Ethos Financial Group LLC Takes Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Ethos Financial Group LLC purchased a new stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 2,639 shares of the semiconductor company’s stock, valued at approximately $238,000.

Several other large investors have also recently bought and sold shares of the business. Horizon Bancorp Inc. IN acquired a new position in shares of Microchip Technology in the 4th quarter valued at about $110,000. Rockline Wealth Management LLC acquired a new stake in shares of Microchip Technology during the 4th quarter valued at $4,449,000. 17 Capital Partners LLC purchased a new position in shares of Microchip Technology during the 4th quarter valued at $1,827,000. AIA Group Ltd increased its stake in shares of Microchip Technology by 80.4% in the fourth quarter. AIA Group Ltd now owns 29,910 shares of the semiconductor company’s stock worth $2,697,000 after acquiring an additional 13,326 shares during the last quarter. Finally, GAM Holding AG raised its holdings in shares of Microchip Technology by 13.9% during the fourth quarter. GAM Holding AG now owns 145,575 shares of the semiconductor company’s stock worth $13,128,000 after acquiring an additional 17,776 shares in the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CFO James Eric Bjornholt sold 1,970 shares of the company’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total value of $165,283.00. Following the completion of the transaction, the chief financial officer now directly owns 32,893 shares in the company, valued at $2,759,722.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.07% of the company’s stock.

Microchip Technology Stock Performance

NASDAQ MCHP traded down $0.51 during trading on Thursday, hitting $91.48. The company’s stock had a trading volume of 3,904,925 shares, compared to its average volume of 5,617,005. Microchip Technology Incorporated has a 52 week low of $68.75 and a 52 week high of $96.14. 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 firm has a market cap of $49.44 billion, a P/E ratio of 21.37, a price-to-earnings-growth ratio of 2.79 and a beta of 1.60. The firm has a 50 day moving average price of $88.79 and a 200 day moving average price of $85.46.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Monday, May 6th. The semiconductor company reported $0.57 EPS for the quarter, meeting the consensus estimate of $0.57. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. The firm had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.33 billion. During the same period in the prior year, the company earned $1.56 EPS. The business’s quarterly revenue was down 40.6% compared to the same quarter last year. Equities research analysts forecast that Microchip Technology Incorporated will post 4.64 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 5th. Shareholders of record on Wednesday, May 22nd will be issued a $0.452 dividend. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date is Tuesday, May 21st. This represents a $1.81 annualized dividend and a yield of 1.98%. Microchip Technology’s dividend payout ratio is 42.06%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on MCHP shares. Citigroup upped their target price on Microchip Technology from $100.00 to $104.00 and gave the stock a “buy” rating in a research report on Tuesday. Evercore ISI started 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 on the stock. Mizuho boosted their target price on shares of Microchip Technology from $82.00 to $85.00 and gave the stock a “neutral” rating in a research report on Tuesday. Rosenblatt Securities restated a “buy” rating and set a $100.00 price target on shares of Microchip Technology in a report on Tuesday, January 30th. Finally, UBS Group lifted their price objective on shares of Microchip Technology from $95.00 to $103.00 and gave the company a “buy” rating in a research note on Tuesday. Six analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $98.47.

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.