Pinnacle Associates Ltd. Increases Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Pinnacle Associates Ltd. boosted its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 8.7% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 61,054 shares of the semiconductor company’s stock after purchasing an additional 4,907 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Microchip Technology were worth $2,956,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Madison Asset Management LLC increased its stake in shares of Microchip Technology by 15.2% during the first quarter. Madison Asset Management LLC now owns 1,579,949 shares of the semiconductor company’s stock valued at $76,485,000 after buying an additional 208,346 shares during the period. Oak Thistle LLC bought a new position in shares of Microchip Technology during the first quarter valued at approximately $1,811,000. KLP Kapitalforvaltning AS increased its holdings in Microchip Technology by 1.7% during the first quarter. KLP Kapitalforvaltning AS now owns 181,280 shares of the semiconductor company’s stock valued at $8,776,000 after buying an additional 3,000 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH raised its stake in Microchip Technology by 11.6% in the first quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 470,426 shares of the semiconductor company’s stock worth $22,773,000 after buying an additional 48,895 shares in the last quarter. Finally, GW&K Investment Management LLC lifted its holdings in Microchip Technology by 161.0% during the first quarter. GW&K Investment Management LLC now owns 937 shares of the semiconductor company’s stock worth $45,000 after buying an additional 578 shares during the period. 91.51% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on MCHP shares. Morgan Stanley lifted their price target on Microchip Technology from $39.00 to $50.00 and gave the company an “equal weight” rating in a report on Friday, May 9th. Raymond James Financial lifted their target price on Microchip Technology from $60.00 to $65.00 and gave the company a “strong-buy” rating in a research note on Friday, May 9th. Citigroup boosted their price objective on shares of Microchip Technology from $68.00 to $90.00 and gave the stock a “buy” rating in a research note on Monday, July 7th. UBS Group increased their price target on Microchip Technology from $65.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, July 7th. Finally, Stifel Nicolaus boosted their price objective on shares of Microchip Technology from $70.00 to $82.00 and gave the company a “buy” rating in a report on Friday, July 18th. Six equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Microchip Technology has an average rating of “Moderate Buy” and a consensus price target of $75.70.

Insider Activity

In related news, Director Karlton D. Johnson sold 494 shares of the company’s stock in a transaction dated 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 sale, the director 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 sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO James Eric Bjornholt sold 2,015 shares of Microchip Technology stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $55.78, for a total transaction of $112,396.70. Following the transaction, the chief financial officer directly owned 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. Insiders own 1.94% of the company’s stock.

Microchip Technology Price Performance

Shares of Microchip Technology stock opened at $69.21 on Friday. The firm has a market cap of $37.35 billion, a PE ratio of -6,921.00, a P/E/G ratio of 1.92 and a beta of 1.52. The business has a 50-day moving average price of $67.83 and a 200 day moving average price of $57.38. The company has a quick ratio of 1.47, a current ratio of 2.59 and a debt-to-equity ratio of 0.80. Microchip Technology Incorporated has a twelve month low of $34.13 and a twelve month high of $89.59.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 EPS for the quarter, topping the consensus estimate 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 firm had revenue of $970.50 million during the quarter, compared to analysts’ expectations of $962.86 million. During the same period in the previous year, the business earned $0.57 earnings per share. The firm’s revenue for the quarter was down 26.8% on a year-over-year basis. Sell-side analysts predict that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd were issued a dividend of $0.455 per share. The ex-dividend date of this dividend was Thursday, May 22nd. This represents a $1.82 annualized dividend and a dividend yield of 2.63%. Microchip Technology’s dividend payout ratio is presently -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.