Waters Parkerson & CO. LLC Has $29.47 Million Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Waters Parkerson & CO. LLC reduced its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 1.0% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 322,019 shares of the semiconductor company’s stock after selling 3,396 shares during the period. Microchip Technology comprises 1.6% of Waters Parkerson & CO. LLC’s holdings, making the stock its 23rd largest position. Waters Parkerson & CO. LLC owned about 0.06% of Microchip Technology worth $29,465,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Financial Counselors Inc. boosted its position in Microchip Technology by 1.1% during the first quarter. Financial Counselors Inc. now owns 10,689 shares of the semiconductor company’s stock worth $959,000 after purchasing an additional 119 shares during the period. SeaCrest Wealth Management LLC boosted its holdings in shares of Microchip Technology by 3.3% during the 2nd quarter. SeaCrest Wealth Management LLC now owns 4,147 shares of the semiconductor company’s stock worth $379,000 after buying an additional 131 shares during the period. Meridian Wealth Management LLC grew its stake in Microchip Technology by 5.1% in the 1st quarter. Meridian Wealth Management LLC now owns 2,810 shares of the semiconductor company’s stock valued at $252,000 after buying an additional 137 shares during the last quarter. Horizon Bancorp Inc. IN raised its holdings in Microchip Technology by 11.8% in the 1st quarter. Horizon Bancorp Inc. IN now owns 1,370 shares of the semiconductor company’s stock valued at $123,000 after acquiring an additional 145 shares during the period. Finally, Commerzbank Aktiengesellschaft FI lifted its position in Microchip Technology by 4.5% during the second quarter. Commerzbank Aktiengesellschaft FI now owns 3,470 shares of the semiconductor company’s stock worth $318,000 after acquiring an additional 148 shares during the last quarter. Institutional investors own 91.51% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on MCHP. Morgan Stanley downgraded Microchip Technology from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $102.00 to $100.00 in a research report on Thursday, July 11th. Bank of America lowered Microchip Technology from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $110.00 to $90.00 in a report on Friday, August 2nd. Susquehanna lowered their price objective on Microchip Technology from $115.00 to $105.00 and set a “positive” rating on the stock in a research report on Friday, August 2nd. Needham & Company LLC reduced their target price on shares of Microchip Technology from $100.00 to $96.00 and set a “buy” rating for the company in a research report on Monday, August 5th. Finally, Citigroup lowered their price target 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. Five equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $99.95.

Microchip Technology Price Performance

Microchip Technology stock opened at $78.83 on Friday. 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 stock has a market capitalization of $42.29 billion, a P/E ratio of 22.72 and a beta of 1.53. The stock has a fifty day moving average of $81.46 and a 200-day moving average of $87.80.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, topping the consensus estimate of $0.52 by $0.01. The firm had revenue of $1.24 billion during 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 business’s quarterly revenue was down 45.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.56 earnings per share. On average, sell-side analysts expect that Microchip Technology Incorporated will post 1.74 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd were given a $0.454 dividend. The ex-dividend date was Thursday, August 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 2.30%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio (DPR) is currently 52.16%.

Insider Activity at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,154 shares of Microchip Technology stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 33,257 shares in the company, valued at approximately $2,710,445.50. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 2.07% of the stock is currently owned by company insiders.

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.