Aster Capital Management DIFC Ltd Increases Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Aster Capital Management DIFC Ltd grew its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 399.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 809 shares of the semiconductor company’s stock after acquiring an additional 647 shares during the period. Aster Capital Management DIFC Ltd’s holdings in Microchip Technology were worth $46,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Pallas Capital Advisors LLC bought a new stake in shares of Microchip Technology during the 4th quarter valued at $5,917,000. Consolidated Planning Corp bought a new stake in shares of Microchip Technology during the 4th quarter valued at $308,000. one8zero8 LLC bought a new stake in shares of Microchip Technology during the 4th quarter valued at $384,000. Symphony Financial Ltd. Co. bought a new stake in shares of Microchip Technology during the 4th quarter valued at $520,000. Finally, Truist Financial Corp grew its position in shares of Microchip Technology by 5.8% during the 4th quarter. Truist Financial Corp now owns 959,439 shares of the semiconductor company’s stock valued at $55,024,000 after acquiring an additional 52,222 shares during the period. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Up 27.1 %

Shares of NASDAQ MCHP opened at $44.90 on Thursday. The firm’s 50-day moving average price is $52.68 and its 200-day moving average price is $61.56. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12. The stock has a market capitalization of $24.15 billion, a price-to-earnings ratio of 80.18 and a beta of 1.51. Microchip Technology Incorporated has a 12-month low of $34.13 and a 12-month high of $100.57.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. On average, equities research analysts anticipate that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Monday, February 24th were given a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a yield of 4.05%. The ex-dividend date was Monday, February 24th. Microchip Technology’s dividend payout ratio (DPR) is currently 325.00%.

Insider Buying and Selling

In related news, CFO James Eric Bjornholt sold 3,724 shares of the stock in a transaction dated Tuesday, February 25th. The shares were 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 of the company’s stock, valued at $2,025,599.36. This represents a 10.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.10% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on MCHP shares. Evercore ISI boosted their price objective on shares of Microchip Technology from $65.00 to $71.00 and gave the company an “outperform” rating in a research report on Tuesday, March 4th. Morgan Stanley dropped their target price on shares of Microchip Technology from $71.00 to $58.00 and set an “equal weight” rating for the company in a report on Tuesday, February 4th. Piper Sandler reaffirmed an “overweight” rating and issued a $65.00 target price (down previously from $85.00) on shares of Microchip Technology in a report on Friday, February 7th. B. Riley reaffirmed a “buy” rating and issued a $75.00 target price (down previously from $85.00) on shares of Microchip Technology in a report on Friday, February 7th. Finally, TD Cowen upped their target price on shares of Microchip Technology from $50.00 to $60.00 and gave the stock a “hold” rating in a report on Tuesday, March 4th. Two analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $74.37.

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.