Claro Advisors LLC Increases Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Claro Advisors LLC boosted its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 24.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,699 shares of the semiconductor company’s stock after buying an additional 920 shares during the period. Claro Advisors LLC’s holdings in Microchip Technology were worth $422,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Deltec Asset Management LLC acquired a new position in Microchip Technology in the first quarter valued at approximately $897,000. Richardson Capital Management LLC purchased a new stake in Microchip Technology during the first quarter worth $45,000. Founders Financial Securities LLC acquired a new stake in Microchip Technology during the first quarter valued at $688,000. Hennion & Walsh Asset Management Inc. increased its holdings in Microchip Technology by 10.4% in the first quarter. Hennion & Walsh Asset Management Inc. now owns 48,994 shares of the semiconductor company’s stock valued at $4,395,000 after buying an additional 4,625 shares in the last quarter. Finally, Indiana Trust & Investment Management CO boosted its stake in shares of Microchip Technology by 18.4% during the 1st quarter. Indiana Trust & Investment Management CO now owns 999 shares of the semiconductor company’s stock worth $90,000 after acquiring an additional 155 shares in the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms recently weighed in on MCHP. Citigroup upped their price target on Microchip Technology from $100.00 to $104.00 and gave the stock a “buy” rating in a report on Tuesday, May 7th. TD Cowen boosted their price target on shares of Microchip Technology from $80.00 to $90.00 and gave the stock a “hold” rating in a report on Tuesday, May 7th. Jefferies Financial Group initiated coverage on shares of Microchip Technology in a report on Monday, May 13th. They set a “buy” rating and a $115.00 price objective on the stock. B. Riley boosted their target price on shares of Microchip Technology from $105.00 to $110.00 and gave the stock a “buy” rating in a research note on Tuesday, May 7th. Finally, Truist Financial raised their price target on shares of Microchip Technology from $93.00 to $96.00 and gave the company a “buy” rating in a research note on Tuesday, May 7th. Five research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $101.06.

Insider Transactions at Microchip Technology

In related news, VP Stephen V. Drehobl sold 10,000 shares of the company’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $90.88, for a total value of $908,800.00. Following the completion of the sale, the vice president now directly owns 82,203 shares in the company, valued at $7,470,608.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Microchip Technology news, Director Matthew W. Chapman sold 2,748 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $93.88, for a total value of $257,982.24. Following the transaction, the director now directly owns 35,682 shares of the company’s stock, valued at $3,349,826.16. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Stephen V. Drehobl sold 10,000 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at $7,470,608.64. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 23,993 shares of company stock valued at $2,251,857. Corporate insiders own 2.07% of the company’s stock.

Microchip Technology Stock Up 0.1 %

MCHP stock traded up $0.09 during midday trading on Monday, reaching $91.59. 8,327,003 shares of the company were exchanged, compared to its average volume of 5,811,763. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.67 and a current ratio of 1.20. The company has a market cap of $49.17 billion, a price-to-earnings ratio of 26.39 and a beta of 1.54. The stock’s 50-day simple moving average is $93.02 and its 200 day simple moving average is $89.10. Microchip Technology Incorporated has a 1-year low of $68.75 and a 1-year high of $100.57.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Monday, May 6th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.57. Microchip Technology had a net margin of 24.98% and a return on equity of 36.78%. The company had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.33 billion. During the same quarter last year, the company earned $1.56 earnings per share. Microchip Technology’s revenue for the quarter was down 40.6% on a year-over-year basis. On average, equities analysts forecast that Microchip Technology Incorporated will post 2.35 earnings per share for the current year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 5th. Investors of record on Wednesday, May 22nd were paid a dividend of $0.452 per share. This represents a $1.81 dividend on an annualized basis and a dividend yield of 1.97%. The ex-dividend date was Tuesday, May 21st. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio (DPR) is currently 52.16%.

Microchip Technology Company 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.