First Trust Direct Indexing L.P. Boosts Position in Microchip Technology Incorporated (NASDAQ:MCHP)

First Trust Direct Indexing L.P. raised its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 10.7% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 12,600 shares of the semiconductor company’s stock after purchasing an additional 1,223 shares during the quarter. First Trust Direct Indexing L.P.’s holdings in Microchip Technology were worth $1,130,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. BKM Wealth Management LLC purchased a new position in Microchip Technology during the fourth quarter valued at $27,000. Rakuten Securities Inc. bought a new position in Microchip Technology in the 4th quarter worth about $27,000. Rise Advisors LLC purchased a new stake in Microchip Technology during the 1st quarter valued at about $28,000. Fortitude Family Office LLC bought a new stake in Microchip Technology during the 4th quarter valued at about $29,000. Finally, Pineridge Advisors LLC bought a new position in shares of Microchip Technology in the fourth quarter worth approximately $33,000. 91.51% of the stock is currently owned by institutional investors.

Insider Transactions at Microchip Technology

In related news, Director Matthew W. Chapman sold 2,748 shares of the firm’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 transaction, 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 SEC, which is available at the SEC website. In other news, CFO James Eric Bjornholt sold 3,188 shares of the firm’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $99.98, for a total value of $318,736.24. Following the completion of the sale, the chief financial officer now owns 33,257 shares in the company, valued at approximately $3,325,034.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Matthew W. Chapman sold 2,748 shares of the company’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $93.88, for a total transaction of $257,982.24. Following the transaction, the director now owns 35,682 shares in the company, valued at $3,349,826.16. The disclosure for this sale can be found here. Insiders have sold 23,993 shares of company stock valued at $2,251,857 in the last ninety days. Corporate insiders own 2.07% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on MCHP shares. Susquehanna raised their price target on shares of Microchip Technology from $100.00 to $105.00 and gave the company a “positive” rating in a research report on Tuesday, May 7th. Mizuho raised Microchip Technology from a “neutral” rating to a “buy” rating and increased their price target for the company from $85.00 to $115.00 in a report on Friday, May 24th. UBS Group lifted their price objective on Microchip Technology from $95.00 to $103.00 and gave the stock a “buy” rating in a report on Tuesday, May 7th. Evercore ISI initiated coverage on Microchip Technology in a report on Tuesday, April 16th. They issued an “outperform” rating and a $106.00 target price on the stock. Finally, Citigroup raised their target price on Microchip Technology from $100.00 to $104.00 and gave the stock a “buy” rating in a research report on Tuesday, May 7th. Five investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $101.06.

Microchip Technology Trading Up 1.7 %

Microchip Technology stock opened at $93.58 on Friday. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.20 and a quick ratio of 0.67. The firm’s 50 day moving average price is $93.38 and its 200-day moving average price is $89.15. Microchip Technology Incorporated has a 1 year low of $68.75 and a 1 year high of $100.57. The stock has a market cap of $50.24 billion, a P/E ratio of 26.97 and a beta of 1.54.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Monday, May 6th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.57. Microchip Technology had a net margin of 24.98% and a return on equity of 36.78%. The company had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.33 billion. During the same period in the previous year, the firm posted $1.56 EPS. Microchip Technology’s revenue for the quarter was down 40.6% compared to the same quarter last year. On average, equities analysts predict 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. Shareholders of record on Wednesday, May 22nd were issued a dividend of $0.452 per share. This represents a $1.81 annualized dividend and a yield of 1.93%. The ex-dividend date of this dividend was Tuesday, May 21st. 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%.

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.