RD Lewis Holdings Inc. Makes New Investment in Microchip Technology Incorporated (NASDAQ:MCHP)

RD Lewis Holdings Inc. purchased a new position in Microchip Technology Incorporated (NASDAQ:MCHP) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 11,126 shares of the semiconductor company’s stock, valued at approximately $638,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of MCHP. Mainstream Capital Management LLC purchased a new stake in Microchip Technology in the 4th quarter worth $26,000. Rakuten Securities Inc. grew its position in shares of Microchip Technology by 309.5% during the fourth quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company’s stock worth $27,000 after purchasing an additional 359 shares in the last quarter. Prospera Private Wealth LLC bought a new stake in Microchip Technology during the 3rd quarter valued at approximately $29,000. OFI Invest Asset Management purchased a new position in Microchip Technology in the 4th quarter worth approximately $29,000. Finally, Financial Life Planners bought a new position in Microchip Technology in the 4th quarter worth approximately $32,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MCHP has been the topic of several research analyst reports. Piper Sandler reissued an “overweight” rating and issued a $65.00 target price (down previously from $85.00) on shares of Microchip Technology in a report on Friday, February 7th. Bank of America cut shares of Microchip Technology from a “neutral” rating to an “underperform” rating and decreased their price target for the stock from $80.00 to $65.00 in a research note on Monday, December 16th. The Goldman Sachs Group cut their price objective on Microchip Technology from $72.00 to $63.00 and set a “neutral” rating for the company in a research report on Friday, January 10th. B. Riley reiterated a “buy” rating and issued a $75.00 target price (down from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. Finally, Mizuho raised their price target on Microchip Technology from $58.00 to $68.00 and gave the company an “outperform” rating in a report on Tuesday, March 4th. Two analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $74.37.

Microchip Technology Stock Up 3.3 %

Shares of NASDAQ:MCHP opened at $55.26 on Tuesday. The firm has a market capitalization of $29.72 billion, a PE ratio of 98.68 and a beta of 1.52. The business has a 50 day simple moving average of $56.45 and a two-hundred day simple moving average of $65.40. Microchip Technology Incorporated has a 1 year low of $50.21 and a 1 year high of $100.57. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23.

Microchip Technology (NASDAQ:MCHP) last posted 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%. On average, equities analysts predict that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Monday, February 24th were issued a dividend of $0.455 per share. 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 3.29%. Microchip Technology’s payout ratio is 325.00%.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of the firm’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total transaction of $226,717.12. Following the transaction, the chief financial officer now directly owns 33,272 shares in the company, valued at $2,025,599.36. This trade represents a 10.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 2.10% of the stock is owned by corporate insiders.

Microchip Technology 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.