Bruce G. Allen Investments LLC Boosts Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Bruce G. Allen Investments LLC increased its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 41.7% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 1,382 shares of the semiconductor company’s stock after purchasing an additional 407 shares during the period. Bruce G. Allen Investments LLC’s holdings in Microchip Technology were worth $124,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in MCHP. Envestnet Portfolio Solutions Inc. purchased a new position in shares of Microchip Technology during the 3rd quarter worth approximately $3,469,000. Robertson Stephens Wealth Management LLC lifted its holdings in Microchip Technology by 9.4% during the 3rd quarter. Robertson Stephens Wealth Management LLC now owns 5,414 shares of the semiconductor company’s stock worth $423,000 after buying an additional 466 shares in the last quarter. V Square Quantitative Management LLC acquired a new stake in Microchip Technology during the 3rd quarter worth approximately $185,000. Brandywine Global Investment Management LLC acquired a new stake in Microchip Technology during the 3rd quarter worth approximately $5,764,000. Finally, LPL Financial LLC lifted its holdings in Microchip Technology by 23.9% during the 3rd quarter. LPL Financial LLC now owns 238,990 shares of the semiconductor company’s stock worth $18,653,000 after buying an additional 46,150 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Performance

Microchip Technology stock traded down $4.43 during midday trading on Thursday, hitting $89.02. 8,706,665 shares of the company’s stock were exchanged, compared to its average volume of 5,721,312. The stock has a market cap of $47.79 billion, a price-to-earnings ratio of 25.65 and a beta of 1.55. The firm’s 50 day simple moving average is $92.36 and its 200 day simple moving average is $88.91. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.67 and a current ratio of 1.20. Microchip Technology Incorporated has a 12-month low of $68.75 and a 12-month high of $100.57.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Monday, May 6th. The semiconductor company reported $0.57 earnings per share for the quarter, meeting 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 net margin of 24.98% and a return on equity of 36.78%. The business’s quarterly revenue was down 40.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.56 earnings per share. Equities research analysts predict that Microchip Technology Incorporated will post 2.35 EPS for the current year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 5th. Stockholders of record on Wednesday, May 22nd were issued a $0.452 dividend. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date was Tuesday, May 21st. This represents a $1.81 annualized dividend and a dividend yield of 2.03%. Microchip Technology’s payout ratio is presently 52.16%.

Insider Activity

In other news, VP Stephen V. Drehobl sold 10,000 shares of Microchip Technology 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 sale, the vice president now owns 82,203 shares of the company’s stock, valued at $7,470,608.64. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, VP Stephen V. Drehobl sold 10,000 shares of the firm’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 completion of the sale, the vice president now owns 82,203 shares in the company, valued at $7,470,608.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Matthew W. Chapman sold 2,748 shares of the firm’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $93.88, for a total transaction of $257,982.24. Following the completion of the sale, the director now owns 35,682 shares of the company’s stock, valued at approximately $3,349,826.16. The disclosure for this sale can be found here. Insiders have sold a total of 23,993 shares of company stock valued at $2,251,857 over the last quarter. Corporate insiders own 2.07% of the company’s stock.

Analysts Set New Price Targets

MCHP has been the topic of a number of research reports. Stifel Nicolaus increased their target price on shares of Microchip Technology from $98.00 to $102.00 and gave the stock a “buy” rating in a report on Wednesday, May 1st. UBS Group increased their target price on shares of Microchip Technology from $95.00 to $103.00 and gave the stock a “buy” rating in a report on Tuesday, May 7th. Evercore ISI initiated coverage on shares of Microchip Technology in a report on Tuesday, April 16th. They set an “outperform” rating and a $106.00 target price on the stock. TD Cowen increased their target price on shares of Microchip Technology from $80.00 to $90.00 and gave the stock a “hold” rating in a report on Tuesday, May 7th. Finally, The Goldman Sachs Group increased their target price on shares of Microchip Technology from $77.00 to $88.00 and gave the stock a “neutral” rating in a report on Tuesday, May 7th. Five analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price 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.