Prescott Group Capital Management L.L.C. Takes $702,000 Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Prescott Group Capital Management L.L.C. purchased a new stake in Microchip Technology Incorporated (NASDAQ:MCHP – Get Rating) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 10,000 shares of the semiconductor company’s stock, valued at approximately $702,000.

Several other large investors have also modified their holdings of MCHP. Quent Capital LLC acquired a new position in Microchip Technology during the 4th quarter worth about $26,000. Almanack Investment Partners LLC. acquired a new position in Microchip Technology during the 3rd quarter worth about $29,000. Accurate Wealth Management LLC acquired a new position in Microchip Technology during the 4th quarter worth about $40,000. CoreCap Advisors LLC purchased a new stake in Microchip Technology during the 4th quarter worth about $40,000. Finally, Affiance Financial LLC purchased a new stake in Microchip Technology during the 4th quarter worth about $42,000. Institutional investors and hedge funds own 89.85% of the company’s stock.

Insider Activity at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,470 shares of the firm’s stock in a transaction on Tuesday, May 23rd. The stock was sold at an average price of $78.32, for a total transaction of $193,450.40. Following the completion of the transaction, the chief financial officer now owns 32,004 shares of the company’s stock, valued at $2,506,553.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.00% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

MCHP has been the topic of several recent research reports. TD Cowen cut their price target on Microchip Technology from $85.00 to $80.00 and set a “market perform” rating on the stock in a report on Friday, May 5th. Morgan Stanley increased their price objective on Microchip Technology from $80.00 to $99.00 and gave the company an “overweight” rating in a report on Friday, February 3rd. Piper Sandler increased their price objective on Microchip Technology from $80.00 to $100.00 and gave the company an “overweight” rating in a report on Friday, February 3rd. B. Riley increased their price objective on Microchip Technology from $86.00 to $106.00 and gave the company a “buy” rating in a report on Friday, February 3rd. Finally, Susquehanna dropped their price objective on Microchip Technology from $95.00 to $90.00 in a report on Friday, May 5th. Six analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Microchip Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $90.11.

Microchip Technology Price Performance

Shares of MCHP traded up $2.71 during mid-day trading on Friday, hitting $76.85. The company’s stock had a trading volume of 1,723,696 shares, compared to its average volume of 4,743,175. The company has a current ratio of 0.98, a quick ratio of 0.56 and a debt-to-equity ratio of 0.77. The firm has a 50-day simple moving average of $77.82 and a 200 day simple moving average of $77.18. The firm has a market capitalization of $42.10 billion, a P/E ratio of 18.49, a P/E/G ratio of 0.74 and a beta of 1.58. Microchip Technology Incorporated has a 1-year low of $54.33 and a 1-year high of $87.76.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 5th. Investors of record on Monday, May 22nd will be paid a $0.383 dividend. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. This represents a $1.53 annualized dividend and a yield of 1.99%. The ex-dividend date of this dividend is Friday, May 19th. Microchip Technology’s dividend payout ratio (DPR) is presently 38.15%.

About Microchip Technology

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Microchip Technology, Inc engages in the provision of semiconductor products. It operates through the Semiconductor Products and Technology Licensing segments. The Semiconductor Products segment is involved in designing, developing, manufacturing, and marketing microcontrollers, development tools and analog, interface, mixed signal, connectivity devices, and timing products.