Rehmann Capital Advisory Group Increases Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Rehmann Capital Advisory Group boosted its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 8.2% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,237 shares of the semiconductor company’s stock after purchasing an additional 246 shares during the quarter. Rehmann Capital Advisory Group’s holdings in Microchip Technology were worth $290,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Norges Bank purchased a new position in shares of Microchip Technology in the 4th quarter valued at about $672,196,000. Truist Financial Corp raised its position in shares of Microchip Technology by 324.0% during the 4th quarter. Truist Financial Corp now owns 1,815,013 shares of the semiconductor company’s stock worth $163,678,000 after acquiring an additional 1,386,924 shares in the last quarter. Van ECK Associates Corp raised its position in shares of Microchip Technology by 17.2% during the 1st quarter. Van ECK Associates Corp now owns 6,068,311 shares of the semiconductor company’s stock worth $544,388,000 after acquiring an additional 891,297 shares in the last quarter. Corient Private Wealth LLC increased its position in Microchip Technology by 76.6% during the fourth quarter. Corient Private Wealth LLC now owns 2,043,484 shares of the semiconductor company’s stock worth $184,251,000 after buying an additional 886,068 shares during the period. Finally, Assenagon Asset Management S.A. increased its position in Microchip Technology by 1,082.4% during the fourth quarter. Assenagon Asset Management S.A. now owns 715,875 shares of the semiconductor company’s stock worth $64,558,000 after buying an additional 655,332 shares during the period. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, VP Stephen V. Drehobl sold 10,000 shares of Microchip Technology stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $90.88, for a total value of $908,800.00. Following the transaction, the vice president now directly owns 82,203 shares in the company, valued at approximately $7,470,608.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, VP Stephen V. Drehobl sold 7,830 shares of Microchip Technology stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $95.06, for a total transaction of $744,319.80. Following the transaction, the vice president now owns 79,509 shares in the company, valued at $7,558,125.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Stephen V. Drehobl sold 10,000 shares of the business’s stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $90.88, for a total value of $908,800.00. Following the transaction, the vice president now owns 82,203 shares in the company, valued at $7,470,608.64. The disclosure for this sale can be found here. Insiders have sold 23,993 shares of company stock worth $2,251,857 in the last three months. 2.07% of the stock is currently owned by insiders.

Microchip Technology Stock Performance

Shares of NASDAQ MCHP traded up $3.24 during mid-day trading on Wednesday, hitting $95.58. The company had a trading volume of 4,408,588 shares, compared to its average volume of 5,705,817. The stock has a market cap of $51.32 billion, a price-to-earnings ratio of 27.13 and a beta of 1.54. Microchip Technology Incorporated has a 12 month low of $68.75 and a 12 month high of $100.57. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.20 and a quick ratio of 0.67. The firm’s 50 day simple moving average is $93.36 and its two-hundred day simple moving average is $89.18.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Monday, May 6th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.57. The business had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.33 billion. Microchip Technology had a return on equity of 36.78% and a net margin of 24.98%. The business’s revenue was down 40.6% on a year-over-year basis. During the same quarter last year, the business posted $1.56 EPS. As a group, equities research analysts forecast that Microchip Technology Incorporated will post 2.35 earnings per share for the current year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 5th. Investors of record on Wednesday, May 22nd were issued a $0.452 dividend. This represents a $1.81 dividend on an annualized basis and a dividend yield of 1.89%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Tuesday, May 21st. Microchip Technology’s payout ratio is presently 52.16%.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on MCHP. UBS Group boosted their target price on Microchip Technology from $95.00 to $103.00 and gave the company a “buy” rating in a report on Tuesday, May 7th. Jefferies Financial Group began coverage on Microchip Technology in a report on Monday, May 13th. They issued a “buy” rating and a $115.00 target price on the stock. Evercore ISI assumed coverage on Microchip Technology in a report on Tuesday, April 16th. They issued an “outperform” rating and a $106.00 target price on the stock. Piper Sandler reiterated a “neutral” rating and set a $90.00 target price (up from $80.00) on shares of Microchip Technology in a research report on Tuesday, May 7th. Finally, Needham & Company LLC upped their price objective on Microchip Technology from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Tuesday, May 7th. Five research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $101.06.

Microchip Technology Profile

Microchip Technology Incorporated develops, manufactures, and sells 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 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.