Microchip Technology Incorporated (NASDAQ:MCHP) Shares Bought by Boothbay Fund Management LLC

Boothbay Fund Management LLC lifted its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 570.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 110,752 shares of the semiconductor company’s stock after acquiring an additional 94,230 shares during the period. Boothbay Fund Management LLC’s holdings in Microchip Technology were worth $6,352,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in MCHP. Virtu Financial LLC acquired a new stake in shares of Microchip Technology during the third quarter worth $491,000. Stock Yards Bank & Trust Co. grew its position in shares of Microchip Technology by 3.3% during the 3rd quarter. Stock Yards Bank & Trust Co. now owns 11,517 shares of the semiconductor company’s stock valued at $925,000 after buying an additional 368 shares during the last quarter. World Investment Advisors LLC raised its stake in Microchip Technology by 11.7% during the third quarter. World Investment Advisors LLC now owns 42,882 shares of the semiconductor company’s stock worth $3,443,000 after acquiring an additional 4,477 shares during the period. Arvest Bank Trust Division bought a new position in Microchip Technology in the third quarter worth about $223,000. Finally, Wilmington Savings Fund Society FSB boosted its stake in Microchip Technology by 16.6% in the third quarter. Wilmington Savings Fund Society FSB now owns 60,394 shares of the semiconductor company’s stock valued at $4,849,000 after acquiring an additional 8,592 shares during the period. 91.51% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Raymond James reiterated a “strong-buy” rating and set a $60.00 price target (down from $95.00) on shares of Microchip Technology in a research report on Friday, February 7th. B. Riley reaffirmed a “buy” rating and issued a $75.00 target price (down from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. Rosenblatt Securities reissued a “buy” rating and set a $70.00 price target on shares of Microchip Technology in a report on Tuesday, March 4th. TD Cowen upped their price target on shares of Microchip Technology from $50.00 to $60.00 and gave the stock a “hold” rating in a research report on Tuesday, March 4th. Finally, KeyCorp cut their price objective on shares of Microchip Technology from $70.00 to $60.00 and set an “overweight” rating on the stock in a research report on Friday, February 7th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $69.32.

Insider Transactions at Microchip Technology

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 shares were sold at an average price of $60.88, for a total value of $226,717.12. Following the completion of the transaction, the chief financial officer now 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 2.10% of the stock is currently owned by insiders.

Microchip Technology Price Performance

Shares of NASDAQ:MCHP opened at $46.89 on Friday. The company has a market capitalization of $25.22 billion, a PE ratio of 83.73 and a beta of 1.51. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.23 and a current ratio of 2.25. The stock has a fifty day moving average of $49.48 and a 200-day moving average of $58.42. Microchip Technology Incorporated has a one year low of $34.13 and a one year high of $100.57.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Thursday, February 6th. The semiconductor company reported $0.13 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%. As a group, equities analysts anticipate that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Monday, February 24th were issued a $0.455 dividend. This represents a $1.82 annualized dividend and a dividend yield of 3.88%. The ex-dividend date was Monday, February 24th. Microchip Technology’s payout ratio is 325.00%.

Microchip Technology 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.