Mount Yale Investment Advisors LLC Acquires 1,021 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Mount Yale Investment Advisors LLC grew its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 4.3% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 24,940 shares of the semiconductor company’s stock after buying an additional 1,021 shares during the quarter. Mount Yale Investment Advisors LLC’s holdings in Microchip Technology were worth $2,282,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the business. Frank Rimerman Advisors LLC bought a new position in shares of Microchip Technology in the second quarter worth about $397,000. Profund Advisors LLC increased its holdings in shares of Microchip Technology by 5.9% in the second quarter. Profund Advisors LLC now owns 87,826 shares of the semiconductor company’s stock valued at $8,036,000 after purchasing an additional 4,880 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC raised its position in Microchip Technology by 25.2% in the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,486,949 shares of the semiconductor company’s stock worth $136,056,000 after purchasing an additional 299,721 shares during the last quarter. Legacy Financial Advisors Inc. lifted its holdings in Microchip Technology by 7.2% during the 2nd quarter. Legacy Financial Advisors Inc. now owns 3,898 shares of the semiconductor company’s stock worth $357,000 after buying an additional 261 shares in the last quarter. Finally, Ensign Peak Advisors Inc boosted its position in Microchip Technology by 23.1% in the 2nd quarter. Ensign Peak Advisors Inc now owns 206,516 shares of the semiconductor company’s stock valued at $18,896,000 after buying an additional 38,785 shares during the last quarter. 91.51% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CFO James Eric Bjornholt sold 2,154 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was 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 of the company’s stock, valued at approximately $2,710,445.50. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 2.07% of the stock is owned by company insiders.

Microchip Technology Stock Performance

Shares of MCHP stock opened at $77.01 on Friday. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.94 and a quick ratio of 1.08. The stock has a market cap of $41.32 billion, a PE ratio of 22.19 and a beta of 1.53. The stock has a 50-day moving average of $81.15 and a 200-day moving average of $87.74. Microchip Technology Incorporated has a one year low of $68.75 and a one year high of $100.57.

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

Microchip Technology Increases Dividend

The firm 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. This represents a $1.82 dividend on an annualized basis and a yield of 2.36%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date was Thursday, August 22nd. Microchip Technology’s dividend payout ratio is presently 52.16%.

Analysts Set New Price Targets

MCHP has been the subject of a number of recent research reports. JPMorgan Chase & Co. dropped their target price on Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Susquehanna cut their target price on shares of Microchip Technology from $115.00 to $105.00 and set a “positive” rating on the stock in a research report on Friday, August 2nd. Morgan Stanley lowered shares of Microchip Technology from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $102.00 to $100.00 in a research note on Thursday, July 11th. Needham & Company LLC dropped their price target on shares of Microchip Technology from $100.00 to $96.00 and set a “buy” rating for the company in a research note on Monday, August 5th. Finally, Piper Sandler raised shares of Microchip Technology from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $90.00 to $100.00 in a research note on Friday, August 16th. Five research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat.com, Microchip Technology presently has a consensus rating of “Moderate Buy” and an average price target 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.