Stratos Wealth Partners LTD. Buys 753 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Stratos Wealth Partners LTD. lifted its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 16.1% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,433 shares of the semiconductor company’s stock after purchasing an additional 753 shares during the quarter. Stratos Wealth Partners LTD.’s holdings in Microchip Technology were worth $263,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the stock. Values First Advisors Inc. raised its holdings in Microchip Technology by 2.2% in the 1st quarter. Values First Advisors Inc. now owns 20,131 shares of the semiconductor company’s stock worth $975,000 after acquiring an additional 434 shares during the last quarter. China Universal Asset Management Co. Ltd. raised its holdings in Microchip Technology by 52.0% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 13,284 shares of the semiconductor company’s stock worth $643,000 after acquiring an additional 4,545 shares during the last quarter. Hexagon Capital Partners LLC raised its holdings in Microchip Technology by 50.4% in the 1st quarter. Hexagon Capital Partners LLC now owns 2,124 shares of the semiconductor company’s stock worth $103,000 after acquiring an additional 712 shares during the last quarter. Penserra Capital Management LLC raised its holdings in Microchip Technology by 39.6% in the 1st quarter. Penserra Capital Management LLC now owns 268,374 shares of the semiconductor company’s stock worth $12,991,000 after acquiring an additional 76,066 shares during the last quarter. Finally, Financiere des Professionnels Fonds d investissement inc. purchased a new position in Microchip Technology in the 1st quarter worth approximately $107,000. 91.51% of the stock is owned by institutional investors.

Insider Activity

In other Microchip Technology news, Director Karlton D. Johnson sold 494 shares of the 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 transaction, the director owned 3,468 shares of the company’s stock, valued at $210,472.92. This represents a 12.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO James Eric Bjornholt sold 2,015 shares of the 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 transaction, the chief financial officer directly owned 34,313 shares of the company’s stock, valued at $1,913,979.14. This trade represents a 5.55% decrease in their position. The disclosure for this sale can be found here. 1.94% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. TD Cowen boosted their price objective on shares of Microchip Technology from $35.00 to $55.00 and gave the stock a “hold” rating in a report on Friday, May 9th. Mizuho boosted their price objective on shares of Microchip Technology from $78.00 to $85.00 and gave the stock an “outperform” rating in a report on Tuesday, July 8th. The Goldman Sachs Group initiated coverage on shares of Microchip Technology in a report on Thursday, July 10th. They issued a “buy” rating and a $88.00 price objective for the company. Cantor Fitzgerald initiated coverage on shares of Microchip Technology in a research note on Wednesday, June 18th. They set a “neutral” rating and a $70.00 target price for the company. Finally, Citigroup boosted their target price on shares of Microchip Technology from $68.00 to $90.00 and gave the company a “buy” rating in a research note on Monday, July 7th. Six research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Microchip Technology presently has an average rating of “Moderate Buy” and a consensus price target of $75.10.

Microchip Technology Trading Up 1.8%

NASDAQ:MCHP opened at $74.43 on Thursday. The company has a debt-to-equity ratio of 0.80, a current ratio of 2.59 and a quick ratio of 1.47. The firm has a market capitalization of $40.17 billion, a price-to-earnings ratio of -7,443.00, a price-to-earnings-growth ratio of 2.18 and a beta of 1.52. Microchip Technology Incorporated has a one year low of $34.13 and a one year high of $96.98. The business has a fifty day moving average price of $65.93 and a 200-day moving average price of $56.66.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.10 by $0.01. Microchip Technology had a positive return on equity of 8.55% and a negative net margin of 0.01%. The business had revenue of $970.50 million during the quarter, compared to analyst estimates of $962.86 million. During the same quarter in the prior year, the business posted $0.57 EPS. Microchip Technology’s revenue for the quarter was down 26.8% compared to the same quarter last year. Sell-side analysts forecast 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 issued a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a dividend yield of 2.45%. The ex-dividend date of this dividend was Thursday, May 22nd. Microchip Technology’s dividend payout ratio (DPR) is presently -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.