AIA Group Ltd Boosts Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

AIA Group Ltd grew its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP – Get Rating) by 37.9% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 5,366 shares of the semiconductor company’s stock after buying an additional 1,474 shares during the quarter. AIA Group Ltd’s holdings in Microchip Technology were worth $403,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the company. Catalyst Capital Advisors LLC raised its holdings in Microchip Technology by 83.6% during the fourth quarter. Catalyst Capital Advisors LLC now owns 303 shares of the semiconductor company’s stock worth $26,000 after purchasing an additional 138 shares in the last quarter. Riverview Trust Co acquired a new position in Microchip Technology during the 1st quarter worth approximately $26,000. AdvisorNet Financial Inc raised its stake in shares of Microchip Technology by 1,083.3% during the 1st quarter. AdvisorNet Financial Inc now owns 355 shares of the semiconductor company’s stock worth $27,000 after buying an additional 325 shares in the last quarter. Tortoise Investment Management LLC lifted its holdings in shares of Microchip Technology by 100.0% in the 4th quarter. Tortoise Investment Management LLC now owns 334 shares of the semiconductor company’s stock valued at $29,000 after buying an additional 167 shares during the period. Finally, Industrial Alliance Investment Management Inc. purchased a new stake in shares of Microchip Technology in the fourth quarter valued at approximately $29,000. Institutional investors and hedge funds own 89.36% of the company’s stock.

Insider Activity at Microchip Technology

In other news, CEO Ganesh Moorthy acquired 8,000 shares of the business’s stock in a transaction that occurred on Friday, June 17th. The stock was acquired at an average cost of $57.29 per share, for a total transaction of $458,320.00. Following the completion of the acquisition, the chief executive officer now owns 720,313 shares in the company, valued at $41,266,731.77. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Ganesh Moorthy bought 8,000 shares of the company’s stock in a transaction that occurred on Friday, June 17th. The shares were purchased at an average price of $57.29 per share, for a total transaction of $458,320.00. Following the acquisition, the chief executive officer now directly owns 720,313 shares of the company’s stock, valued at approximately $41,266,731.77. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO James Eric Bjornholt sold 2,326 shares of the company’s stock in a transaction that occurred on Monday, May 23rd. The stock was sold at an average price of $66.66, for a total value of $155,051.16. Following the transaction, the chief financial officer now owns 34,207 shares of the company’s stock, valued at $2,280,238.62. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 9,564 shares of company stock valued at $637,217. Company insiders own 2.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on MCHP shares. Wells Fargo & Company increased their price objective on Microchip Technology from $60.00 to $75.00 and gave the stock an “equal weight” rating in a research report on Wednesday. The Goldman Sachs Group reduced their price objective on shares of Microchip Technology from $76.00 to $61.00 in a research note on Friday, July 15th. StockNews.com raised shares of Microchip Technology from a “hold” rating to a “buy” rating in a report on Tuesday, May 17th. Cowen lifted their price target on shares of Microchip Technology from $60.00 to $72.00 and gave the company an “outperform” rating in a research report on Wednesday. Finally, Morgan Stanley boosted their price target on Microchip Technology from $81.00 to $82.00 and gave the stock an “overweight” rating in a research note on Wednesday. Four analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Microchip Technology has an average rating of “Moderate Buy” and an average price target of $89.73.

Microchip Technology Price Performance

Shares of MCHP opened at $72.76 on Friday. The company has a debt-to-equity ratio of 1.27, a current ratio of 1.78 and a quick ratio of 1.14. Microchip Technology Incorporated has a 12 month low of $54.33 and a 12 month high of $90.00. The stock has a fifty day moving average price of $63.68 and a 200 day moving average price of $68.41. The company has a market cap of $40.20 billion, a P/E ratio of 26.75, a PEG ratio of 1.14 and a beta of 1.62.

Microchip Technology (NASDAQ:MCHP – Get Rating) last released its quarterly earnings results on Tuesday, August 2nd. The semiconductor company reported $1.37 EPS for the quarter, topping analysts’ consensus estimates of $1.27 by $0.10. Microchip Technology had a net margin of 21.34% and a return on equity of 44.90%. During the same quarter in the prior year, the business posted $0.88 EPS. On average, research analysts forecast that Microchip Technology Incorporated will post 5.15 earnings per share for the current year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 2nd. Shareholders of record on Friday, August 19th will be paid a dividend of $0.301 per share. This is an increase from Microchip Technology’s previous quarterly dividend of $0.28. This represents a $1.20 annualized dividend and a yield of 1.65%. The ex-dividend date is Thursday, August 18th. Microchip Technology’s payout ratio is 40.44%.

Microchip Technology Company Profile

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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 microprocessors markets; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.