Farther Finance Advisors LLC Grows Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Farther Finance Advisors LLC lifted its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 24.0% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 3,685 shares of the semiconductor company’s stock after acquiring an additional 713 shares during the quarter. Farther Finance Advisors LLC’s holdings in Microchip Technology were worth $179,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. Mainstream Capital Management LLC acquired a new stake in shares of Microchip Technology in the fourth quarter valued at $26,000. Rakuten Securities Inc. increased its holdings in Microchip Technology by 309.5% during the 4th quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company’s stock worth $27,000 after purchasing an additional 359 shares during the period. OFI Invest Asset Management acquired a new stake in Microchip Technology in the 4th quarter valued at about $29,000. Kohmann Bosshard Financial Services LLC purchased a new position in shares of Microchip Technology in the 4th quarter valued at about $34,000. Finally, Millstone Evans Group LLC purchased a new position in shares of Microchip Technology in the 4th quarter valued at about $34,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,015 shares of the company’s stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $55.78, for a total transaction of $112,396.70. Following the completion of the transaction, the chief financial officer now owns 34,313 shares in the company, valued at approximately $1,913,979.14. This represents a 5.55% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Karlton D. Johnson sold 494 shares of Microchip Technology stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total transaction of $29,980.86. Following the completion of the sale, the director now directly owns 3,468 shares in the company, valued at approximately $210,472.92. The trade was a 12.47% decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.10% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on MCHP. UBS Group raised their price objective on shares of Microchip Technology from $60.00 to $65.00 and gave the company a “buy” rating in a report on Friday, May 30th. Bank of America raised Microchip Technology from an “underperform” rating to a “neutral” rating and set a $56.00 target price on the stock in a report on Friday, May 9th. Stifel Nicolaus raised their price target on Microchip Technology from $60.00 to $70.00 and gave the company a “buy” rating in a research note on Friday, May 9th. Morgan Stanley upped their price objective on Microchip Technology from $39.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Friday, May 9th. Finally, Truist Financial increased their price objective on Microchip Technology from $52.00 to $64.00 and gave the company a “hold” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, six have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Microchip Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $70.15.

Microchip Technology Price Performance

MCHP stock opened at $68.02 on Friday. The company has a current ratio of 2.59, a quick ratio of 1.47 and a debt-to-equity ratio of 0.80. The company has a market capitalization of $36.69 billion, a P/E ratio of -6,802.00, a PEG ratio of 2.02 and a beta of 1.48. The business has a 50 day simple moving average of $54.94 and a 200-day simple moving average of $54.98. Microchip Technology Incorporated has a twelve month low of $34.13 and a twelve month high of $96.98.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 EPS for the quarter, beating the consensus estimate of $0.10 by $0.01. Microchip Technology had a negative net margin of 0.01% and a positive return on equity of 8.55%. The firm had revenue of $970.50 million during the quarter, compared to the consensus estimate of $962.86 million. During the same quarter in the prior year, the firm earned $0.57 EPS. Microchip Technology’s revenue for the quarter was down 26.8% on a year-over-year basis. As a group, equities analysts anticipate that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Thursday, May 22nd were given a dividend of $0.455 per share. The ex-dividend date of this dividend was Thursday, May 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 2.68%. Microchip Technology’s payout ratio is -18,200.00%.

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.