NEOS Investment Management LLC Purchases 13,674 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

NEOS Investment Management LLC grew its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 24.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 68,928 shares of the semiconductor company’s stock after acquiring an additional 13,674 shares during the period. NEOS Investment Management LLC’s holdings in Microchip Technology were worth $3,953,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of MCHP. Mainstream Capital Management LLC bought a new position in Microchip Technology in the 4th quarter valued at $26,000. Rakuten Securities Inc. raised its stake in shares of Microchip Technology by 309.5% in the fourth quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company’s stock worth $27,000 after acquiring an additional 359 shares during the last quarter. OFI Invest Asset Management acquired a new position in shares of Microchip Technology during the fourth quarter worth approximately $29,000. Financial Life Planners bought a new stake in shares of Microchip Technology during the fourth quarter valued at approximately $32,000. Finally, Truvestments Capital LLC acquired a new stake in shares of Microchip Technology in the third quarter valued at approximately $34,000. 91.51% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of the company’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total value of $226,717.12. Following the transaction, the chief financial officer now directly owns 33,272 shares in the company, valued at $2,025,599.36. The trade was a 10.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 2.10% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on MCHP shares. B. Riley restated a “buy” rating and set a $75.00 target price (down previously from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. Morgan Stanley cut their target price on shares of Microchip Technology from $71.00 to $58.00 and set an “equal weight” rating on the stock in a research report on Tuesday, February 4th. Piper Sandler reissued an “overweight” rating and set a $65.00 price target (down from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Mizuho raised their price objective on shares of Microchip Technology from $58.00 to $68.00 and gave the company an “outperform” rating in a research note on Tuesday, March 4th. Finally, KeyCorp dropped their target price on shares of Microchip Technology from $70.00 to $60.00 and set an “overweight” rating for the company in a research report on Friday, February 7th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $74.37.

Microchip Technology Stock Performance

Shares of Microchip Technology stock opened at $50.79 on Friday. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23. The firm has a market cap of $27.32 billion, a price-to-earnings ratio of 90.70 and a beta of 1.52. The stock’s 50-day moving average is $55.83 and its 200-day moving average is $64.16. Microchip Technology Incorporated has a one year low of $49.92 and a one year high of $100.57.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. Equities analysts predict that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Monday, February 24th were issued a $0.455 dividend. This represents a $1.82 annualized dividend and a dividend yield of 3.58%. The ex-dividend date was Monday, February 24th. Microchip Technology’s payout ratio is presently 325.00%.

Microchip Technology 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.