Andina Capital Management LLC Acquires New Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Andina Capital Management LLC bought a new position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm bought 3,057 shares of the semiconductor company’s stock, valued at approximately $276,000.

Several other hedge funds also recently made changes to their positions in the company. Horizon Bancorp Inc. IN acquired a new position in Microchip Technology in the fourth quarter worth $110,000. Rockline Wealth Management LLC bought a new stake in shares of Microchip Technology during the 4th quarter valued at about $4,449,000. 17 Capital Partners LLC acquired a new stake in Microchip Technology during the fourth quarter worth about $1,827,000. AIA Group Ltd lifted its holdings in Microchip Technology by 80.4% in the fourth quarter. AIA Group Ltd now owns 29,910 shares of the semiconductor company’s stock worth $2,697,000 after acquiring an additional 13,326 shares during the last quarter. Finally, GAM Holding AG boosted its stake in Microchip Technology by 13.9% in the fourth quarter. GAM Holding AG now owns 145,575 shares of the semiconductor company’s stock valued at $13,128,000 after acquiring an additional 17,776 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. Rosenblatt Securities reissued a “buy” rating and issued a $100.00 price target on shares of Microchip Technology in a report on Tuesday, January 30th. Truist Financial lowered their price target on shares of Microchip Technology from $97.00 to $93.00 and set a “buy” rating for the company in a research report on Tuesday, January 9th. TD Cowen lifted their price objective on shares of Microchip Technology from $75.00 to $80.00 and gave the company a “market perform” rating in a research report on Friday, February 2nd. Susquehanna restated a “positive” rating and issued a $100.00 target price on shares of Microchip Technology in a research report on Monday, April 8th. Finally, Piper Sandler cut Microchip Technology from an “overweight” rating to a “neutral” rating and set a $80.00 price target on the stock. in a report on Thursday, January 4th. Six analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $92.75.

Insider Activity

In other news, Director Karlton D. Johnson sold 370 shares of Microchip Technology stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $84.00, for a total value of $31,080.00. Following the transaction, the director now directly owns 1,789 shares of the company’s stock, valued at $150,276. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Microchip Technology news, CFO James Eric Bjornholt sold 1,970 shares of Microchip Technology stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $83.90, for a total transaction of $165,283.00. Following the transaction, the chief financial officer now owns 32,893 shares of the company’s stock, valued at approximately $2,759,722.70. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Karlton D. Johnson sold 370 shares of the company’s stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $84.00, for a total value of $31,080.00. Following the completion of the transaction, the director now owns 1,789 shares in the company, valued at approximately $150,276. The disclosure for this sale can be found here. 2.07% of the stock is currently owned by company insiders.

Microchip Technology Price Performance

Shares of NASDAQ:MCHP traded down $2.45 during trading hours on Wednesday, hitting $89.53. 2,856,584 shares of the company’s stock traded hands, compared to its average volume of 5,538,112. The company’s fifty day simple moving average is $87.66 and its two-hundred day simple moving average is $84.89. The company has a market cap of $48.38 billion, a price-to-earnings ratio of 21.16, a price-to-earnings-growth ratio of 2.84 and a beta of 1.65. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.58 and a current ratio of 0.98. Microchip Technology Incorporated has a 52 week low of $68.75 and a 52 week high of $94.63.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share for the quarter, topping analysts’ consensus estimates of $1.04 by $0.04. The firm had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.77 billion. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. The firm’s revenue for the quarter was down 18.6% compared to the same quarter last year. During the same period last year, the firm posted $1.48 earnings per share. As a group, equities analysts anticipate that Microchip Technology Incorporated will post 4.64 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 23rd were given a dividend of $0.45 per share. The ex-dividend date was Thursday, February 22nd. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.44. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.01%. Microchip Technology’s payout ratio is 42.06%.

Microchip Technology Company Profile

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.