Park Place Capital Corporation announced in its latest filing with the SEC that it increased its holdings in Microchip Technology Incorporated (NASDAQ:MCHP – free report ) by 267.0% during the first quarter. The fund acquired an additional 2,651 shares during the period, giving it a holding of 3,644 shares of the semiconductor company. Park Place Capital Corporation’s holdings in Microchip Technology were worth $327,000 as of the latest filing with the SEC.
Other institutional investors and hedge funds also modified their holdings in the company. Claro Advisors LLC increased its holdings in shares of Microchip Technology by 24.3% in the first quarter. Claro Advisors LLC now owns 4,699 shares of the semiconductor company’s stock valued at $422,000 after purchasing an additional 920 shares in the last quarter. Deltec Asset Management LLC acquired a new holding in Microchip Technology shares worth approximately $897,000 in the first quarter. Richardson Capital Management LLC acquired a new holding in Microchip Technology shares worth approximately $45,000 in the first quarter. Founders Financial Securities LLC acquired a new holding in Microchip Technology shares worth $688,000 in the first quarter. Finally, Hennion & Walsh Asset Management Inc. increased its holdings in Microchip Technology shares by 10.4% in the first quarter. Hennion & Walsh Asset Management Inc. now holds 48,994 shares of the semiconductor company’s stock valued at $4,395,000 after purchasing an additional 4,625 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.
Analyst upgrades and downgrades
Several research analysts have recently commented on MCHP stock. Mizuho raised shares of Microchip Technology from a “neutral” rating to a “buy” rating and increased their price target for the company from $85.00 to $115.00 in a report on Friday, May 24th. Citigroup raised their price target for Microchip Technology from $100.00 to $104.00 and gave the stock a “buy” rating in a report on Tuesday, May 7th. Needham & Company LLC raised their price target for Microchip Technology from $90.00 to $100.00 and gave the stock a “buy” rating in a research note on Tuesday, May 7th. Truist Financial raised their price target for Microchip Technology from $93.00 to $96.00 and gave the stock a “buy” rating in a research note on Tuesday, May 7th. Finally, Jefferies Financial Group initiated coverage on Microchip Technology in a report on Monday, May 13th. The firm set a “buy” rating and a $115.00 price target on the stock. Five research analysts have rated the stock with a hold rating, and fourteen have issued a buy rating to the company. According to MarketBeat data, the stock has a consensus rating of a “moderate buy” and a consensus target price of $101.06.
Get the latest report on microchip technology
Insiders bet
In other news, CFO James Eric Bjornholt sold 3,188 shares of the company’s stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $99.98, for a total transaction value of $318,736.24. Following the completion of the sale, the CFO now directly owns 33,257 shares of the company’s stock, valued at $3,325,034.86. The transaction was disclosed in a document filed with the SEC, which can be accessed on the SEC’s website. In related news, Director Matthew W. Chapman sold 2,748 shares of Microchip Technology stock in a transaction on Monday, June 10th. The shares were sold at an average price of $93.88, for a total transaction value of $257,982.24. Following the completion of the transaction, the director now directly owns 35,682 shares of the company’s stock, valued at approximately $3,349,826.16. The sale was disclosed in a SEC filing, which can be found at this link. Additionally, CFO James Eric Bjornholt sold 3,188 shares of the company’s stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $99.98, for a total transaction value of $318,736.24. Following the completion of the sale, the CFO now owns 33,257 shares of the company’s stock, valued at approximately $3,325,034.86. The disclosure for this sale can be found here. Insiders sold 23,993 shares of the company’s stock in the last quarter, valued at $2,251,857. Insiders own 2.07% of the company’s shares.
Microchip Technology shares rose 0.1%
Nasdaq MCHP shares opened trading at $91.59 on Tuesday. The stock has a market cap of $49.17 billion, a P/E ratio of 26.39 and a beta of 1.54. Microchip Technology Incorporated’s one-year low and high are $68.75 and $100.57. The company’s 50-day simple moving average is $93.02 and 200-day simple moving average is $89.10. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.20 and a quick ratio of 0.67.
Microchip Technology (NASDAQ:MCHP – Get free report ) last released its quarterly earnings data on Monday, May 6th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, in line with analysts’ consensus estimates of $0.57. Microchip Technology’s ROE was 36.78%, with a net margin of 24.98%. The company’s revenue for the quarter was $1.33 billion, compared to analysts’ expectations of $1.33 billion. During the same period last year, the company posted earnings per share of $1.56. The company’s quarterly revenue was down 40.6% year-over-year. As a group, analysts expect Microchip Technology Incorporated to post an EPS of 2.35 for the current fiscal year.
Microchip Technology Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Wednesday, June 5th. Shareholders of record on Wednesday, May 22nd were paid a dividend of $0.452 per share. The ex-dividend date is Tuesday, May 21st. This equates to an annualized dividend of $1.81, or a yield of 1.97%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio is currently 52.16%.
Microchip Technology Profile
(Free report)
Microchip Technology Incorporated develops, manufactures and sells smart, connected and secure embedded control solutions throughout 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 specialty microcontrollers for automotive, industrial, computing, communications, lighting, power, motor control, human machine interface, security and wired and wireless connectivity applications.
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