Millstone Evans Group LLC Makes New $34,000 Investment in Microchip Technology Incorporated (NASDAQ:MCHP)

Millstone Evans Group LLC purchased a new stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 600 shares of the semiconductor company’s stock, valued at approximately $34,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in MCHP. Semanteon Capital Management LP acquired a new stake in Microchip Technology during the 4th quarter worth approximately $1,435,000. Whittier Trust Co. of Nevada Inc. lifted its holdings in shares of Microchip Technology by 2.1% during the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 17,689 shares of the semiconductor company’s stock worth $1,014,000 after purchasing an additional 362 shares during the period. Blueshift Asset Management LLC bought a new stake in shares of Microchip Technology in the fourth quarter worth $209,000. iA Global Asset Management Inc. increased its holdings in Microchip Technology by 5.8% in the fourth quarter. iA Global Asset Management Inc. now owns 57,881 shares of the semiconductor company’s stock valued at $3,319,000 after purchasing an additional 3,191 shares during the period. Finally, Teacher Retirement System of Texas raised its position in shares of Microchip Technology by 781.0% during the fourth quarter. Teacher Retirement System of Texas now owns 31,646 shares of the semiconductor company’s stock worth $1,815,000 after acquiring an additional 28,054 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors.

Insider Transactions at Microchip Technology

In related news, CFO James Eric Bjornholt sold 3,724 shares of the business’s stock in a transaction 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 sale, the chief financial officer now directly owns 33,272 shares in the company, valued at approximately $2,025,599.36. The trade was a 10.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 2.10% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Bank of America lowered shares of Microchip Technology from a “neutral” rating to an “underperform” rating and dropped their target price for the company from $80.00 to $65.00 in a report on Monday, December 16th. B. Riley reaffirmed a “buy” rating and set a $75.00 target price (down previously from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Stifel Nicolaus dropped their price target on Microchip Technology from $90.00 to $87.00 and set a “buy” rating on the stock in a research note on Tuesday, December 3rd. Raymond James reaffirmed a “strong-buy” rating and set a $60.00 price objective (down previously from $95.00) on shares of Microchip Technology in a research report on Friday, February 7th. Finally, StockNews.com lowered shares of Microchip Technology from a “hold” rating to a “sell” rating in a report on Monday, February 10th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $74.37.

Microchip Technology Price Performance

MCHP opened at $53.89 on Tuesday. Microchip Technology Incorporated has a fifty-two week low of $49.92 and a fifty-two week high of $100.57. The firm has a 50-day moving average of $56.13 and a 200 day moving average of $64.49. 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 firm has a market cap of $28.98 billion, a P/E ratio of 96.23 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data 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%. On average, research analysts expect that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Monday, February 24th were given a dividend of $0.455 per share. The ex-dividend date of this dividend was Monday, February 24th. This represents a $1.82 dividend on an annualized basis and a yield of 3.38%. Microchip Technology’s dividend payout ratio is presently 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.