Transce3nd LLC Purchases 298 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Transce3nd LLC lifted its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 4.3% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,262 shares of the semiconductor company’s stock after acquiring an additional 298 shares during the quarter. Transce3nd LLC’s holdings in Microchip Technology were worth $348,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in MCHP. Norges Bank acquired a new stake in shares of Microchip Technology during the fourth quarter worth $452,627,000. Barrow Hanley Mewhinney & Strauss LLC grew its stake in shares of Microchip Technology by 273.2% during the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,345,096 shares of the semiconductor company’s stock worth $306,541,000 after purchasing an additional 3,912,895 shares during the period. Franklin Resources Inc. grew its stake in shares of Microchip Technology by 90.0% during the fourth quarter. Franklin Resources Inc. now owns 6,360,805 shares of the semiconductor company’s stock worth $364,792,000 after purchasing an additional 3,013,162 shares during the period. Meritage Group LP acquired a new stake in shares of Microchip Technology during the fourth quarter worth $145,033,000. Finally, Fiduciary Management Inc. WI acquired a new stake in shares of Microchip Technology during the fourth quarter worth $119,431,000. Institutional investors own 91.51% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. KeyCorp boosted their target price on Microchip Technology from $70.00 to $85.00 and gave the company an “overweight” rating in a research note on Tuesday, July 8th. UBS Group upped their price objective on Microchip Technology from $65.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday, July 7th. Citigroup upped their target price on Microchip Technology from $68.00 to $90.00 and gave the stock a “buy” rating in a report on Monday, July 7th. TD Cowen upped their target price on Microchip Technology from $35.00 to $55.00 and gave the stock a “hold” rating in a report on Friday, May 9th. Finally, Stifel Nicolaus upped their target price on Microchip Technology from $60.00 to $70.00 and gave the stock a “buy” rating in a report on Friday, May 9th. Six investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $75.10.

Microchip Technology Stock Up 0.7%

Shares of NASDAQ:MCHP opened at $74.78 on Friday. Microchip Technology Incorporated has a 1 year low of $34.13 and a 1 year high of $93.31. The company has a market capitalization of $40.36 billion, a price-to-earnings ratio of -7,505.30, a P/E/G ratio of 2.21 and a beta of 1.52. The business’s 50-day moving average is $66.43 and its 200-day moving average is $56.78. The company has a debt-to-equity ratio of 0.80, a current ratio of 2.59 and a quick ratio of 1.47.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Thursday, May 8th. The semiconductor company reported $0.11 EPS for the quarter, beating analysts’ consensus estimates of $0.10 by $0.01. Microchip Technology had a positive return on equity of 8.55% and a negative net margin of 0.01%. The business had revenue of $970.50 million during the quarter, compared to analyst estimates of $962.86 million. During the same period in the previous year, the company posted $0.57 EPS. The firm’s revenue was down 26.8% compared to the same quarter last year. Equities research analysts predict that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Dividend Announcement

The business also recently disclosed 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. This represents a $1.82 dividend on an annualized basis and a yield of 2.43%. The ex-dividend date was Thursday, May 22nd. Microchip Technology’s dividend payout ratio is currently -18,200.00%.

Insider Buying and Selling

In other news, CFO James Eric Bjornholt sold 2,015 shares of the company’s stock in a transaction that occurred on Friday, May 23rd. The stock was 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 directly owned 34,313 shares of the company’s stock, valued at $1,913,979.14. This represents a 5.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Karlton D. Johnson sold 494 shares of the company’s stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total value of $29,980.86. Following the completion of the transaction, the director directly owned 3,468 shares of the company’s stock, valued at approximately $210,472.92. This represents a 12.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.94% of the company’s stock.

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.