Proficio Capital Partners LLC Acquires New Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Proficio Capital Partners LLC purchased a new stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 66,577 shares of the semiconductor company's stock, valued at approximately $3,818,000.

Several other hedge funds have also bought and sold shares of MCHP. Coldstream Capital Management Inc. increased its position in Microchip Technology by 2.4% during the 3rd quarter. Coldstream Capital Management Inc. now owns 11,052 shares of the semiconductor company's stock valued at $878,000 after buying an additional 260 shares in the last quarter. EP Wealth Advisors LLC grew its stake in shares of Microchip Technology by 1.8% in the third quarter. EP Wealth Advisors LLC now owns 14,725 shares of the semiconductor company's stock worth $1,182,000 after acquiring an additional 264 shares during the last quarter. Lebenthal Global Advisors LLC increased its holdings in shares of Microchip Technology by 7.3% during the fourth quarter. Lebenthal Global Advisors LLC now owns 3,894 shares of the semiconductor company's stock valued at $223,000 after acquiring an additional 266 shares in the last quarter. Leelyn Smith LLC raised its position in shares of Microchip Technology by 2.2% in the 3rd quarter. Leelyn Smith LLC now owns 12,401 shares of the semiconductor company's stock worth $996,000 after purchasing an additional 268 shares during the last quarter. Finally, First Commonwealth Financial Corp PA boosted its stake in Microchip Technology by 2.5% in the 3rd quarter. First Commonwealth Financial Corp PA now owns 11,342 shares of the semiconductor company's stock worth $911,000 after purchasing an additional 279 shares in the last quarter. Institutional investors own 91.51% of the company's stock.

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Insider Buying and Selling

In related news, CFO James Eric Bjornholt sold 3,724 shares of the stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total value of $226,717.12. Following the sale, the chief financial officer now directly owns 33,272 shares of the company's stock, valued at $2,025,599.36. This represents a 10.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.10% of the stock is owned by corporate insiders.

Microchip Technology Price Performance

MCHP stock traded up $0.72 during trading on Friday, hitting $51.72. 29,337,928 shares of the company's stock traded hands, compared to its average volume of 6,997,556. Microchip Technology Incorporated has a 52 week low of $50.02 and a 52 week high of $100.57. The stock has a market capitalization of $27.82 billion, a price-to-earnings ratio of 92.36 and a beta of 1.52. The business has a fifty day simple moving average of $56.24 and a 200 day simple moving average of $65.03. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.23 and a current ratio of 2.25.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its quarterly 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 return on equity of 12.62% and a net margin of 6.49%. As a group, research analysts expect that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Monday, February 24th were issued a dividend of $0.455 per share. The ex-dividend date of this dividend was Monday, February 24th. This represents a $1.82 annualized dividend and a yield of 3.52%. Microchip Technology's payout ratio is presently 325.00%.

Wall Street Analyst Weigh In

Several analysts have commented on the company. Piper Sandler reiterated an "overweight" rating and set a $65.00 target price (down from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Rosenblatt Securities reissued a "buy" rating and issued a $70.00 target price on shares of Microchip Technology in a research report on Tuesday, March 4th. TD Cowen upped their target price on shares of Microchip Technology from $50.00 to $60.00 and gave the company a "hold" rating in a research note on Tuesday, March 4th. StockNews.com lowered shares of Microchip Technology from a "hold" rating to a "sell" rating in a research note on Monday, February 10th. Finally, Stifel Nicolaus lowered their price target on Microchip Technology from $90.00 to $87.00 and set a "buy" rating on the stock in a report on Tuesday, December 3rd. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Microchip Technology presently has an average rating of "Moderate Buy" and a consensus target price of $74.37.

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.