Harvest Fund Management Co. Ltd Has $658,000 Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Harvest Fund Management Co. Ltd lifted its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 31.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,302 shares of the semiconductor company’s stock after purchasing an additional 1,747 shares during the period. Harvest Fund Management Co. Ltd’s holdings in Microchip Technology were worth $658,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. OFI Invest Asset Management acquired a new stake in Microchip Technology in the 3rd quarter valued at $26,000. BKM Wealth Management LLC bought a new position in shares of Microchip Technology during the fourth quarter valued at $27,000. Rakuten Securities Inc. acquired a new stake in shares of Microchip Technology during the fourth quarter worth $27,000. Fortitude Family Office LLC acquired a new position in shares of Microchip Technology during the fourth quarter valued at about $29,000. Finally, Milestone Investment Advisors LLC bought a new position in shares of Microchip Technology during the third quarter valued at about $36,000. 91.51% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. The Goldman Sachs Group cut their price target on shares of Microchip Technology from $87.00 to $77.00 and set a “neutral” rating for the company in a research note on Friday, February 2nd. Piper Sandler lowered shares of Microchip Technology from an “overweight” rating to a “neutral” rating and set a $80.00 price objective for the company. in a research note on Thursday, January 4th. Stifel Nicolaus boosted their target price on shares of Microchip Technology from $94.00 to $98.00 and gave the stock a “buy” rating in a report on Thursday, April 18th. Evercore ISI began coverage on Microchip Technology in a research note on Tuesday, April 16th. They set an “outperform” rating and a $106.00 price target on the stock. Finally, Needham & Company LLC upped their price objective on Microchip Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, February 2nd. Six analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, Microchip Technology has a consensus rating of “Moderate Buy” and an average price target of $92.50.

Insiders Place Their Bets

In other Microchip Technology news, Director Karlton D. Johnson sold 370 shares of Microchip Technology stock in a transaction 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 sale, the director now owns 1,789 shares in the company, valued at $150,276. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Karlton D. Johnson sold 370 shares of Microchip Technology stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total value of $31,080.00. Following the completion of the transaction, the director now directly owns 1,789 shares of the company’s stock, valued at $150,276. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO James Eric Bjornholt sold 1,970 shares of Microchip Technology stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $83.90, for a total value of $165,283.00. Following the completion of the transaction, the chief financial officer now directly owns 32,893 shares of the company’s stock, valued at $2,759,722.70. The disclosure for this sale can be found here. Corporate insiders own 2.07% of the company’s stock.

Microchip Technology Stock Performance

Shares of MCHP stock traded up $4.49 during trading hours on Wednesday, reaching $90.68. The stock had a trading volume of 7,107,396 shares, compared to its average volume of 5,549,640. The firm has a market capitalization of $49.00 billion, a PE ratio of 21.17, a price-to-earnings-growth ratio of 2.55 and a beta of 1.65. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.98 and a quick ratio of 0.58. The firm has a 50-day simple moving average of $86.61 and a 200-day simple moving average of $84.46. Microchip Technology Incorporated has a twelve month low of $68.75 and a twelve month high of $94.30.

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

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 23rd were paid a $0.45 dividend. This is an increase from Microchip Technology’s previous quarterly dividend of $0.44. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $1.80 annualized dividend and a dividend yield of 1.99%. Microchip Technology’s dividend payout ratio (DPR) is presently 42.06%.

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.