UniSuper Management Pty Ltd Buys 15,353 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

UniSuper Management Pty Ltd grew its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 23.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 80,325 shares of the semiconductor company’s stock after acquiring an additional 15,353 shares during the period. UniSuper Management Pty Ltd’s holdings in Microchip Technology were worth $7,206,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in MCHP. Bleakley Financial Group LLC boosted its stake in shares of Microchip Technology by 1.3% during the fourth quarter. Bleakley Financial Group LLC now owns 9,415 shares of the semiconductor company’s stock valued at $849,000 after purchasing an additional 119 shares in the last quarter. Financial Counselors Inc. boosted its stake in shares of Microchip Technology by 1.1% during the first quarter. Financial Counselors Inc. now owns 10,689 shares of the semiconductor company’s stock valued at $959,000 after purchasing an additional 119 shares in the last quarter. RFG Advisory LLC boosted its stake in shares of Microchip Technology by 3.2% during the fourth quarter. RFG Advisory LLC now owns 3,910 shares of the semiconductor company’s stock valued at $353,000 after purchasing an additional 123 shares in the last quarter. Meridian Wealth Management LLC boosted its stake in shares of Microchip Technology by 5.1% during the first quarter. Meridian Wealth Management LLC now owns 2,810 shares of the semiconductor company’s stock valued at $252,000 after purchasing an additional 137 shares in the last quarter. Finally, Horizon Bancorp Inc. IN boosted its stake in shares of Microchip Technology by 11.8% during the first quarter. Horizon Bancorp Inc. IN now owns 1,370 shares of the semiconductor company’s stock valued at $123,000 after purchasing an additional 145 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors.

Microchip Technology Price Performance

Shares of NASDAQ:MCHP traded down $3.41 during midday trading on Tuesday, hitting $89.71. The company’s stock had a trading volume of 6,744,474 shares, compared to its average volume of 5,736,129. The business’s 50 day simple moving average is $93.47 and its 200 day simple moving average is $89.46. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.67 and a current ratio of 1.20. The company has a market cap of $48.13 billion, a P/E ratio of 25.85 and a beta of 1.54. Microchip Technology Incorporated has a 12-month low of $68.75 and a 12-month high of $100.57.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Monday, May 6th. The semiconductor company reported $0.57 earnings per share for the quarter, hitting the consensus estimate of $0.57. The firm had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.33 billion. Microchip Technology had a net margin of 24.98% and a return on equity of 36.78%. The company’s revenue for the quarter was down 40.6% on a year-over-year basis. During the same period last year, the firm posted $1.56 earnings per share. On average, analysts forecast that Microchip Technology Incorporated will post 2.35 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 5th. Stockholders of record on Wednesday, May 22nd were paid a $0.452 dividend. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.81 annualized dividend and a dividend yield of 2.02%. The ex-dividend date of this dividend was Tuesday, May 21st. Microchip Technology’s dividend payout ratio (DPR) is currently 52.16%.

Insider Transactions at Microchip Technology

In other Microchip Technology news, Director Matthew W. Chapman sold 2,748 shares of the business’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $93.88, for a total value of $257,982.24. Following the transaction, the director now directly owns 35,682 shares in the company, valued at approximately $3,349,826.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Microchip Technology news, CFO James Eric Bjornholt sold 3,188 shares of the business’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $99.98, for a total value of $318,736.24. Following the transaction, the chief financial officer now directly owns 33,257 shares in the company, valued at approximately $3,325,034.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Matthew W. Chapman sold 2,748 shares of the business’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $93.88, for a total transaction of $257,982.24. Following the completion of the transaction, the director now owns 35,682 shares in the company, valued at $3,349,826.16. The disclosure for this sale can be found here. Over the last three months, insiders have sold 23,993 shares of company stock valued at $2,251,857. Corporate insiders own 2.07% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on MCHP shares. The Goldman Sachs Group increased their target price on shares of Microchip Technology from $77.00 to $88.00 and gave the company a “neutral” rating in a research report on Tuesday, May 7th. Needham & Company LLC increased their target price on shares of Microchip Technology from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Tuesday, May 7th. Morgan Stanley cut shares of Microchip Technology from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $102.00 to $100.00 in a research report on Thursday, July 11th. Evercore ISI started coverage on shares of Microchip Technology in a research report on Tuesday, April 16th. They set an “outperform” rating and a $106.00 target price for the company. Finally, Citigroup increased their target price on shares of Microchip Technology from $100.00 to $104.00 and gave the company a “buy” rating in a research report on Tuesday, May 7th. Six equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, Microchip Technology has an average rating of “Moderate Buy” and a consensus price target of $102.17.

Microchip Technology Company Profile

Microchip Technology Incorporated develops, manufactures, and sells 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 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.