Richardson Capital Management LLC Invests $45,000 in Microchip Technology Incorporated (NASDAQ:MCHP)

Richardson Capital Management LLC bought a new stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 500 shares of the semiconductor company’s stock, valued at approximately $45,000.

A number of other institutional investors also recently bought and sold shares of MCHP. Bleakley Financial Group LLC boosted its position in Microchip Technology by 1.3% during the 4th quarter. Bleakley Financial Group LLC now owns 9,415 shares of the semiconductor company’s stock valued at $849,000 after acquiring an additional 119 shares in the last quarter. RFG Advisory LLC lifted its stake in shares of Microchip Technology by 3.2% in the 4th 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 during the period. Twelve Points Wealth Management LLC boosted its position in shares of Microchip Technology by 1.0% during the fourth quarter. Twelve Points Wealth Management LLC now owns 12,229 shares of the semiconductor company’s stock valued at $1,103,000 after purchasing an additional 125 shares in the last quarter. Steph & Co. grew its stake in Microchip Technology by 57.4% in the first quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock worth $37,000 after purchasing an additional 151 shares during the period. Finally, Indiana Trust & Investment Management CO raised its holdings in Microchip Technology by 18.4% in the first quarter. Indiana Trust & Investment Management CO now owns 999 shares of the semiconductor company’s stock worth $90,000 after purchasing an additional 155 shares in the last quarter. 91.51% of the stock is owned by institutional investors.

Insider Activity at Microchip Technology

In other Microchip Technology news, VP Stephen V. Drehobl sold 10,000 shares of the stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $90.88, for a total transaction of $908,800.00. Following the completion of the sale, the vice president now directly owns 82,203 shares of the company’s stock, valued at approximately $7,470,608.64. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, VP Stephen V. Drehobl sold 7,830 shares of the company’s stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $95.06, for a total transaction of $744,319.80. Following the sale, the vice president now directly owns 79,509 shares of the company’s stock, valued at approximately $7,558,125.54. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Stephen V. Drehobl sold 10,000 shares of the stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $90.88, for a total value of $908,800.00. Following the transaction, the vice president now 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 90 days, insiders have sold 23,993 shares of company stock valued at $2,251,857. 2.07% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

MCHP has been the topic of a number of recent research reports. KeyCorp upped their target price on shares of Microchip Technology from $90.00 to $110.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 7th. Needham & Company LLC increased their target price on Microchip Technology from $90.00 to $100.00 and gave the stock a “buy” rating in a research note on Tuesday, May 7th. Susquehanna lifted their price target on Microchip Technology from $100.00 to $105.00 and gave the stock a “positive” rating in a research report on Tuesday, May 7th. Truist Financial increased their price objective on shares of Microchip Technology from $93.00 to $96.00 and gave the company a “buy” rating in a research report on Tuesday, May 7th. Finally, B. Riley upped their target price on shares of Microchip Technology from $105.00 to $110.00 and gave the stock a “buy” rating in a research note on Tuesday, May 7th. Five equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $101.06.

Microchip Technology Stock Performance

Microchip Technology stock traded up $2.07 during midday trading on Friday, hitting $91.50. The stock had a trading volume of 13,568,641 shares, compared to its average volume of 6,205,653. Microchip Technology Incorporated has a 52-week low of $68.75 and a 52-week high of $100.57. The company has a market capitalization of $49.13 billion, a PE ratio of 26.37 and a beta of 1.55. The firm’s fifty day moving average is $93.02 and its two-hundred day moving average is $89.10. The company has a current ratio of 1.20, a quick ratio of 0.67 and a debt-to-equity ratio of 0.75.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Monday, May 6th. The semiconductor company reported $0.57 EPS for the quarter, meeting 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 was down 40.6% on a year-over-year basis. During the same period last year, the firm earned $1.56 EPS. On average, research analysts forecast that Microchip Technology Incorporated will post 2.35 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 5th. Investors of record on Wednesday, May 22nd were given a dividend of $0.452 per share. The ex-dividend date of this dividend was Tuesday, May 21st. This represents a $1.81 annualized dividend and a dividend yield of 1.98%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio (DPR) is currently 52.16%.

Microchip Technology 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.