Gibraltar Capital Management Inc. Takes $775,000 Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Gibraltar Capital Management Inc. acquired a new stake in Microchip Technology Incorporated (NASDAQ:MCHP) in the fourth quarter, Holdings Channel reports. The fund acquired 8,594 shares of the semiconductor company’s stock, valued at approximately $775,000.

A number of other institutional investors and hedge funds have also recently made changes to their positions in MCHP. OFI Invest Asset Management acquired a new stake in Microchip Technology during the third quarter worth about $26,000. BKM Wealth Management LLC bought a new stake in shares of Microchip Technology during the 4th quarter worth $27,000. Rakuten Securities Inc. bought a new position in Microchip Technology in the fourth quarter valued at about $27,000. Fortitude Family Office LLC acquired a new position in Microchip Technology during the fourth quarter worth about $29,000. Finally, Milestone Investment Advisors LLC bought a new position in shares of Microchip Technology in the third quarter worth about $36,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Trading Down 1.3 %

MCHP stock traded down $1.20 during mid-day trading on Tuesday, reaching $91.98. The company’s stock had a trading volume of 6,026,112 shares, compared to its average volume of 5,571,717. Microchip Technology Incorporated has a 12 month low of $68.75 and a 12 month high of $94.63. The company has a current ratio of 0.98, a quick ratio of 0.58 and a debt-to-equity ratio of 0.57. The business’s 50 day moving average price is $87.66 and its 200 day moving average price is $84.89. The company has a market cap of $49.71 billion, a price-to-earnings ratio of 21.49, a price-to-earnings-growth ratio of 2.86 and a beta of 1.65.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share for the quarter, beating the consensus estimate of $1.04 by $0.04. The company had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.77 billion. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. Microchip Technology’s revenue for the quarter was down 18.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.48 EPS. On average, equities research analysts predict that Microchip Technology Incorporated will post 4.64 EPS for the current year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 23rd were paid a $0.45 dividend. The ex-dividend date of this dividend was Thursday, February 22nd. This is an increase from Microchip Technology’s previous quarterly dividend of $0.44. This represents a $1.80 annualized dividend and a dividend yield of 1.96%. Microchip Technology’s dividend payout ratio (DPR) is currently 42.06%.

Insider Buying and Selling

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

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on MCHP. Needham & Company LLC upped their price objective on shares of Microchip Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, February 2nd. Rosenblatt Securities reaffirmed a “buy” rating and issued a $100.00 target price on shares of Microchip Technology in a report on Tuesday, January 30th. Stifel Nicolaus lifted their price target on Microchip Technology from $94.00 to $98.00 and gave the company a “buy” rating in a research note on Thursday, April 18th. UBS Group lowered their price objective on Microchip Technology from $105.00 to $95.00 and set a “buy” rating for the company in a research note on Friday, February 2nd. Finally, Wolfe Research upgraded shares of Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 target price on the stock in a research report on Thursday, January 18th. Six equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $92.50.

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.