Andesa Financial Management Inc. boosted its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 97.3% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 28,791 shares of the semiconductor company’s stock after purchasing an additional 14,197 shares during the quarter. Microchip Technology comprises 1.5% of Andesa Financial Management Inc.’s holdings, making the stock its 23rd largest holding. Andesa Financial Management Inc.’s holdings in Microchip Technology were worth $4,469,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of the business. Norges Bank bought a new stake in shares of Microchip Technology during the fourth quarter valued at approximately $359,336,000. Nuveen Asset Management LLC increased its holdings in shares of Microchip Technology by 31.4% during the fourth quarter. Nuveen Asset Management LLC now owns 1,043,996 shares of the semiconductor company’s stock valued at $144,187,000 after acquiring an additional 249,357 shares in the last quarter. Strs Ohio increased its holdings in shares of Microchip Technology by 1,862.9% during the third quarter. Strs Ohio now owns 249,215 shares of the semiconductor company’s stock valued at $25,609,000 after acquiring an additional 236,519 shares in the last quarter. DekaBank Deutsche Girozentrale increased its holdings in shares of Microchip Technology by 48.6% during the fourth quarter. DekaBank Deutsche Girozentrale now owns 677,977 shares of the semiconductor company’s stock valued at $91,708,000 after acquiring an additional 221,747 shares in the last quarter. Finally, Mackenzie Financial Corp increased its holdings in shares of Microchip Technology by 44.1% during the fourth quarter. Mackenzie Financial Corp now owns 587,001 shares of the semiconductor company’s stock valued at $81,071,000 after acquiring an additional 179,534 shares in the last quarter. Institutional investors and hedge funds own 94.10% of the company’s stock.
MCHP traded down $0.11 during trading on Thursday, reaching $154.54. 25,391 shares of the company were exchanged, compared to its average volume of 2,131,414. The company has a market cap of $41.61 billion, a price-to-earnings ratio of 66.09, a P/E/G ratio of 1.74 and a beta of 1.69. The company has a quick ratio of 0.74, a current ratio of 1.07 and a debt-to-equity ratio of 1.50. The company’s 50-day moving average is $152.89 and its two-hundred day moving average is $139.59. Microchip Technology Incorporated has a 12-month low of $76.76 and a 12-month high of $166.67.
The firm also recently announced a quarterly dividend, which was paid on Monday, March 8th. Shareholders of record on Monday, February 22nd were paid a $0.39 dividend. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.37. This represents a $1.56 dividend on an annualized basis and a yield of 1.01%. The ex-dividend date of this dividend was Friday, February 19th. Microchip Technology’s dividend payout ratio is currently 30.12%.
MCHP has been the subject of several recent research reports. Credit Suisse Group upped their price target on Microchip Technology from $145.00 to $180.00 and gave the stock an “outperform” rating in a report on Friday, February 5th. Morgan Stanley upped their price target on Microchip Technology from $159.00 to $165.00 and gave the stock an “overweight” rating in a report on Friday, February 5th. KeyCorp upped their price target on Microchip Technology from $170.00 to $175.00 and gave the stock an “overweight” rating in a report on Friday, February 5th. Vertical Research downgraded Microchip Technology from a “buy” rating to a “hold” rating in a report on Wednesday, February 3rd. Finally, Longbow Research upgraded Microchip Technology from a “neutral” rating to a “buy” rating and set a $188.00 price target for the company in a report on Monday, March 29th. Seven analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $150.48.
In other news, Director Matthew W. Chapman sold 500 shares of the stock in a transaction dated Monday, February 22nd. The stock was sold at an average price of $159.20, for a total transaction of $79,600.00. Following the transaction, the director now directly owns 18,856 shares in the company, valued at approximately $3,001,875.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Stephen V. Drehobl sold 3,653 shares of the stock in a transaction dated Monday, February 22nd. The shares were sold at an average price of $159.20, for a total value of $581,557.60. The disclosure for this sale can be found here. Insiders sold a total of 5,586 shares of company stock worth $889,291 over the last 90 days. Corporate insiders own 2.15% of the company’s stock.
About Microchip Technology
Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications in the Americas, Europe, and Asia. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit embedded microprocessors; and microcontrollers for automotive, industrial, aerospace, office communication, and computing applications.
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