Posted by Defense World Staff on Jun 1st, 2024 
Microchip Technology Incorporated (NASDAQ:MCHP – Get Free Report) was the target of a significant drop in short interest in the month of May. As of May 15th, there was short interest totalling 23,760,000 shares, a drop of 16.7% from the April 30th total of 28,510,000 shares. Based on an average trading volume of 5,340,000 shares, the short-interest ratio is currently 4.4 days.
In other news, CFO James Eric Bjornholt sold 3,188 shares of the company’s stock in a transaction on Thursday, May 23rd. The stock was 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 directly 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 at the SEC website. In other Microchip Technology news, VP Stephen V. Drehobl sold 7,830 shares of the firm’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 transaction of $744,319.80. Following the sale, the vice president now owns 79,509 shares in the company, valued at approximately $7,558,125.54. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO James Eric Bjornholt sold 3,188 shares of the company’s stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $99.98, for a total transaction of $318,736.24. Following the completion of the transaction, the chief financial officer now owns 33,257 shares of the company’s stock, valued at $3,325,034.86. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 21,018 shares of company stock worth $1,971,856. Company insiders own 2.07% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the business. Pathway Financial Advisers LLC purchased a new stake in Microchip Technology in the first quarter worth $39,000. Boston Partners increased its stake in Microchip Technology by 10.7% in the 1st quarter. Boston Partners now owns 7,591,471 shares of the semiconductor company’s stock worth $681,838,000 after buying an additional 736,818 shares during the period. Cetera Advisors LLC lifted its holdings in Microchip Technology by 294.0% during the 1st quarter. Cetera Advisors LLC now owns 22,416 shares of the semiconductor company’s stock valued at $2,011,000 after buying an additional 16,726 shares in the last quarter. Cetera Investment Advisers boosted its position in Microchip Technology by 513.4% in the 1st quarter. Cetera Investment Advisers now owns 146,025 shares of the semiconductor company’s stock valued at $13,100,000 after buying an additional 122,221 shares during the period. Finally, PGGM Investments grew its stake in Microchip Technology by 130.9% in the 1st quarter. PGGM Investments now owns 56,953 shares of the semiconductor company’s stock worth $5,109,000 after acquiring an additional 32,283 shares in the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages have issued reports on MCHP. Piper Sandler reissued a “neutral” rating and set a $90.00 price target (up from $80.00) on shares of Microchip Technology in a report on Tuesday, May 7th. B. Riley upped their price target on Microchip Technology from $105.00 to $110.00 and gave the stock a “buy” rating in a research note on Tuesday, May 7th. Stifel Nicolaus lifted their price objective on shares of Microchip Technology from $98.00 to $102.00 and gave the company a “buy” rating in a research report on Wednesday, May 1st. 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. Finally, The Goldman Sachs Group lifted their price target on shares of Microchip Technology from $77.00 to $88.00 and gave the company a “neutral” rating in a report on Tuesday, May 7th. Five analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $101.06.
Check Out Our Latest Analysis on MCHP
NASDAQ MCHP opened at $97.23 on Friday. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.67 and a current ratio of 1.20. The business’s 50 day moving average price is $91.10 and its 200-day moving average price is $87.91. The company has a market cap of $52.20 billion, a P/E ratio of 28.02 and a beta of 1.60. Microchip Technology has a fifty-two week low of $68.75 and a fifty-two week high of $100.57.
Microchip Technology (NASDAQ:MCHP – Get Free Report) last released 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. Microchip Technology had a net margin of 24.98% and a return on equity of 36.78%. The firm had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.33 billion. During the same quarter last year, the business earned $1.56 EPS. The business’s revenue was down 40.6% on a year-over-year basis. Sell-side analysts predict that Microchip Technology will post 2.35 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 5th. Stockholders of record on Wednesday, May 22nd will be paid a dividend of $0.452 per share. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Tuesday, May 21st. This represents a $1.81 dividend on an annualized basis and a dividend yield of 1.86%. Microchip Technology’s dividend payout ratio is currently 52.16%.
(Get Free Report)
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.
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