Harvest Fund Management Co. Ltd Boosts Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Harvest Fund Management Co. Ltd grew its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 27.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 31,604 shares of the semiconductor company’s stock after buying an additional 6,891 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in Microchip Technology were worth $1,738,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Mainstream Capital Management LLC purchased a new stake in Microchip Technology in the fourth quarter worth about $26,000. Rakuten Securities Inc. increased its position in 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 buying an additional 359 shares in the last quarter. Prospera Private Wealth LLC purchased a new stake in Microchip Technology in the third quarter worth about $29,000. OFI Invest Asset Management purchased a new stake in Microchip Technology in the fourth quarter worth about $29,000. Finally, Financial Life Planners purchased a new stake in Microchip Technology in the fourth quarter worth about $32,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Insider Buying and Selling

In related news, CFO James Eric Bjornholt sold 3,724 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total transaction of $226,717.12. Following the completion of the sale, the chief financial officer now directly owns 33,272 shares of the company’s stock, valued at approximately $2,025,599.36. This trade represents a 10.07 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.10% of the stock is owned by corporate insiders.

Microchip Technology Price Performance

NASDAQ:MCHP opened at $54.57 on Thursday. The firm has a market capitalization of $29.35 billion, a price-to-earnings ratio of 97.45 and a beta of 1.52. Microchip Technology Incorporated has a 1 year low of $50.21 and a 1 year high of $100.57. The business has a 50 day simple moving average of $56.35 and a 200-day simple moving average of $65.13. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate 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 forecast that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Monday, February 24th were paid a $0.455 dividend. This represents a $1.82 annualized dividend and a dividend yield of 3.34%. The ex-dividend date of this dividend was Monday, February 24th. Microchip Technology’s payout ratio is 325.00%.

Wall Street Analyst Weigh In

A number of brokerages have commented on MCHP. Needham & Company LLC upped their price target on Microchip Technology from $60.00 to $66.00 and gave the stock a “buy” rating in a research report on Tuesday, March 4th. Piper Sandler reiterated an “overweight” rating and set a $65.00 target price (down previously from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. Rosenblatt Securities reiterated a “buy” rating and set a $70.00 target price on shares of Microchip Technology in a research report on Tuesday, March 4th. StockNews.com cut Microchip Technology from a “hold” rating to a “sell” rating in a research report on Monday, February 10th. Finally, Mizuho increased their target price on Microchip Technology from $58.00 to $68.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 4th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $74.37.

Microchip Technology Company 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.