Reinhart Partners LLC. Has $6.58 Million Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Reinhart Partners LLC. increased its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 35.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 135,822 shares of the semiconductor company’s stock after purchasing an additional 35,797 shares during the period. Reinhart Partners LLC.’s holdings in Microchip Technology were worth $6,575,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Mainstream Capital Management LLC bought a new stake in Microchip Technology during the 4th quarter worth about $26,000. Rakuten Securities Inc. lifted its position in Microchip Technology by 309.5% during the 4th quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company’s stock worth $27,000 after buying an additional 359 shares in the last quarter. OFI Invest Asset Management bought a new stake in Microchip Technology during the 4th quarter worth about $29,000. Kohmann Bosshard Financial Services LLC bought a new stake in Microchip Technology during the 4th quarter worth about $34,000. Finally, Millstone Evans Group LLC bought a new stake in Microchip Technology during the 4th quarter worth about $34,000. 91.51% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have commented on MCHP shares. KeyCorp cut their price target on shares of Microchip Technology from $70.00 to $60.00 and set an “overweight” rating on the stock in a research report on Friday, February 7th. Stifel Nicolaus boosted their price target on Microchip Technology from $60.00 to $70.00 and gave the company a “buy” rating in a research note on Friday, May 9th. Rosenblatt Securities boosted their price target on Microchip Technology from $63.00 to $70.00 and gave the company a “buy” rating in a research note on Friday, May 30th. B. Riley boosted their price target on Microchip Technology from $60.00 to $75.00 and gave the company a “buy” rating in a research note on Friday, May 9th. Finally, Mizuho boosted their price target on Microchip Technology from $58.00 to $68.00 and gave the company an “outperform” rating in a research note on Tuesday, March 4th. One analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Microchip Technology presently has an average rating of “Moderate Buy” and a consensus price target of $67.68.

Microchip Technology Stock Performance

NASDAQ:MCHP opened at $65.25 on Friday. The stock has a market cap of $35.20 billion, a P/E ratio of 116.52 and a beta of 1.48. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12. The stock’s 50-day moving average is $49.94 and its 200-day moving average is $54.96. Microchip Technology Incorporated has a 1-year low of $34.13 and a 1-year high of $96.98.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Thursday, May 8th. The semiconductor company reported $0.11 EPS for the quarter, beating the consensus estimate of $0.10 by $0.01. Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. The business had revenue of $970.50 million for the quarter, compared to analysts’ expectations of $962.86 million. During the same period in the prior year, the business posted $0.57 earnings per share. The firm’s revenue was down 26.8% on a year-over-year basis. Equities research analysts anticipate that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Thursday, May 22nd were given a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a yield of 2.79%. The ex-dividend date was Thursday, May 22nd. Microchip Technology’s payout ratio is currently -18,200.00%.

Insider Activity at Microchip Technology

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

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.