GAMMA Investing LLC Raises Position in Microchip Technology Incorporated (NASDAQ:MCHP)

GAMMA Investing LLC lifted its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 8,371.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 480,324 shares of the semiconductor company’s stock after buying an additional 474,654 shares during the period. GAMMA Investing LLC owned about 0.09% of Microchip Technology worth $23,252,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of MCHP. Federated Hermes Inc. lifted its position in shares of Microchip Technology by 0.5% during the 4th quarter. Federated Hermes Inc. now owns 39,298 shares of the semiconductor company’s stock worth $2,254,000 after buying an additional 209 shares in the last quarter. Northwest Bank & Trust Co increased its position in shares of Microchip Technology by 3.0% during the fourth quarter. Northwest Bank & Trust Co now owns 7,392 shares of the semiconductor company’s stock valued at $424,000 after acquiring an additional 217 shares during the last quarter. State of Wyoming lifted its holdings in Microchip Technology by 27.3% during the fourth quarter. State of Wyoming now owns 1,300 shares of the semiconductor company’s stock worth $75,000 after acquiring an additional 279 shares during the period. CreativeOne Wealth LLC boosted its position in Microchip Technology by 1.0% in the fourth quarter. CreativeOne Wealth LLC now owns 28,842 shares of the semiconductor company’s stock worth $1,654,000 after purchasing an additional 283 shares during the last quarter. Finally, B. Riley Wealth Advisors Inc. grew its stake in Microchip Technology by 4.7% in the 4th quarter. B. Riley Wealth Advisors Inc. now owns 6,859 shares of the semiconductor company’s stock valued at $393,000 after purchasing an additional 305 shares during the period. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Trading Up 1.3%

Microchip Technology stock opened at $64.67 on Thursday. The stock has a market cap of $34.88 billion, a P/E ratio of 115.48 and a beta of 1.48. The firm’s 50 day moving average price is $49.29 and its 200-day moving average price is $54.97. Microchip Technology Incorporated has a 1 year low of $34.13 and a 1 year high of $96.98. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share for the quarter, beating analysts’ consensus estimates of $0.10 by $0.01. The firm had revenue of $970.50 million during the quarter, compared to analyst estimates of $962.86 million. Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. The business’s quarterly revenue was down 26.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.57 earnings per share. On average, equities analysts predict that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Thursday, May 22nd will be given a $0.455 dividend. The ex-dividend date of this dividend is Thursday, May 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 2.81%. Microchip Technology’s dividend payout ratio is presently -18,200.00%.

Insiders Place Their Bets

In other news, Director Karlton D. Johnson sold 494 shares of Microchip Technology stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total transaction of $29,980.86. Following the completion of the sale, the director now owns 3,468 shares of the company’s stock, valued at approximately $210,472.92. The trade was a 12.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO James Eric Bjornholt sold 2,015 shares of the business’s stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $55.78, for a total transaction of $112,396.70. Following the completion of the sale, the chief financial officer now owns 34,313 shares of the company’s stock, valued at approximately $1,913,979.14. This represents a 5.55% decrease in their position. The disclosure for this sale can be found here. 2.10% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on MCHP. Stifel Nicolaus lifted their price target on shares of Microchip Technology from $60.00 to $70.00 and gave the stock a “buy” rating in a report on Friday, May 9th. B. Riley raised their target price on Microchip Technology from $60.00 to $75.00 and gave the stock a “buy” rating in a research report on Friday, May 9th. TD Cowen upped their price target on Microchip Technology from $35.00 to $55.00 and gave the company a “hold” rating in a research report on Friday, May 9th. Needham & Company LLC reaffirmed a “buy” rating and set a $66.00 price objective on shares of Microchip Technology in a report on Friday, May 9th. Finally, KeyCorp cut their target price on shares of Microchip Technology from $70.00 to $60.00 and set an “overweight” rating for the company in a research report on Friday, February 7th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Microchip Technology presently has an average rating of “Moderate Buy” and a consensus price target of $67.68.

About Microchip Technology

Microchip Technology Incorporated engages in the development, manufacture, and sale of 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 mixed-signal 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.