Claro Advisors LLC Has $422,000 Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Claro Advisors LLC raised its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 24.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,699 shares of the semiconductor company’s stock after buying an additional 920 shares during the quarter. Claro Advisors LLC’s holdings in Microchip Technology were worth $422,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MCHP. Bleakley Financial Group LLC grew its holdings 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 worth $849,000 after acquiring an additional 119 shares during the last quarter. RFG Advisory LLC lifted its position in Microchip Technology by 3.2% during 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 stake in shares of Microchip Technology by 1.0% in the 4th 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 during the last quarter. Steph & Co. grew its position in shares of Microchip Technology by 57.4% during the 1st quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock worth $37,000 after buying an additional 151 shares during the period. Finally, Indiana Trust & Investment Management CO raised its position in shares of Microchip Technology by 18.4% during the 1st quarter. Indiana Trust & Investment Management CO now owns 999 shares of the semiconductor company’s stock valued at $90,000 after acquiring an additional 155 shares during the last quarter. 91.51% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. Needham & Company LLC lifted their price target on shares of Microchip Technology from $90.00 to $100.00 and gave the stock a “buy” rating in a research report on Tuesday, May 7th. The Goldman Sachs Group raised their target price on shares of Microchip Technology from $77.00 to $88.00 and gave the stock a “neutral” rating in a report on Tuesday, May 7th. Piper Sandler reiterated a “neutral” rating and set a $90.00 target price (up previously from $80.00) on shares of Microchip Technology in a report on Tuesday, May 7th. Susquehanna boosted their target price on Microchip Technology from $100.00 to $105.00 and gave the company a “positive” rating in a research note on Tuesday, May 7th. Finally, TD Cowen lifted their price objective on shares of Microchip Technology from $80.00 to $90.00 and gave the company a “hold” rating in a report on Tuesday, May 7th. Five research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, Microchip Technology currently has an average rating of “Moderate Buy” and a consensus price target of $101.06.

Microchip Technology Stock Performance

Shares of MCHP traded up $0.09 on Monday, reaching $91.59. 8,327,003 shares of the company’s stock traded hands, compared to its average volume of 5,811,763. The stock’s 50 day simple moving average is $93.02 and its two-hundred day simple 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. The stock has a market cap of $49.17 billion, a PE ratio of 26.39 and a beta of 1.54. Microchip Technology Incorporated has a 52-week low of $68.75 and a 52-week high of $100.57.

Microchip Technology (NASDAQ:MCHP) last posted its 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 during 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 quarter last year, the company earned $1.56 earnings per share. On average, analysts forecast that Microchip Technology Incorporated will post 2.35 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently declared 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 dividend on an annualized basis and a dividend yield of 1.97%. The ex-dividend date of this dividend was Tuesday, May 21st. Microchip Technology’s payout ratio is 52.16%.

Insider Buying and Selling

In other news, Director Matthew W. Chapman sold 2,748 shares of the business’s stock in a transaction dated Monday, June 10th. The stock was 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 of the company’s stock, valued at $3,349,826.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, VP Stephen V. Drehobl sold 7,830 shares of Microchip Technology stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $95.06, for a total transaction of $744,319.80. Following the completion of the transaction, the vice president now directly owns 79,509 shares in the company, valued at $7,558,125.54. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Matthew W. Chapman sold 2,748 shares of the company’s stock in a transaction dated Monday, June 10th. The stock was 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 approximately $3,349,826.16. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 23,993 shares of company stock worth $2,251,857. Corporate insiders own 2.07% of the company’s stock.

About Microchip Technology

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.