GAMMA Investing LLC Takes Position in Microchip Technology Incorporated (NASDAQ:MCHP)

GAMMA Investing LLC purchased a new stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) during the fourth quarter, Holdings Channel.com reports. The fund purchased 3,001 shares of the semiconductor company’s stock, valued at approximately $256,000.

Other large investors also recently made changes to their positions in the company. OFI Invest Asset Management bought a new position in shares of Microchip Technology during the third quarter valued at about $26,000. BKM Wealth Management LLC bought a new stake in Microchip Technology in the fourth quarter worth about $27,000. Rakuten Securities Inc. bought a new stake in Microchip Technology in the fourth quarter worth about $27,000. Fortitude Family Office LLC bought a new stake in Microchip Technology in the fourth quarter worth about $29,000. Finally, Milestone Investment Advisors LLC bought a new stake in Microchip Technology in the third quarter worth about $36,000. 91.51% of the stock is owned by institutional investors.

Microchip Technology Price Performance

MCHP stock opened at $92.21 on Friday. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.98 and a quick ratio of 0.58. Microchip Technology Incorporated has a one year low of $68.75 and a one year high of $94.30. The stock has a market cap of $49.83 billion, a PE ratio of 21.54, a P/E/G ratio of 2.77 and a beta of 1.65. The firm has a 50 day simple moving average of $87.00 and a two-hundred day simple moving average of $84.55.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Thursday, February 1st. The semiconductor company reported $1.08 EPS for the quarter, topping analysts’ consensus estimates of $1.04 by $0.04. The business 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 quarterly revenue was down 18.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.48 EPS. On average, analysts predict that Microchip Technology Incorporated will post 4.64 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 23rd were issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.95%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.44. The ex-dividend date was Thursday, February 22nd. Microchip Technology’s payout ratio is presently 42.06%.

Insider Transactions at Microchip Technology

In other 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 value of $31,080.00. Following the completion of the sale, the director now directly owns 1,789 shares in the company, valued at approximately $150,276. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CFO James Eric Bjornholt sold 1,970 shares of the company’s stock in a transaction 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 in the company, valued at approximately $2,759,722.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Karlton D. Johnson sold 370 shares of the company’s 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 of the company’s stock, valued at $150,276. The disclosure for this sale can be found here. Company insiders own 2.07% of the company’s stock.

Analyst Ratings Changes

MCHP has been the topic of several research reports. Evercore ISI began coverage on shares of Microchip Technology in a research report on Tuesday, April 16th. They issued an “outperform” rating and a $106.00 price objective on the stock. The Goldman Sachs Group reduced their target price 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. Needham & Company LLC lifted their target price on shares of Microchip Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, February 2nd. TD Cowen lifted their target price on shares of Microchip Technology from $75.00 to $80.00 and gave the stock a “market perform” rating in a research note on Friday, February 2nd. Finally, Truist Financial reduced their target price on shares of Microchip Technology from $97.00 to $93.00 and set a “buy” rating for the company in a research note on Tuesday, January 9th. Six research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, Microchip Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $92.50.

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.