Price T Rowe Associates Inc. MD Has $406.18 Million Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Price T Rowe Associates Inc. MD increased its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 17.5% in the first quarter, HoldingsChannel reports. The firm owned 4,527,709 shares of the semiconductor company’s stock after acquiring an additional 673,992 shares during the period. Price T Rowe Associates Inc. MD’s holdings in Microchip Technology were worth $406,182,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in Microchip Technology by 2.9% in the 1st quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company’s stock worth $6,152,646,000 after buying an additional 1,921,497 shares in the last quarter. Principal Financial Group Inc. lifted its position in Microchip Technology by 0.9% in the 4th quarter. Principal Financial Group Inc. now owns 9,279,166 shares of the semiconductor company’s stock worth $836,795,000 after buying an additional 87,203 shares in the last quarter. Norges Bank purchased a new stake in Microchip Technology in the 4th quarter worth approximately $672,196,000. Van ECK Associates Corp lifted its position in Microchip Technology by 17.2% in the 1st quarter. Van ECK Associates Corp now owns 6,068,311 shares of the semiconductor company’s stock worth $544,388,000 after buying an additional 891,297 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in Microchip Technology by 1.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,881,646 shares of the semiconductor company’s stock worth $259,867,000 after buying an additional 51,249 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Insider Activity

In other news, VP Stephen V. Drehobl sold 10,000 shares of Microchip Technology stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $90.88, for a total transaction of $908,800.00. Following the sale, the vice president now directly owns 82,203 shares in the company, valued at approximately $7,470,608.64. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 completion of the transaction, the director now directly owns 35,682 shares of the company’s stock, valued at $3,349,826.16. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Stephen V. Drehobl sold 10,000 shares of the business’s stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $90.88, for a total transaction of $908,800.00. Following the completion of the transaction, the vice president now directly owns 82,203 shares of the company’s stock, valued at $7,470,608.64. The disclosure for this sale can be found here. In the last three months, insiders have sold 23,993 shares of company stock worth $2,251,857. Corporate insiders own 2.07% of the company’s stock.

Wall Street Analyst Weigh In

MCHP has been the topic of a number of recent research reports. The Goldman Sachs Group raised their price target on shares of Microchip Technology from $77.00 to $88.00 and gave the company a “neutral” rating in a report on Tuesday, May 7th. Susquehanna raised their price target on shares of Microchip Technology from $105.00 to $115.00 and gave the company a “positive” rating in a report on Wednesday, July 17th. KeyCorp raised their price target on shares of Microchip Technology from $90.00 to $110.00 and gave the company an “overweight” rating in a report on Tuesday, May 7th. Mizuho upgraded shares of Microchip Technology from a “neutral” rating to a “buy” rating and raised their price target for the company from $85.00 to $115.00 in a report on Friday, May 24th. Finally, Morgan Stanley downgraded shares of Microchip Technology from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $102.00 to $100.00 in a report on Thursday, July 11th. Six research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $102.17.

Microchip Technology Stock Performance

NASDAQ MCHP traded up $0.68 during midday trading on Monday, hitting $87.51. The company had a trading volume of 1,240,974 shares, compared to its average volume of 5,750,924. The company has a quick ratio of 0.67, a current ratio of 1.20 and a debt-to-equity ratio of 0.75. The stock has a market cap of $46.95 billion, a price-to-earnings ratio of 25.02 and a beta of 1.54. The firm has a fifty day simple moving average of $92.96 and a two-hundred day simple moving average of $89.48. Microchip Technology Incorporated has a fifty-two week low of $68.75 and a fifty-two week 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 (EPS) for the quarter, hitting the consensus estimate of $0.57. The company had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.33 billion. Microchip Technology had a net margin of 24.98% and a return on equity of 36.78%. The business’s quarterly revenue was down 40.6% on a year-over-year basis. During the same period last year, the business posted $1.56 EPS. Equities analysts forecast that Microchip Technology Incorporated will post 2.35 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 5th. Stockholders of record on Wednesday, May 22nd were given a dividend of $0.452 per share. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.81 annualized dividend and a dividend yield of 2.07%. The ex-dividend date was Tuesday, May 21st. Microchip Technology’s payout ratio is 52.16%.

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.