Bruce G. Allen Investments LLC Has $57,000 Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Bruce G. Allen Investments LLC raised its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 63.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,170 shares of the semiconductor company’s stock after buying an additional 456 shares during the quarter. Bruce G. Allen Investments LLC’s holdings in Microchip Technology were worth $57,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Mainstream Capital Management LLC bought a new stake in shares of Microchip Technology during the 4th quarter worth $26,000. Rakuten Securities Inc. raised its stake in Microchip Technology by 309.5% during the fourth quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company’s stock worth $27,000 after acquiring an additional 359 shares in the last quarter. OFI Invest Asset Management bought a new position in shares of Microchip Technology in the fourth quarter worth about $29,000. Kohmann Bosshard Financial Services LLC acquired a new stake in shares of Microchip Technology in the 4th quarter valued at approximately $34,000. Finally, Millstone Evans Group LLC acquired a new stake in shares of Microchip Technology in the 4th quarter valued at approximately $34,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Microchip Technology news, Director Karlton D. Johnson sold 494 shares of the business’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 sale, the director now directly 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 can be accessed through this link. Also, CFO James Eric Bjornholt sold 2,015 shares of the 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 sale, the chief financial officer now directly owns 34,313 shares in the company, valued at $1,913,979.14. This trade represents a 5.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.10% of the company’s stock.

Analysts Set New Price Targets

MCHP has been the topic of a number of research analyst reports. Truist Financial raised their target price on shares of Microchip Technology from $43.00 to $52.00 and gave the company a “hold” rating in a research report on Friday, May 9th. UBS Group increased their price target on Microchip Technology from $60.00 to $65.00 and gave the company a “buy” rating in a research note on Friday, May 30th. Evercore ISI boosted their price objective on Microchip Technology from $65.00 to $71.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 4th. Bank of America raised Microchip Technology from an “underperform” rating to a “neutral” rating and set a $56.00 target price for the company in a report on Friday, May 9th. Finally, Wall Street Zen lowered Microchip Technology from a “hold” rating to a “sell” rating in a research note on Saturday. One analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Microchip Technology currently has a consensus rating of “Moderate Buy” and an average target price of $67.68.

Microchip Technology Trading Up 1.4%

Shares of MCHP stock opened at $65.25 on Monday. The business has a 50-day moving average of $49.94 and a 200 day moving average of $54.81. 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 Incorporated has a 1-year low of $34.13 and a 1-year high of $96.98. The stock has a market capitalization of $35.20 billion, a PE ratio of 116.52 and a beta of 1.48.

Microchip Technology (NASDAQ:MCHP) last released 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 in the prior year, the firm posted $0.57 earnings per share. As a group, sell-side analysts anticipate that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Thursday, May 22nd were issued a dividend of $0.455 per share. The ex-dividend date was Thursday, May 22nd. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.79%. Microchip Technology’s dividend payout ratio (DPR) is -18,200.00%.

Microchip Technology Profile

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.