Peirce Capital Management LLC Buys New Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Peirce Capital Management LLC bought a new stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) during the 4th quarter, Holdings Channel.com reports. The institutional investor bought 6,000 shares of the semiconductor company’s stock, valued at approximately $541,000. Microchip Technology accounts for 0.3% of Peirce Capital Management LLC’s holdings, making the stock its 23rd largest position.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Norges Bank purchased a new position in Microchip Technology during the 4th quarter valued at approximately $412,120,000. Mizuho Markets Americas LLC purchased a new position in Microchip Technology during the 3rd quarter valued at approximately $225,800,000. Prudential Financial Inc. grew its holdings in Microchip Technology by 98.5% during the 1st quarter. Prudential Financial Inc. now owns 2,056,405 shares of the semiconductor company’s stock valued at $154,518,000 after buying an additional 1,020,624 shares in the last quarter. Qube Research & Technologies Ltd boosted its holdings in shares of Microchip Technology by 122.1% in the 3rd quarter. Qube Research & Technologies Ltd now owns 1,529,186 shares of the semiconductor company’s stock worth $119,353,000 after purchasing an additional 840,526 shares during the period. Finally, Public Sector Pension Investment Board boosted its holdings in shares of Microchip Technology by 173.4% in the 3rd quarter. Public Sector Pension Investment Board now owns 1,062,611 shares of the semiconductor company’s stock worth $82,937,000 after purchasing an additional 673,924 shares during the period. Institutional investors own 91.51% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on MCHP. Needham & Company LLC lifted their target price on Microchip Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, February 2nd. Stifel Nicolaus restated a “buy” rating and set a $94.00 price objective on shares of Microchip Technology in a report on Thursday, March 14th. Piper Sandler cut Microchip Technology from an “overweight” rating to a “neutral” rating and set a $80.00 price objective for the company. in a report on Thursday, January 4th. Truist Financial dropped their price objective on Microchip Technology from $97.00 to $93.00 and set a “buy” rating for the company in a report on Tuesday, January 9th. Finally, TD Cowen boosted their price objective on Microchip Technology from $75.00 to $80.00 and gave the company a “market perform” rating in a report on Friday, February 2nd. Six research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, Microchip Technology currently has a consensus rating of “Moderate Buy” and an average price target of $92.25.

Insider Buying and Selling at Microchip Technology

In other news, Director Karlton D. Johnson sold 370 shares of the company’s 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 sale, the director now owns 1,789 shares in the company, valued at $150,276. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Microchip Technology news, Director Karlton D. Johnson sold 370 shares of the stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total transaction of $31,080.00. Following the completion of the transaction, the director now owns 1,789 shares of the company’s stock, valued at $150,276. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO James Eric Bjornholt sold 1,970 shares of the stock in a transaction that occurred 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 approximately $2,759,722.70. The disclosure for this sale can be found here. Company insiders own 2.07% of the company’s stock.

Microchip Technology Stock Up 1.0 %

MCHP stock traded up $0.85 on Tuesday, hitting $86.55. 719,933 shares of the company’s stock were exchanged, compared to its average volume of 5,504,114. Microchip Technology Incorporated has a 12-month low of $68.75 and a 12-month high of $94.30. The firm has a 50 day moving average price of $86.49 and a two-hundred day moving average price of $84.18. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.58 and a current ratio of 0.98. The stock has a market cap of $46.77 billion, a P/E ratio of 20.02, a price-to-earnings-growth ratio of 2.61 and a beta of 1.65.

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

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 23rd were paid a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 2.08%. The ex-dividend date was Thursday, February 22nd. This is an increase from Microchip Technology’s previous quarterly dividend of $0.44. Microchip Technology’s payout ratio 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.