Microchip Technology Incorporated (NASDAQ:MCHP) Shares Bought by CX Institutional

CX Institutional lifted its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 6.4% during the third quarter, Holdings Channel reports. The institutional investor owned 12,902 shares of the semiconductor company’s stock after buying an additional 776 shares during the quarter. CX Institutional’s holdings in Microchip Technology were worth $1,036,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Rise Advisors LLC bought a new stake in Microchip Technology in the first quarter worth about $28,000. Steph & Co. grew its stake in shares of Microchip Technology by 57.4% in the 1st quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock worth $37,000 after purchasing an additional 151 shares during the last quarter. Pathway Financial Advisers LLC bought a new stake in shares of Microchip Technology in the 1st quarter worth approximately $39,000. Richardson Capital Management LLC bought a new stake in shares of Microchip Technology in the 1st quarter worth approximately $45,000. Finally, SOA Wealth Advisors LLC. lifted its stake in Microchip Technology by 90.0% during the first quarter. SOA Wealth Advisors LLC. now owns 530 shares of the semiconductor company’s stock valued at $48,000 after purchasing an additional 251 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on MCHP shares. JPMorgan Chase & Co. reduced their target price on Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Citigroup lowered their price objective on shares of Microchip Technology from $104.00 to $92.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Susquehanna reduced their target price on Microchip Technology from $115.00 to $105.00 and set a “positive” rating for the company in a report on Friday, August 2nd. Needham & Company LLC lowered their price target on Microchip Technology from $100.00 to $96.00 and set a “buy” rating on the stock in a report on Monday, August 5th. Finally, Piper Sandler raised Microchip Technology from a “neutral” rating to an “overweight” rating and upped their price target for the company from $90.00 to $100.00 in a research report on Friday, August 16th. One analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $99.47.

Microchip Technology Price Performance

NASDAQ MCHP opened at $75.89 on Thursday. Microchip Technology Incorporated has a fifty-two week low of $68.75 and a fifty-two week high of $100.57. The stock’s 50-day moving average is $78.28 and its two-hundred day moving average is $86.32. The firm has a market cap of $40.72 billion, a P/E ratio of 21.87 and a beta of 1.52. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.94 and a quick ratio of 1.08.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.01. The business had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. The firm’s revenue was down 45.8% compared to the same quarter last year. During the same period last year, the business earned $1.56 EPS. On average, analysts anticipate that Microchip Technology Incorporated will post 1.73 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Thursday, August 22nd were paid a $0.454 dividend. The ex-dividend date was Thursday, August 22nd. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 dividend on an annualized basis and a yield of 2.39%. Microchip Technology’s dividend payout ratio (DPR) is presently 52.16%.

Insider Buying and Selling

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $81.50, for a total transaction of $175,551.00. Following the completion of the sale, the chief financial officer now directly owns 33,257 shares in the company, valued at $2,710,445.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.07% of the company’s stock.

About Microchip Technology

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.