Cullinan Associates Inc. Has $1.04 Million Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Cullinan Associates Inc. boosted its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 34.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 11,600 shares of the semiconductor company’s stock after acquiring an additional 3,000 shares during the period. Cullinan Associates Inc.’s holdings in Microchip Technology were worth $1,041,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. BKM Wealth Management LLC bought a new stake in Microchip Technology during the 4th quarter valued at $27,000. Rakuten Securities Inc. acquired a new position in shares of Microchip Technology during the fourth quarter valued at about $27,000. Rise Advisors LLC bought a new stake in shares of Microchip Technology during the first quarter worth about $28,000. Fortitude Family Office LLC bought a new position in Microchip Technology in the 4th quarter valued at about $29,000. Finally, Pineridge Advisors LLC bought a new stake in Microchip Technology during the 4th quarter worth approximately $33,000. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Up 0.5 %

MCHP stock opened at $92.06 on Wednesday. The stock has a 50-day simple moving average of $93.18 and a two-hundred day simple moving average of $89.09. Microchip Technology Incorporated has a twelve month low of $68.75 and a twelve month high of $100.57. The firm has a market capitalization of $49.43 billion, a PE ratio of 26.53 and a beta of 1.54. The company has a quick ratio of 0.67, a current ratio of 1.20 and a debt-to-equity ratio of 0.75.

Microchip Technology (NASDAQ:MCHP) last posted its 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 business had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.33 billion. Microchip Technology had a net margin of 24.98% and a return on equity of 36.78%. The business’s revenue for the quarter was down 40.6% compared to the same quarter last year. During the same period in the prior year, the company posted $1.56 EPS. On average, equities analysts predict that Microchip Technology Incorporated will post 2.35 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 5th. Stockholders of record on Wednesday, May 22nd were issued a dividend of $0.452 per share. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Tuesday, May 21st. This represents a $1.81 annualized dividend and a dividend yield of 1.96%. Microchip Technology’s payout ratio is presently 52.16%.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Jefferies Financial Group assumed coverage on Microchip Technology in a research report on Monday, May 13th. They set a “buy” rating and a $115.00 target price on the stock. TD Cowen increased their target price 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. Evercore ISI assumed coverage on shares of Microchip Technology in a report on Tuesday, April 16th. They set an “outperform” rating and a $106.00 price target on the stock. 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 note on Tuesday, May 7th. Finally, UBS Group boosted their target price on Microchip Technology from $95.00 to $103.00 and gave the stock a “buy” rating in a research note on Tuesday, May 7th. Five investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $101.06.

Insider Buying and Selling

In other Microchip Technology news, VP Stephen V. Drehobl sold 7,830 shares of the business’s stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $95.06, for a total value of $744,319.80. Following the completion of the transaction, the vice president now owns 79,509 shares of the company’s stock, valued at approximately $7,558,125.54. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Microchip Technology news, Director Matthew W. Chapman sold 2,748 shares of the business’s stock in a transaction on 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 sale, the director now directly owns 35,682 shares of the company’s stock, valued at $3,349,826.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Stephen V. Drehobl sold 7,830 shares of the firm’s stock in a transaction 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 completion of the sale, the vice president now directly owns 79,509 shares in the company, valued at approximately $7,558,125.54. The disclosure for this sale can be found here. Over the last three months, insiders have sold 23,993 shares of company stock worth $2,251,857. 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.