LPL Financial LLC Has $33.88 Million Position in Microchip Technology Incorporated (NASDAQ:MCHP)

LPL Financial LLC raised its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 15.3% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 370,233 shares of the semiconductor company’s stock after buying an additional 49,139 shares during the quarter. LPL Financial LLC owned 0.07% of Microchip Technology worth $33,876,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. Rise Advisors LLC acquired a new stake in shares of Microchip Technology in the first quarter valued at approximately $28,000. Pineridge Advisors LLC bought a new stake in shares of Microchip Technology during the 4th quarter valued at $33,000. Steph & Co. grew its holdings in shares of Microchip Technology by 57.4% during the 1st quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock worth $37,000 after purchasing an additional 151 shares in the last quarter. Pathway Financial Advisers LLC bought a new position in shares of Microchip Technology in the first quarter worth $39,000. Finally, Richardson Capital Management LLC bought a new position in shares of Microchip Technology in the first quarter worth $45,000. Institutional investors own 91.51% of the company’s stock.

Insiders Place Their Bets

In other news, CFO James Eric Bjornholt sold 2,154 shares of the stock in a transaction on 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. The transaction was disclosed in a filing with the SEC, which is available at this link. Company insiders own 2.07% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Morgan Stanley downgraded shares of Microchip Technology from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $102.00 to $100.00 in a research note on Thursday, July 11th. Piper Sandler upgraded shares of Microchip Technology from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $90.00 to $100.00 in a research report on Friday, August 16th. Susquehanna lowered their price objective on shares of Microchip Technology from $115.00 to $105.00 and set a “positive” rating for the company in a research report on Friday, August 2nd. Needham & Company LLC reduced their target price 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, B. Riley decreased their price target on Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Five analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $99.95.

Microchip Technology Price Performance

MCHP stock opened at $77.00 on Tuesday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.08 and a current ratio of 1.94. Microchip Technology Incorporated has a 52-week low of $68.75 and a 52-week high of $100.57. The company has a market capitalization of $41.31 billion, a P/E ratio of 22.19 and a beta of 1.53. The company has a fifty day moving average price of $82.43 and a 200-day moving average price of $88.01.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.01. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. The business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same period last year, the company earned $1.56 EPS. Microchip Technology’s revenue for the quarter was down 45.8% compared to the same quarter last year. As a group, equities analysts expect that Microchip Technology Incorporated will post 1.74 EPS for the current year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd were given a dividend of $0.454 per share. This represents a $1.82 dividend on an annualized basis and a yield of 2.36%. The ex-dividend date of this dividend was Thursday, August 22nd. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio is currently 52.16%.

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.