Everpar Advisors LLC Buys New Shares in Microchip Technology Incorporated (NASDAQ:MCHP)

Everpar Advisors LLC purchased a new position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 12,392 shares of the semiconductor company’s stock, valued at approximately $1,118,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. OFI Invest Asset Management purchased a new position in shares of Microchip Technology during the 3rd quarter valued at about $26,000. BKM Wealth Management LLC bought a new stake in shares of Microchip Technology in the 4th quarter worth approximately $27,000. Rakuten Securities Inc. purchased a new stake in shares of Microchip Technology in the 4th quarter valued at $27,000. Fortitude Family Office LLC bought a new position in shares of Microchip Technology during the 4th quarter valued at $29,000. Finally, Milestone Investment Advisors LLC purchased a new position in Microchip Technology in the 3rd quarter worth $36,000. Institutional investors own 91.51% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. UBS Group increased their target price on Microchip Technology from $95.00 to $103.00 and gave the company a “buy” rating in a report on Tuesday. 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 report on Thursday, January 18th. Evercore ISI started coverage on shares of Microchip Technology in a research note on Tuesday, April 16th. They issued an “outperform” rating and a $106.00 target price on the stock. KeyCorp increased their price target on shares of Microchip Technology from $90.00 to $110.00 and gave the company an “overweight” rating in a research report on Tuesday. Finally, The Goldman Sachs Group raised their price target on shares of Microchip Technology from $77.00 to $88.00 and gave the stock a “neutral” rating in a report on Tuesday. Six research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $98.47.

Microchip Technology Stock Down 0.1 %

Shares of NASDAQ MCHP traded down $0.07 during mid-day trading on Wednesday, hitting $91.99. 4,823,155 shares of the stock traded hands, compared to its average volume of 5,636,225. The stock has a fifty day moving average price of $88.45 and a 200-day moving average price of $85.37. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.58 and a current ratio of 0.98. The company has a market cap of $49.71 billion, a price-to-earnings ratio of 21.49, a PEG ratio of 2.79 and a beta of 1.60. Microchip Technology Incorporated has a 52 week low of $68.75 and a 52 week high of $96.14.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Monday, May 6th. The semiconductor company reported $0.57 EPS for the quarter, meeting analysts’ consensus estimates of $0.57. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. The firm had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.33 billion. During the same quarter in the previous year, the business posted $1.56 EPS. The company’s quarterly revenue was down 40.6% on a year-over-year basis. Research analysts anticipate that Microchip Technology Incorporated will post 4.64 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 5th. Shareholders of record on Wednesday, May 22nd will be paid a dividend of $0.452 per share. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date is Tuesday, May 21st. This represents a $1.81 dividend on an annualized basis and a dividend yield of 1.97%. Microchip Technology’s dividend payout ratio (DPR) is currently 42.06%.

Insider Activity

In related news, CFO James Eric Bjornholt sold 1,970 shares of the firm’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total transaction of $165,283.00. Following the completion of 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 filing with the SEC, which can be accessed through this link. Company insiders own 2.07% of the company’s stock.

About Microchip Technology

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.