6,000 Shares in Microchip Technology Incorporated (NASDAQ:MCHP) Purchased by Peirce Capital Management LLC

Peirce Capital Management LLC bought a new position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 6,000 shares of the semiconductor company’s stock, valued at approximately $541,000. Microchip Technology accounts for approximately 0.3% of Peirce Capital Management LLC’s portfolio, making the stock its 23rd largest holding.

A number of other hedge funds have also recently bought and sold shares of MCHP. Norges Bank acquired a new position in shares of Microchip Technology in the 4th quarter valued at $412,120,000. Mizuho Markets Americas LLC purchased a new stake in shares of Microchip Technology during the 3rd quarter worth about $225,800,000. Prudential Financial Inc. raised its stake in shares of Microchip Technology by 98.5% during the 1st quarter. Prudential Financial Inc. now owns 2,056,405 shares of the semiconductor company’s stock worth $154,518,000 after purchasing an additional 1,020,624 shares in the last quarter. Qube Research & Technologies Ltd raised its stake in shares of Microchip Technology by 122.1% during the 3rd quarter. Qube Research & Technologies Ltd now owns 1,529,186 shares of the semiconductor company’s stock worth $119,353,000 after purchasing an additional 840,526 shares in the last quarter. Finally, Public Sector Pension Investment Board raised its stake in shares of Microchip Technology by 173.4% during the 3rd quarter. Public Sector Pension Investment Board now owns 1,062,611 shares of the semiconductor company’s stock worth $82,937,000 after purchasing an additional 673,924 shares in the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Evercore ISI assumed coverage on Microchip Technology in a research note on Tuesday. They set an “outperform” rating and a $106.00 price target for the company. Susquehanna reaffirmed a “positive” rating and set a $100.00 price target on shares of Microchip Technology in a research note on Monday, April 8th. Needham & Company LLC raised their price objective on Microchip Technology from $85.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, February 2nd. Wolfe Research raised Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 price objective on the stock in a research note on Thursday, January 18th. Finally, Stifel Nicolaus reissued a “buy” rating and issued a $94.00 price objective on shares of Microchip Technology in a research note on Thursday, March 14th. Six equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, Microchip Technology has a consensus rating of “Moderate Buy” and an average target price of $92.25.

Insiders Place Their Bets

In related news, CFO James Eric Bjornholt sold 1,970 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $83.90, for a total transaction of $165,283.00. Following the completion of the sale, the chief financial officer now directly owns 32,893 shares of the company’s stock, valued at $2,759,722.70. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, Director Karlton D. Johnson sold 370 shares of the business’s stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $84.00, for a total transaction of $31,080.00. Following the completion of the transaction, the director now owns 1,789 shares in the company, valued at $150,276. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO James Eric Bjornholt sold 1,970 shares of the stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total transaction of $165,283.00. Following the completion of the sale, the chief financial officer now owns 32,893 shares in the company, valued at $2,759,722.70. The disclosure for this sale can be found here. Insiders own 2.07% of the company’s stock.

Microchip Technology Price Performance

Shares of NASDAQ MCHP traded up $0.85 during trading on Tuesday, reaching $86.55. The company had a trading volume of 719,933 shares, compared to its average volume of 5,504,114. Microchip Technology Incorporated has a 52 week low of $68.75 and a 52 week high of $94.30. The stock has a market cap of $46.77 billion, a PE ratio of 20.02, a PEG ratio of 2.61 and a beta of 1.65. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.58 and a current ratio of 0.98. The business’s 50 day moving average price is $86.49 and its 200-day moving average price is $84.18.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share for the quarter, topping analysts’ consensus estimates of $1.04 by $0.04. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. The company had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.77 billion. During the same period in the previous year, the firm posted $1.48 earnings per share. The company’s revenue was down 18.6% on a year-over-year basis. Analysts expect that Microchip Technology Incorporated will post 4.64 earnings per share for the current year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 23rd were paid a $0.45 dividend. The ex-dividend date was Thursday, February 22nd. This is an increase from Microchip Technology’s previous quarterly dividend of $0.44. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.08%. Microchip Technology’s payout ratio is currently 42.06%.

Microchip Technology Company 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.