Edgestream Partners L.P. Has $1.18 Million Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Edgestream Partners L.P. grew its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 32.7% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,886 shares of the semiconductor company’s stock after buying an additional 3,174 shares during the quarter. Edgestream Partners L.P.’s holdings in Microchip Technology were worth $1,179,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Microchip Technology by 2.9% in the 1st quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company’s stock valued at $6,152,646,000 after buying an additional 1,921,497 shares in the last quarter. Principal Financial Group Inc. increased its position in Microchip Technology by 0.4% during the 2nd quarter. Principal Financial Group Inc. now owns 9,246,403 shares of the semiconductor company’s stock worth $846,046,000 after purchasing an additional 33,603 shares in the last quarter. Boston Partners increased its position in Microchip Technology by 10.7% during the 1st quarter. Boston Partners now owns 7,591,471 shares of the semiconductor company’s stock worth $681,838,000 after purchasing an additional 736,818 shares in the last quarter. Van ECK Associates Corp increased its position in Microchip Technology by 4.9% during the 2nd quarter. Van ECK Associates Corp now owns 6,363,937 shares of the semiconductor company’s stock worth $582,301,000 after purchasing an additional 295,626 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its position in Microchip Technology by 17.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,527,709 shares of the semiconductor company’s stock worth $406,182,000 after purchasing an additional 673,992 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Microchip Technology Trading Down 2.3 %

NASDAQ:MCHP opened at $77.01 on Friday. The firm’s fifty day moving average is $81.15 and its 200-day moving average is $87.73. 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 firm has a market cap of $41.32 billion, a P/E ratio of 22.19 and a beta of 1.53.

Microchip Technology (NASDAQ:MCHP) last issued 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. The business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. Microchip Technology’s revenue was down 45.8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.56 earnings per share. Equities analysts expect that Microchip Technology Incorporated will post 1.74 earnings per share for the current year.

Microchip Technology Increases Dividend

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

Insider Buying and Selling

In related 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 transaction, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at $2,710,445.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.07% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on MCHP. TD Cowen lowered their price objective on shares of Microchip Technology from $90.00 to $80.00 and set a “hold” rating for the company in a research report on Friday, August 2nd. Morgan Stanley cut shares of Microchip Technology from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $102.00 to $100.00 in a research report on Thursday, July 11th. Mizuho upgraded shares of Microchip Technology from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $85.00 to $115.00 in a research report on Friday, May 24th. JPMorgan Chase & Co. reduced their target price on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Finally, B. Riley reduced their target price on shares of Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Five investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $99.95.

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.