Following the completion of the sale, the chief financial officer now owns 32,893 shares of the company's stock, valued at $2,759,722.70. The sale was disclosed in a legal filing with the Securities and Exchange Commission, which can be accessed through this hyperlink. In related news, Director Carlton D. Johnson sold 370 shares of the company's stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total value of $31,080.00. Following the completion of the sale, the director now owns 1,789 shares of the company's stock, valued at $150,276. The sale was disclosed in a legal filing with the Securities and Exchange Commission, which can be accessed through this hyperlink. Also, Chief Financial Officer (CFO) James Eric Bjornholt sold 1,970 shares of the company's stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total value of $165,283.00. Following the completion of the sale, the chief financial officer will now directly own 32,893 shares of the company's stock, valued at approximately $2,759,722.70. Disclosures regarding this sale can be found here. Insiders own 2.07% of the company's shares.
Wall Street analysts predict growth
Several research analysts have recently offered their opinions on MCHP stock. Susquehanna lowered their target price on shares of Microchip Technology from $105.00 to $100.00 and gave the stock a “positive” rating in a research report on Friday, February 2nd. Needham & Company LLC increased their target price on shares of Microchip Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, February 2nd. Trust Financial lowered their target price on shares of Microchip Technology from $97.00 to $93.00 and gave the stock a “buy” rating in a research report on Tuesday, January 9th. UBS Group lowered their target price on shares of Microchip Technology from $105.00 to $95.00 and gave the stock a “buy” rating in a research report on Friday, February 2nd. Finally, TD Cowen increased their price objective on shares of Microchip Technology from his $75.00 to his $80.00 and gave the stock a “market perform” rating in a research report on Friday, February 2nd. Six analysts have rated the stock as a hold and ten have rated it a buy. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $91.33.
Read the latest stock report for MCHP
Microchip Technology stock price performance
NASDAQ:MCHP opened Friday at $89.71. The company has a market capitalization of $48.48 billion, a P/E ratio of 20.96x, a price-to-earnings ratio of 1.60x, and a beta of 1.65x. Microchip Technology Incorporated's low price over the past 52 weeks was $68.75 and the high price over the past 52 weeks was $94.30. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.58, and a current ratio of 0.98. His 50 day moving average price for this company is $86.38 and his 200 day moving average price is $83.29.
Microchip Technology (NASDAQ:MCHP – Get Free Report) last released its quarterly earnings data on Thursday, February 1st. The 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 expectations of $1.77 billion. Microchip Technology had a return on equity of 45.59% and a net profit margin of 27.59%. The business' quarterly revenue decreased 18.6% compared to the same period last year. In the same period last year, the company's earnings per share were $1.48. Equities research analysts expect Microchip Technology Incorporated to post earnings of $4.64 per share for the current year.
Microchip Technology increases dividend
The company also recently announced a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 23rd were paid a dividend of $0.45 per share. This equates to his $1.80 dividend and his 2.01% dividend yield on an annualized basis. 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 is 42.06%.
About microchip technology
(Free report)
Microchip Technology Incorporated develops, manufactures and markets 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 microprocessor. It also includes specialized microcontrollers for automotive, industrial, computing, communications, lighting, power, motor control, human-machine interface, security, wired connectivity, and wireless connectivity applications.
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