Oak Hill Wealth Advisors LLC Acquires New Shares in Microchip Technology Incorporated (NASDAQ:MCHP)

Oak Hill Wealth Advisors LLC bought a new position in Microchip Technology Incorporated (NASDAQ:MCHP) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 2,440 shares of the semiconductor company’s stock, valued at approximately $220,000.

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

Insider Activity at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 1,970 shares of the business’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total value of $165,283.00. Following the transaction, the chief financial officer now 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 can be accessed through the SEC website. In related news, VP Stephen V. Drehobl sold 10,000 shares of Microchip Technology stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $90.88, for a total value of $908,800.00. Following the sale, the vice president now owns 82,203 shares of the company’s stock, valued at approximately $7,470,608.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO James Eric Bjornholt sold 1,970 shares of the stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $83.90, for a total value of $165,283.00. Following 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. 2.07% of the stock is currently owned by company insiders.

Microchip Technology Stock Up 1.6 %

Shares of NASDAQ:MCHP traded up $1.50 during mid-day trading on Wednesday, hitting $95.36. 4,954,827 shares of the company traded hands, compared to its average volume of 5,539,683. The stock has a 50-day moving average price of $89.16 and a two-hundred day moving average price of $86.03. Microchip Technology Incorporated has a 12-month low of $68.75 and a 12-month high of $96.14. The stock has a market cap of $51.53 billion, a P/E ratio of 27.24, a P/E/G ratio of 3.20 and a beta of 1.60. The company has a current ratio of 1.20, a quick ratio of 0.67 and a debt-to-equity ratio of 0.75.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Monday, May 6th. The semiconductor company reported $0.57 EPS for the quarter, meeting the consensus estimate of $0.57. Microchip Technology had a net margin of 24.98% and a return on equity of 36.78%. The company had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.33 billion. During the same quarter in the prior year, the company posted $1.56 earnings per share. The firm’s revenue for the quarter was down 40.6% on a year-over-year basis. On average, equities research analysts forecast that Microchip Technology Incorporated will post 2.4 earnings per share for the current year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 5th. Stockholders of record on Wednesday, May 22nd will be issued a $0.452 dividend. The ex-dividend date is Tuesday, May 21st. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.81 annualized dividend and a dividend yield of 1.90%. Microchip Technology’s dividend payout ratio is currently 51.87%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Piper Sandler reiterated a “neutral” rating and set a $90.00 price objective (up from $80.00) on shares of Microchip Technology in a research report on Tuesday, May 7th. Susquehanna increased their price target on Microchip Technology from $100.00 to $105.00 and gave the stock a “positive” rating in a report on Tuesday, May 7th. Wolfe Research upgraded Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 target price on the stock in a research report on Thursday, January 18th. TD Cowen upped their target price on Microchip Technology from $80.00 to $90.00 and gave the company a “hold” rating in a research report on Tuesday, May 7th. Finally, Truist Financial boosted their price target on Microchip Technology from $93.00 to $96.00 and gave the company a “buy” rating in a research note on Tuesday, May 7th. Six research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, Microchip Technology has an average rating of “Moderate Buy” and an average price target of $99.39.

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.