Ieq Capital LLC Purchases 2,799 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Ieq Capital LLC raised its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 9.0% 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 33,846 shares of the semiconductor company’s stock after buying an additional 2,799 shares during the quarter. Ieq Capital LLC’s holdings in Microchip Technology were worth $3,097,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Swedbank AB bought a new position in Microchip Technology during the first quarter worth about $1,079,000. Caxton Associates LP increased its holdings in shares of Microchip Technology by 4,511.5% during the fourth quarter. Caxton Associates LP now owns 400,000 shares of the semiconductor company’s stock worth $36,072,000 after purchasing an additional 391,326 shares during the period. SageView Advisory Group LLC increased its holdings in shares of Microchip Technology by 507.5% during the first quarter. SageView Advisory Group LLC now owns 17,307 shares of the semiconductor company’s stock worth $1,553,000 after purchasing an additional 14,458 shares during the period. RFG Advisory LLC raised its position in shares of Microchip Technology by 228.4% in the first quarter. RFG Advisory LLC now owns 12,841 shares of the semiconductor company’s stock valued at $1,152,000 after buying an additional 8,931 shares in the last quarter. Finally, Hennessy Advisors Inc. boosted its stake in shares of Microchip Technology by 2,194.5% in the first quarter. Hennessy Advisors Inc. now owns 33,454 shares of the semiconductor company’s stock valued at $3,001,000 after buying an additional 31,996 shares during the period. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Performance

Microchip Technology stock opened at $77.01 on Friday. The business has a 50 day moving average of $81.15 and a 200-day moving average of $87.74. The company has a market capitalization of $41.32 billion, a P/E ratio of 22.19 and a beta of 1.53. Microchip Technology Incorporated has a 1 year low of $68.75 and a 1 year high of $100.57. 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 released its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.01. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. The firm had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter last year, the firm earned $1.56 earnings per share. The company’s revenue for the quarter was down 45.8% on a year-over-year basis. On average, equities research analysts predict that Microchip Technology Incorporated will post 1.74 earnings per share for the current year.

Microchip Technology Increases Dividend

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

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. B. Riley dropped their price objective on Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Citigroup cut their price objective on shares of Microchip Technology from $104.00 to $92.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Truist Financial decreased their target price on shares of Microchip Technology from $96.00 to $89.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. JPMorgan Chase & Co. cut their price target on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Finally, Morgan Stanley cut shares of Microchip Technology from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $102.00 to $100.00 in a research note on Thursday, July 11th. Five research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat, Microchip Technology has a consensus rating of “Moderate Buy” and a consensus price target of $99.95.

Insider Transactions at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,154 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $81.50, for a total value of $175,551.00. Following the sale, the chief financial officer now directly owns 33,257 shares in the company, valued at $2,710,445.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.07% of the stock is owned by corporate insiders.

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.