Rafferty Asset Management LLC Has $258.40 Million Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Rafferty Asset Management LLC trimmed its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 2.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,505,641 shares of the semiconductor company’s stock after selling 91,304 shares during the period. Microchip Technology makes up approximately 0.9% of Rafferty Asset Management LLC’s holdings, making the stock its 26th biggest holding. Rafferty Asset Management LLC owned 0.84% of Microchip Technology worth $258,399,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Raiffeisen Bank International AG acquired a new stake in Microchip Technology during the 4th quarter worth approximately $187,000. ProShare Advisors LLC raised its holdings in Microchip Technology by 17.6% during the 4th quarter. ProShare Advisors LLC now owns 884,664 shares of the semiconductor company’s stock worth $50,735,000 after buying an additional 132,466 shares during the period. Mufg Securities Americas Inc. acquired a new stake in Microchip Technology during the 4th quarter worth approximately $455,000. Nissay Asset Management Corp Japan ADV raised its holdings in shares of Microchip Technology by 3.1% in the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 234,865 shares of the semiconductor company’s stock valued at $13,702,000 after purchasing an additional 7,092 shares during the last quarter. Finally, NorthRock Partners LLC raised its holdings in shares of Microchip Technology by 86.1% in the fourth quarter. NorthRock Partners LLC now owns 7,214 shares of the semiconductor company’s stock valued at $414,000 after purchasing an additional 3,337 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on MCHP. B. Riley lifted their price objective on shares of Microchip Technology from $60.00 to $75.00 and gave the company a “buy” rating in a report on Friday, May 9th. Truist Financial raised their target price on shares of Microchip Technology from $43.00 to $52.00 and gave the company a “hold” rating in a research note on Friday, May 9th. Rosenblatt Securities reissued a “buy” rating and issued a $70.00 target price on shares of Microchip Technology in a research note on Tuesday, March 4th. Morgan Stanley raised their target price on shares of Microchip Technology from $39.00 to $50.00 and gave the company an “equal weight” rating in a research note on Friday, May 9th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $66.00 target price on shares of Microchip Technology in a research note on Friday, May 9th. One analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $67.42.

Insider Transactions at Microchip Technology

In related news, CFO James Eric Bjornholt sold 3,724 shares of the company’s stock in a transaction that occurred on Tuesday, February 25th. The stock was 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 in the company, valued at $2,025,599.36. This represents a 10.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 2.10% of the company’s stock.

Microchip Technology Stock Down 2.6%

MCHP stock opened at $60.65 on Thursday. 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 company has a market cap of $32.67 billion, a PE ratio of 108.30 and a beta of 1.42. Microchip Technology Incorporated has a 52 week low of $34.13 and a 52 week high of $100.57. The business has a 50-day simple moving average of $47.18 and a 200 day simple moving average of $56.27.

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

Microchip Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd will be issued a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a dividend yield of 3.00%. The ex-dividend date is Thursday, May 22nd. Microchip Technology’s dividend payout ratio (DPR) is currently -18,200.00%.

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.