Bessemer Group Inc. Has $1.07 Million Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Bessemer Group Inc. lowered its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 72.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,170 shares of the semiconductor company’s stock after selling 58,380 shares during the period. Bessemer Group Inc.’s holdings in Microchip Technology were worth $1,072,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. one8zero8 LLC acquired a new stake in Microchip Technology in the fourth quarter valued at approximately $384,000. Vanguard Group Inc. boosted its position in Microchip Technology by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 68,912,345 shares of the semiconductor company’s stock valued at $3,952,123,000 after buying an additional 569,699 shares in the last quarter. Franklin Resources Inc. boosted its position in Microchip Technology by 90.0% in the fourth quarter. Franklin Resources Inc. now owns 6,360,805 shares of the semiconductor company’s stock valued at $364,792,000 after buying an additional 3,013,162 shares in the last quarter. Jones Financial Companies Lllp boosted its position in Microchip Technology by 15.7% in the fourth quarter. Jones Financial Companies Lllp now owns 16,418 shares of the semiconductor company’s stock valued at $942,000 after buying an additional 2,226 shares in the last quarter. Finally, Potomac Fund Management Inc. ADV acquired a new stake in Microchip Technology in the fourth quarter valued at approximately $738,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Trading Down 0.2%

NASDAQ:MCHP opened at $70.37 on Tuesday. 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 stock has a market capitalization of $37.96 billion, a price-to-earnings ratio of -7,037.00, a PEG ratio of 2.10 and a beta of 1.48. The firm has a fifty day simple moving average of $59.35 and a two-hundred day simple moving average of $55.33. Microchip Technology Incorporated has a 12 month low of $34.13 and a 12 month high of $96.98.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 EPS for the quarter, topping analysts’ consensus estimates of $0.10 by $0.01. The business had revenue of $970.50 million during the quarter, compared to analysts’ expectations of $962.86 million. Microchip Technology had a negative net margin of 0.01% and a positive return on equity of 8.55%. The business’s quarterly revenue was down 26.8% on a year-over-year basis. During the same period last year, the company posted $0.57 earnings per share. Analysts expect that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Thursday, May 22nd were issued a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a yield of 2.59%. The ex-dividend date of this dividend was Thursday, May 22nd. Microchip Technology’s payout ratio is -18,200.00%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Truist Financial raised their target price on shares of Microchip Technology from $52.00 to $64.00 and gave the company a “hold” rating in a research report on Wednesday, June 18th. Stifel Nicolaus raised their price target on shares of Microchip Technology from $60.00 to $70.00 and gave the company a “buy” rating in a research note on Friday, May 9th. Cantor Fitzgerald started coverage on shares of Microchip Technology in a research note on Wednesday, June 18th. They set a “neutral” rating and a $70.00 price target for the company. Mizuho raised their price target on shares of Microchip Technology from $68.00 to $78.00 and gave the company an “outperform” rating in a research note on Thursday, June 12th. Finally, Citigroup raised their price target on shares of Microchip Technology from $55.00 to $68.00 and gave the company a “buy” rating in a research note on Monday, June 9th. Seven equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Microchip Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $70.15.

Insider Activity

In other news, CFO James Eric Bjornholt sold 2,015 shares of the business’s stock in a transaction dated 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 sale, the chief financial officer directly owned 34,313 shares of the company’s stock, valued at $1,913,979.14. The trade was a 5.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Karlton D. Johnson sold 494 shares of the business’s stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $60.69, for a total transaction of $29,980.86. Following the sale, the director directly owned 3,468 shares of the company’s stock, valued at approximately $210,472.92. The trade was a 12.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.10% of the company’s stock.

About Microchip Technology

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.