Boomfish Wealth Group LLC Buys 1,520 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Boomfish Wealth Group LLC boosted its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 3.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 40,383 shares of the semiconductor company’s stock after acquiring an additional 1,520 shares during the period. Boomfish Wealth Group LLC’s holdings in Microchip Technology were worth $1,955,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Mainstream Capital Management LLC bought a new stake in Microchip Technology in the fourth quarter valued at approximately $26,000. Rakuten Securities Inc. boosted its holdings in Microchip Technology by 309.5% in the fourth quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company’s stock valued at $27,000 after acquiring an additional 359 shares during the last quarter. OFI Invest Asset Management bought a new stake in Microchip Technology in the fourth quarter valued at approximately $29,000. Kohmann Bosshard Financial Services LLC bought a new stake in Microchip Technology in the fourth quarter valued at approximately $34,000. Finally, Millstone Evans Group LLC bought a new stake in Microchip Technology in the fourth quarter valued at approximately $34,000. 91.51% of the stock is currently owned by institutional investors.

Insider Transactions at Microchip Technology

In other news, Director Karlton D. Johnson sold 494 shares of the stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $60.69, for a total transaction of $29,980.86. Following the completion of the transaction, the director now owns 3,468 shares in the company, valued at approximately $210,472.92. This represents a 12.47% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO James Eric Bjornholt sold 2,015 shares of the stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $55.78, for a total value of $112,396.70. Following the transaction, the chief financial officer now owns 34,313 shares of the company’s stock, valued at $1,913,979.14. The trade was a 5.55% decrease in their position. The disclosure for this sale can be found here. 2.10% of the stock is owned by corporate insiders.

Microchip Technology Stock Up 3.7%

Shares of NASDAQ:MCHP opened at $68.19 on Tuesday. The company has a market capitalization of $36.78 billion, a PE ratio of 121.77 and a beta of 1.48. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23. The business has a fifty day moving average price of $53.43 and a two-hundred day moving average price of $54.81. Microchip Technology Incorporated has a 1 year low of $34.13 and a 1 year high of $96.98.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.01. The firm had revenue of $970.50 million during the quarter, compared to the consensus estimate of $962.86 million. Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. The business’s revenue for the quarter was down 26.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.57 EPS. Analysts forecast that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Thursday, May 22nd were paid a $0.455 dividend. The ex-dividend date of this dividend was Thursday, May 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 2.67%. Microchip Technology’s dividend payout ratio (DPR) is presently -18,200.00%.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Mizuho boosted their price target on Microchip Technology from $68.00 to $78.00 and gave the company an “outperform” rating in a research note on Thursday, June 12th. Evercore ISI upped their target price on Microchip Technology from $69.00 to $83.00 and gave the stock an “outperform” rating in a research report on Thursday, June 12th. UBS Group upped their target price on Microchip Technology from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Friday, May 30th. Morgan Stanley upped their target price on Microchip Technology from $39.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Friday, May 9th. Finally, Bank of America raised Microchip Technology from an “underperform” rating to a “neutral” rating and set a $56.00 target price on the stock in a research report on Friday, May 9th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $69.53.

About Microchip Technology

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.