Harvest Fund Management Co. Ltd Boosts Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Harvest Fund Management Co. Ltd grew its stake in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 27.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,604 shares of the semiconductor company's stock after acquiring an additional 6,891 shares during the period. Harvest Fund Management Co. Ltd's holdings in Microchip Technology were worth $1,738,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Mainstream Capital Management LLC bought a new position in Microchip Technology in the fourth quarter worth approximately $26,000. Rakuten Securities Inc. grew its position in shares of Microchip Technology by 309.5% during the 4th quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company's stock worth $27,000 after buying an additional 359 shares in the last quarter. Prospera Private Wealth LLC purchased a new position in shares of Microchip Technology during the third quarter valued at $29,000. OFI Invest Asset Management bought a new stake in shares of Microchip Technology in the fourth quarter valued at about $29,000. Finally, Financial Life Planners purchased a new stake in Microchip Technology in the fourth quarter worth about $32,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Microchip Technology Stock Performance

Shares of NASDAQ:MCHP traded up $2.17 on Monday, hitting $53.89. 12,894,112 shares of the company were exchanged, compared to its average volume of 7,038,734. The firm has a market capitalization of $28.98 billion, a P/E ratio of 96.23 and a beta of 1.52. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12. Microchip Technology Incorporated has a 1-year low of $49.92 and a 1-year high of $100.57. The stock's 50 day moving average price is $56.17 and its 200 day moving average price is $64.66.

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Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share 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%. Sell-side analysts predict that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Announces Dividend

The firm also recently declared 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. This represents a $1.82 dividend on an annualized basis and a yield of 3.38%. The ex-dividend date of this dividend was Monday, February 24th. Microchip Technology's dividend payout ratio is presently 325.00%.

Analyst Ratings Changes

MCHP has been the topic of a number of research reports. TD Cowen raised their target price on shares of Microchip Technology from $50.00 to $60.00 and gave the company a "hold" rating in a research report on Tuesday, March 4th. Evercore ISI lifted their price objective on shares of Microchip Technology from $65.00 to $71.00 and gave the company an "outperform" rating in a report on Tuesday, March 4th. Morgan Stanley lowered their target price on Microchip Technology from $71.00 to $58.00 and set an "equal weight" rating for the company in a report on Tuesday, February 4th. Needham & Company LLC boosted their price target on Microchip Technology from $60.00 to $66.00 and gave the stock a "buy" rating in a research report on Tuesday, March 4th. Finally, Piper Sandler restated an "overweight" rating and set a $65.00 price objective (down from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $74.37.

Insider Activity

In related news, CFO James Eric Bjornholt sold 3,724 shares of Microchip Technology stock in a transaction that occurred 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 completion of the transaction, the chief financial officer now directly owns 33,272 shares in the company, valued at approximately $2,025,599.36. This trade represents a 10.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 2.10% of the company's stock.

Microchip Technology Company 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.