OFI Invest Asset Management Purchases New Shares in Microchip Technology Incorporated (NASDAQ:MCHP)

OFI Invest Asset Management purchased a new stake in Microchip Technology Incorporated (NASDAQ:MCHP) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 531 shares of the semiconductor company’s stock, valued at approximately $29,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Prospera Private Wealth LLC acquired a new position in shares of Microchip Technology in the third quarter valued at about $29,000. Peterson Financial Group Inc. acquired a new position in shares of Microchip Technology in the third quarter valued at about $34,000. Truvestments Capital LLC acquired a new position in shares of Microchip Technology in the third quarter valued at about $34,000. Mainstream Capital Management LLC acquired a new position in shares of Microchip Technology in the fourth quarter valued at about $26,000. Finally, Financial Life Planners acquired a new position in shares of Microchip Technology in the fourth quarter valued at about $32,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

MCHP has been the topic of several research reports. Needham & Company LLC upped their price target on shares of Microchip Technology from $60.00 to $66.00 and gave the company a “buy” rating in a research note on Tuesday, March 4th. The Goldman Sachs Group reduced their price objective on shares of Microchip Technology from $72.00 to $63.00 and set a “neutral” rating on the stock in a research note on Friday, January 10th. Rosenblatt Securities reiterated a “buy” rating and set a $70.00 price objective on shares of Microchip Technology in a research note on Tuesday, March 4th. Bank of America downgraded shares of Microchip Technology from a “neutral” rating to an “underperform” rating and reduced their price objective for the stock from $80.00 to $65.00 in a research note on Monday, December 16th. Finally, B. Riley reiterated a “buy” rating and set a $75.00 price objective (down from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $74.37.

Microchip Technology Stock Down 2.3 %

MCHP stock opened at $52.24 on Wednesday. The stock has a market capitalization of $28.10 billion, a P/E ratio of 93.29 and a beta of 1.52. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12. Microchip Technology Incorporated has a 12 month low of $50.21 and a 12 month high of $100.57. The firm has a 50-day moving average price of $56.80 and a 200-day moving average price of $66.17.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. As a group, equities research analysts anticipate that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Monday, February 24th were issued a $0.455 dividend. The ex-dividend date of this dividend was Monday, February 24th. This represents a $1.82 dividend on an annualized basis and a yield of 3.48%. Microchip Technology’s dividend payout ratio (DPR) is presently 325.00%.

Insider Activity at Microchip Technology

In related news, CFO James Eric Bjornholt sold 3,724 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total value of $226,717.12. Following the completion of the transaction, the chief financial officer now owns 33,272 shares in the company, valued at $2,025,599.36. This trade represents a 10.07 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.10% of the stock is owned by company insiders.

Microchip Technology Company Profile

Microchip Technology Incorporated engages in the development, manufacture, and sale of 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 mixed-signal 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.