Harber Asset Management LLC Has $17.32 Million Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Harber Asset Management LLC decreased its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 24.2% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 192,048 shares of the semiconductor company’s stock after selling 61,156 shares during the period. Microchip Technology accounts for about 4.0% of Harber Asset Management LLC’s holdings, making the stock its 11th largest position. Harber Asset Management LLC’s holdings in Microchip Technology were worth $17,319,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Janney Montgomery Scott LLC grew its holdings in Microchip Technology by 8.5% in the 3rd quarter. Janney Montgomery Scott LLC now owns 95,442 shares of the semiconductor company’s stock valued at $7,449,000 after buying an additional 7,442 shares during the last quarter. Aptus Capital Advisors LLC acquired a new stake in Microchip Technology in the 3rd quarter valued at approximately $203,000. Canada Pension Plan Investment Board lifted its position in shares of Microchip Technology by 139.8% in the 3rd quarter. Canada Pension Plan Investment Board now owns 278,786 shares of the semiconductor company’s stock worth $21,759,000 after acquiring an additional 162,528 shares during the period. Greenleaf Trust lifted its position in shares of Microchip Technology by 3.5% in the 3rd quarter. Greenleaf Trust now owns 30,770 shares of the semiconductor company’s stock worth $2,402,000 after acquiring an additional 1,049 shares during the period. Finally, Deutsche Bank AG lifted its position in shares of Microchip Technology by 27.8% in the 3rd quarter. Deutsche Bank AG now owns 1,927,892 shares of the semiconductor company’s stock worth $150,472,000 after acquiring an additional 418,869 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

Analyst Ratings Changes

A number of analysts have commented on MCHP shares. Evercore ISI started coverage on Microchip Technology in a research report on Tuesday, April 16th. They issued an “outperform” rating and a $106.00 price objective for the company. B. Riley raised their target price on Microchip Technology from $105.00 to $110.00 and gave the stock a “buy” rating in a research report on Tuesday, May 7th. KeyCorp raised their target price on Microchip Technology from $90.00 to $110.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 7th. Truist Financial raised their target price on Microchip Technology from $93.00 to $96.00 and gave the stock a “buy” rating in a research report on Tuesday, May 7th. Finally, UBS Group raised their target price on Microchip Technology from $95.00 to $103.00 and gave the stock a “buy” rating in a research report on Tuesday, May 7th. Five investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $101.06.

Microchip Technology Stock Up 1.6 %

Shares of MCHP stock traded up $1.45 on Monday, hitting $94.30. 4,989,099 shares of the stock were exchanged, compared to its average volume of 5,759,377. The company has a current ratio of 1.20, a quick ratio of 0.67 and a debt-to-equity ratio of 0.75. The firm has a market capitalization of $50.63 billion, a P/E ratio of 27.18 and a beta of 1.55. The business has a 50-day moving average of $91.74 and a 200 day moving average of $88.46. Microchip Technology Incorporated has a fifty-two week low of $68.75 and a fifty-two week high of $100.57.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Monday, May 6th. The semiconductor company reported $0.57 EPS for the quarter, meeting the consensus estimate of $0.57. Microchip Technology had a return on equity of 36.78% and a net margin of 24.98%. The firm had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.33 billion. During the same period in the prior year, the firm posted $1.56 earnings per share. The business’s quarterly revenue was down 40.6% compared to the same quarter last year. Equities analysts anticipate that Microchip Technology Incorporated will post 2.35 EPS for the current year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 5th. Investors of record on Wednesday, May 22nd were given a dividend of $0.452 per share. The ex-dividend date of this dividend was Tuesday, May 21st. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.81 annualized dividend and a yield of 1.92%. Microchip Technology’s dividend payout ratio is 52.16%.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, VP Stephen V. Drehobl sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The stock was 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 in the company, valued at $7,470,608.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, VP Stephen V. Drehobl sold 7,830 shares of the stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $95.06, for a total transaction of $744,319.80. Following the transaction, the vice president now owns 79,509 shares in the company, valued at $7,558,125.54. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Stephen V. Drehobl sold 10,000 shares of the firm’s stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $90.88, for a total value of $908,800.00. Following the transaction, the vice president now owns 82,203 shares in the company, valued at approximately $7,470,608.64. The disclosure for this sale can be found here. Insiders have sold 21,245 shares of company stock worth $1,993,875 over the last 90 days. Company insiders own 2.07% of the company’s stock.

About Microchip Technology

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.