Overbrook Management Corp Trims Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Overbrook Management Corp reduced its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 0.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 119,854 shares of the semiconductor company’s stock after selling 892 shares during the period. Microchip Technology comprises 2.2% of Overbrook Management Corp’s portfolio, making the stock its 20th largest holding. Overbrook Management Corp’s holdings in Microchip Technology were worth $10,808,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. BKM Wealth Management LLC purchased a new stake in shares of Microchip Technology in the fourth quarter worth $27,000. Rakuten Securities Inc. purchased a new position in Microchip Technology during the fourth quarter valued at $27,000. Fortitude Family Office LLC purchased a new position in Microchip Technology during the fourth quarter valued at $29,000. OFI Invest Asset Management purchased a new position in Microchip Technology during the third quarter valued at $26,000. Finally, Milestone Investment Advisors LLC purchased a new position in Microchip Technology during the third quarter valued at $36,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently weighed in on MCHP shares. TD Cowen raised their target price on shares of Microchip Technology from $75.00 to $80.00 and gave the company a “market perform” rating in a research note on Friday, February 2nd. Stifel Nicolaus increased their price objective on shares of Microchip Technology from $94.00 to $98.00 and gave the company a “buy” rating in a research report on Thursday, April 18th. Susquehanna reiterated a “positive” rating and set a $100.00 price objective on shares of Microchip Technology in a research report on Monday, April 8th. Evercore ISI initiated coverage on shares of Microchip Technology in a research report on Tuesday, April 16th. They set an “outperform” rating and a $106.00 price objective for the company. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $100.00 price objective on shares of Microchip Technology in a research report on Tuesday, January 30th. Six research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $92.50.

Microchip Technology Stock Up 1.7 %

Shares of NASDAQ:MCHP traded up $1.53 during trading hours on Thursday, hitting $92.21. The company’s stock had a trading volume of 6,236,298 shares, compared to its average volume of 5,558,727. Microchip Technology Incorporated has a 52 week low of $68.75 and a 52 week high of $94.30. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.98 and a quick ratio of 0.58. The company has a market capitalization of $49.83 billion, a price-to-earnings ratio of 21.54, a P/E/G ratio of 2.63 and a beta of 1.65. The firm’s fifty day moving average price is $87.00 and its 200 day moving average price is $84.55.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Thursday, February 1st. The semiconductor company reported $1.08 EPS for the quarter, beating the consensus estimate of $1.04 by $0.04. The business had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.77 billion. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. The company’s quarterly revenue was down 18.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.48 EPS. As a group, research analysts expect that Microchip Technology Incorporated will post 4.64 EPS for the current year.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 23rd were paid a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 1.95%. The ex-dividend date of this dividend was Thursday, February 22nd. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.44. Microchip Technology’s payout ratio is 42.06%.

Insider Buying and Selling

In related news, Director Karlton D. Johnson sold 370 shares of the business’s stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $84.00, for a total transaction of $31,080.00. Following the completion of the transaction, the director now owns 1,789 shares in the company, valued at approximately $150,276. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Microchip Technology news, Director Karlton D. Johnson sold 370 shares of the company’s stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $84.00, for a total transaction of $31,080.00. Following the transaction, the director now owns 1,789 shares in the company, valued at approximately $150,276. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO James Eric Bjornholt sold 1,970 shares of the company’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $83.90, for a total transaction of $165,283.00. Following the transaction, the chief financial officer now owns 32,893 shares in the company, valued at approximately $2,759,722.70. The disclosure for this sale can be found here. 2.07% of the stock is currently owned by company insiders.

About Microchip Technology

Microchip Technology Incorporated develops, manufactures, and sells 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 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.