Richardson Capital Management LLC Acquires New Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Richardson Capital Management LLC bought a new position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm bought 500 shares of the semiconductor company’s stock, valued at approximately $45,000.

Other hedge funds also recently made changes to their positions in the company. Bleakley Financial Group LLC increased its stake in Microchip Technology by 1.3% during the fourth quarter. Bleakley Financial Group LLC now owns 9,415 shares of the semiconductor company’s stock valued at $849,000 after purchasing an additional 119 shares during the last quarter. RFG Advisory LLC increased its stake in shares of Microchip Technology by 3.2% in the fourth quarter. RFG Advisory LLC now owns 3,910 shares of the semiconductor company’s stock valued at $353,000 after purchasing an additional 123 shares during the period. Twelve Points Wealth Management LLC boosted its position in shares of Microchip Technology by 1.0% during the fourth quarter. Twelve Points Wealth Management LLC now owns 12,229 shares of the semiconductor company’s stock worth $1,103,000 after buying an additional 125 shares during the period. Steph & Co. grew its holdings in Microchip Technology by 57.4% in the 1st quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock worth $37,000 after buying an additional 151 shares in the last quarter. Finally, Indiana Trust & Investment Management CO raised its stake in Microchip Technology by 18.4% during the 1st quarter. Indiana Trust & Investment Management CO now owns 999 shares of the semiconductor company’s stock valued at $90,000 after acquiring an additional 155 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Stock Up 2.3 %

Microchip Technology stock traded up $2.07 during mid-day trading on Friday, hitting $91.50. 13,568,641 shares of the company’s stock were exchanged, compared to its average volume of 6,205,653. Microchip Technology Incorporated has a 1-year low of $68.75 and a 1-year high of $100.57. The stock has a 50 day moving average of $93.02 and a two-hundred day moving average of $89.10. 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 stock has a market cap of $49.13 billion, a P/E ratio of 26.37 and a beta of 1.55.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Monday, May 6th. The semiconductor company reported $0.57 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.57. The business had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.33 billion. Microchip Technology had a return on equity of 36.78% and a net margin of 24.98%. The firm’s revenue was down 40.6% compared to the same quarter last year. During the same period last year, the business earned $1.56 EPS. As a group, analysts anticipate that Microchip Technology Incorporated will post 2.35 EPS 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 issued a dividend of $0.452 per share. This represents a $1.81 dividend on an annualized basis and a yield of 1.98%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Tuesday, May 21st. Microchip Technology’s dividend payout ratio is 52.16%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Mizuho upgraded shares of Microchip Technology from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $85.00 to $115.00 in a research report on Friday, May 24th. Evercore ISI began coverage on Microchip Technology in a report on Tuesday, April 16th. They set an “outperform” rating and a $106.00 target price on the stock. The Goldman Sachs Group lifted their price objective on shares of Microchip Technology from $77.00 to $88.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 7th. UBS Group increased their target price on shares of Microchip Technology from $95.00 to $103.00 and gave the company a “buy” rating in a research note on Tuesday, May 7th. Finally, B. Riley lifted their price target on shares of Microchip Technology from $105.00 to $110.00 and gave the stock a “buy” rating in a research report on Tuesday, May 7th. Five equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, Microchip Technology currently has an average rating of “Moderate Buy” and a consensus target price of $101.06.

Insider Activity

In related news, CFO James Eric Bjornholt sold 3,188 shares of the stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $99.98, for a total transaction of $318,736.24. Following the completion of the sale, the chief financial officer now owns 33,257 shares in the company, valued at approximately $3,325,034.86. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CFO James Eric Bjornholt sold 3,188 shares of the business’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $99.98, for a total transaction of $318,736.24. Following the transaction, the chief financial officer now owns 33,257 shares in the company, valued at approximately $3,325,034.86. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Matthew W. Chapman sold 2,748 shares of the company’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $93.88, for a total transaction of $257,982.24. Following the transaction, the director now directly owns 35,682 shares of the company’s stock, valued at approximately $3,349,826.16. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 23,993 shares of company stock valued at $2,251,857. 2.07% of the stock is owned by insiders.

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.