Hanson & Doremus Investment Management Invests $97,000 in Microchip Technology Incorporated (NASDAQ:MCHP)

Hanson & Doremus Investment Management bought a new position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 2,000 shares of the semiconductor company’s stock, valued at approximately $97,000.

A number of other large investors have also modified their holdings of MCHP. Mainstream Capital Management LLC purchased a new position in shares of Microchip Technology during the 4th quarter worth approximately $26,000. Rakuten Securities Inc. increased its stake in Microchip Technology by 309.5% in the 4th quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company’s stock valued at $27,000 after purchasing an additional 359 shares in the last quarter. OFI Invest Asset Management purchased a new position in Microchip Technology in the 4th quarter valued at approximately $29,000. Kohmann Bosshard Financial Services LLC purchased a new position in Microchip Technology in the 4th quarter valued at approximately $34,000. Finally, Millstone Evans Group LLC purchased a new position in Microchip Technology in the 4th quarter valued at approximately $34,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on MCHP. UBS Group raised their price objective on Microchip Technology from $60.00 to $65.00 and gave the company a “buy” rating in a research note on Friday, May 30th. B. Riley raised their price objective on Microchip Technology from $60.00 to $75.00 and gave the company a “buy” rating in a research note on Friday, May 9th. Truist Financial raised their price objective on Microchip Technology from $43.00 to $52.00 and gave the company a “hold” rating in a research note on Friday, May 9th. Raymond James raised their price objective on Microchip Technology from $60.00 to $65.00 and gave the company a “strong-buy” rating in a research note on Friday, May 9th. Finally, Evercore ISI raised their price target on Microchip Technology from $69.00 to $83.00 and gave the stock an “outperform” rating in a research report on Thursday, June 12th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Microchip Technology presently has an average rating of “Moderate Buy” and a consensus target price of $69.53.

Insider Activity at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,015 shares of Microchip Technology 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 in the company, valued at approximately $1,913,979.14. This trade represents a 5.55% 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 the SEC website. Also, Director Karlton D. Johnson sold 494 shares of Microchip Technology stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total value of $29,980.86. Following the completion of the transaction, the director now owns 3,468 shares in the company, valued at $210,472.92. The trade was a 12.47% decrease in their position. The disclosure for this sale can be found here. 2.10% of the stock is owned by insiders.

Microchip Technology Price Performance

MCHP stock opened at $68.19 on Tuesday. Microchip Technology Incorporated has a 52-week low of $34.13 and a 52-week high of $96.98. The stock’s fifty day simple moving average is $53.43 and its 200-day simple moving average is $54.81. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12. The stock has a market capitalization of $36.78 billion, a price-to-earnings ratio of 121.77 and a beta of 1.48.

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

Microchip Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Thursday, May 22nd were issued a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a yield of 2.67%. The ex-dividend date of this dividend was Thursday, May 22nd. Microchip Technology’s payout ratio is currently -18,200.00%.

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.