Harber Asset Management LLC Has $17.09 Million Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Harber Asset Management LLC boosted its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 24.5% in the 4th quarter, Holdings Channel reports. The firm owned 297,915 shares of the semiconductor company’s stock after buying an additional 58,561 shares during the quarter. Microchip Technology accounts for approximately 5.1% of Harber Asset Management LLC’s portfolio, making the stock its 3rd biggest position. Harber Asset Management LLC’s holdings in Microchip Technology were worth $17,085,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. Mainstream Capital Management LLC purchased a new position in Microchip Technology in the fourth quarter valued at about $26,000. Rakuten Securities Inc. increased its stake in Microchip Technology by 309.5% during the 4th quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company’s stock worth $27,000 after buying an additional 359 shares in the last quarter. OFI Invest Asset Management purchased a new position in Microchip Technology in the 4th quarter worth approximately $29,000. Financial Life Planners acquired a new position in shares of Microchip Technology during the 4th quarter valued at about $32,000. Finally, Kohmann Bosshard Financial Services LLC acquired a new position in Microchip Technology in the fourth quarter valued at approximately $34,000. Institutional investors own 91.51% of the company’s stock.

Insiders Place Their Bets

In related news, CFO James Eric Bjornholt sold 3,724 shares of the stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total value of $226,717.12. Following the completion of the sale, the chief financial officer now directly owns 33,272 shares in the company, valued at $2,025,599.36. This represents a 10.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 2.10% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on MCHP. Mizuho boosted their price objective on Microchip Technology from $58.00 to $68.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 4th. StockNews.com cut Microchip Technology from a “hold” rating to a “sell” rating in a report on Monday, February 10th. Piper Sandler restated an “overweight” rating and issued a $65.00 price target (down previously from $85.00) on shares of Microchip Technology in a report on Friday, February 7th. Evercore ISI increased their price objective on shares of Microchip Technology from $65.00 to $71.00 and gave the stock an “outperform” rating in a report on Tuesday, March 4th. Finally, Raymond James restated a “strong-buy” rating and issued a $60.00 target price (down from $95.00) on shares of Microchip Technology in a report on Friday, February 7th. Two analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Microchip Technology has an average rating of “Moderate Buy” and an average price target of $72.68.

Microchip Technology Stock Down 0.3 %

Shares of Microchip Technology stock opened at $38.71 on Monday. The stock has a market cap of $20.82 billion, a PE ratio of 69.13 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. The business has a fifty day simple moving average of $52.13 and a 200 day simple moving average of $60.90. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12.

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

Microchip Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Monday, February 24th were issued a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 4.70%. The ex-dividend date of this dividend was Monday, February 24th. Microchip Technology’s dividend payout ratio is presently 325.00%.

Microchip Technology 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.