Overbrook Management Corp Has $10.81 Million Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Overbrook Management Corp reduced its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 0.7% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 119,854 shares of the semiconductor company’s stock after selling 892 shares during the period. Microchip Technology accounts for approximately 2.2% of Overbrook Management Corp’s investment portfolio, making the stock its 20th largest holding. Overbrook Management Corp’s holdings in Microchip Technology were worth $10,808,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in MCHP. OFI Invest Asset Management acquired a new stake in shares of Microchip Technology in the 3rd quarter valued at $26,000. BKM Wealth Management LLC acquired a new stake in shares of Microchip Technology in the 4th quarter valued at $27,000. Rakuten Securities Inc. acquired a new stake in shares of Microchip Technology in the 4th quarter valued at $27,000. Fortitude Family Office LLC bought a new position in shares of Microchip Technology in the 4th quarter worth $29,000. Finally, Milestone Investment Advisors LLC bought a new position in shares of Microchip Technology in the 3rd quarter worth $36,000. 91.51% of the stock is owned by institutional investors and hedge funds.

Microchip Technology Stock Up 1.7 %

Shares of NASDAQ:MCHP traded up $1.53 during midday trading on Thursday, reaching $92.21. The company had a trading volume of 6,236,298 shares, compared to its average volume of 5,558,727. The company has a quick ratio of 0.58, a current ratio of 0.98 and a debt-to-equity ratio of 0.57. The business’s 50 day moving average price is $87.00 and its 200 day moving average price is $84.55. The stock has a market cap of $49.83 billion, a PE ratio of 21.54, a P/E/G ratio of 2.63 and a beta of 1.65. Microchip Technology Incorporated has a 1-year low of $68.75 and a 1-year high of $94.30.

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

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 23rd were given a $0.45 dividend. This is an increase from Microchip Technology’s previous quarterly dividend of $0.44. The ex-dividend date was Thursday, February 22nd. This represents a $1.80 annualized dividend and a dividend yield of 1.95%. Microchip Technology’s dividend payout ratio is presently 42.06%.

Insider Activity

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 stock was sold at an average price of $84.00, for a total value of $31,080.00. Following the completion of the sale, the director now directly owns 1,789 shares in the company, valued at $150,276. The sale was disclosed in a filing with the SEC, which is available at this link. 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 stock was sold at an average price of $84.00, for a total value of $31,080.00. Following the completion of the sale, the director now directly owns 1,789 shares in the company, valued at $150,276. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO James Eric Bjornholt sold 1,970 shares of the business’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 value of $165,283.00. Following the completion of the sale, the chief financial officer now owns 32,893 shares of the company’s stock, valued at $2,759,722.70. The disclosure for this sale can be found here. 2.07% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on MCHP. Piper Sandler lowered Microchip Technology from an “overweight” rating to a “neutral” rating and set a $80.00 price target on the stock. in a research report on Thursday, January 4th. Rosenblatt Securities restated a “buy” rating and issued a $100.00 price target on shares of Microchip Technology in a research report on Tuesday, January 30th. Wolfe Research upgraded Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 price target on the stock in a research report on Thursday, January 18th. Susquehanna reiterated a “positive” rating and set a $100.00 target price on shares of Microchip Technology in a report on Monday, April 8th. Finally, The Goldman Sachs Group reduced their target price on Microchip Technology from $87.00 to $77.00 and set a “neutral” rating on the stock in a report on Friday, February 2nd. Six analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, Microchip Technology currently has an average rating of “Moderate Buy” and an average target price of $92.50.

Microchip Technology Profile

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.