Argonautica Private Wealth Management Inc. Invests $428,000 in Microchip Technology Incorporated (NASDAQ:MCHP)

Argonautica Private Wealth Management Inc. purchased a new position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) in the first quarter, HoldingsChannel reports. The fund purchased 8,843 shares of the semiconductor company’s stock, valued at approximately $428,000.

A number of other hedge funds and other institutional investors have also modified their holdings of MCHP. Norges Bank acquired a new stake in Microchip Technology in the 4th quarter valued at about $452,627,000. Barrow Hanley Mewhinney & Strauss LLC increased its holdings in shares of Microchip Technology by 273.2% in the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,345,096 shares of the semiconductor company’s stock valued at $306,541,000 after purchasing an additional 3,912,895 shares during the period. Franklin Resources Inc. increased its holdings in shares of Microchip Technology by 90.0% in the 4th quarter. Franklin Resources Inc. now owns 6,360,805 shares of the semiconductor company’s stock valued at $364,792,000 after purchasing an additional 3,013,162 shares during the period. Meritage Group LP acquired a new position in shares of Microchip Technology in the 4th quarter valued at about $145,033,000. Finally, Fiduciary Management Inc. WI acquired a new position in Microchip Technology in the fourth quarter worth approximately $119,431,000. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Karlton D. Johnson sold 494 shares of Microchip Technology stock in a transaction that occurred 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 transaction, the director owned 3,468 shares of the company’s stock, valued at $210,472.92. The trade was a 12.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO James Eric Bjornholt sold 2,015 shares of Microchip Technology stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $55.78, for a total value of $112,396.70. Following the transaction, the chief financial officer directly owned 34,313 shares in the company, valued at approximately $1,913,979.14. The trade was a 5.55% decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.94% of the company’s stock.

Microchip Technology Stock Performance

NASDAQ:MCHP opened at $70.25 on Thursday. The company has a quick ratio of 1.47, a current ratio of 2.59 and a debt-to-equity ratio of 0.80. The firm has a market capitalization of $37.91 billion, a PE ratio of -7,025.00, a price-to-earnings-growth ratio of 2.14 and a beta of 1.52. Microchip Technology Incorporated has a twelve month low of $34.13 and a twelve month high of $89.90. The stock’s 50-day simple moving average is $67.53 and its 200 day simple moving average is $57.23.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.10 by $0.01. Microchip Technology had a positive return on equity of 8.55% and a negative net margin of 0.01%. The company had revenue of $970.50 million during the quarter, compared to the consensus estimate of $962.86 million. During the same period last year, the company earned $0.57 earnings per share. The firm’s revenue was down 26.8% compared to the same quarter last year. On average, analysts anticipate that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Dividend Announcement

The company 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 was Thursday, May 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 2.59%. Microchip Technology’s dividend payout ratio (DPR) is presently -18,200.00%.

Analyst Ratings Changes

A number of analysts have recently weighed in on MCHP shares. B. Riley raised their target price on Microchip Technology from $60.00 to $75.00 and gave the company a “buy” rating in a research note on Friday, May 9th. Bank of America upgraded Microchip Technology from an “underperform” rating to a “neutral” rating and set a $56.00 target price on the stock in a report on Friday, May 9th. KeyCorp lifted their price objective on Microchip Technology from $70.00 to $85.00 and gave the company an “overweight” rating in a report on Tuesday, July 8th. TD Cowen lifted their price objective on Microchip Technology from $35.00 to $55.00 and gave the company a “hold” rating in a report on Friday, May 9th. Finally, Truist Financial lifted their price objective on Microchip Technology from $52.00 to $64.00 and gave the company a “hold” rating in a report on Wednesday, June 18th. Six equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Microchip Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $75.70.

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.