Providence Capital Advisors LLC Acquires Shares of 61,800 Microchip Technology Incorporated (NASDAQ:MCHP)

Providence Capital Advisors LLC acquired a new stake in Microchip Technology Incorporated (NASDAQ:MCHP) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 61,800 shares of the semiconductor company’s stock, valued at approximately $5,655,000.

Several other institutional investors and hedge funds also recently made changes to their positions in MCHP. Rise Advisors LLC bought a new position in shares of Microchip Technology during the 1st quarter worth $28,000. Pineridge Advisors LLC bought a new position in shares of Microchip Technology during the 4th quarter worth $33,000. Steph & Co. raised its holdings in shares of Microchip Technology by 57.4% in the 1st quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock valued at $37,000 after acquiring an additional 151 shares in the last quarter. Pathway Financial Advisers LLC purchased a new stake in shares of Microchip Technology in the 1st quarter valued at about $39,000. Finally, Richardson Capital Management LLC purchased a new stake in shares of Microchip Technology in the 1st quarter valued at about $45,000. Institutional investors own 91.51% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. TD Cowen lowered their price target on Microchip Technology from $90.00 to $80.00 and set a “hold” rating on the stock in a report on Friday, August 2nd. Morgan Stanley cut 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 report on Thursday, July 11th. Needham & Company LLC decreased their price objective on Microchip Technology from $100.00 to $96.00 and set a “buy” rating on the stock in a report on Monday, August 5th. Bank of America cut Microchip Technology from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $110.00 to $90.00 in a research note on Friday, August 2nd. Finally, JPMorgan Chase & Co. decreased their price target on Microchip Technology from $110.00 to $100.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Six research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, Microchip Technology has an average rating of “Moderate Buy” and an average target price of $99.47.

Microchip Technology Stock Up 0.1 %

Shares of NASDAQ:MCHP opened at $77.06 on Tuesday. The stock has a fifty day simple moving average of $80.85 and a two-hundred day simple moving average of $87.63. The stock has a market capitalization of $41.34 billion, a price-to-earnings ratio of 22.21 and a beta of 1.53. Microchip Technology Incorporated has a 12-month low of $68.75 and a 12-month high of $100.57. The company has a current ratio of 1.94, a quick ratio of 1.08 and a debt-to-equity ratio of 0.96.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.01. The business had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. The firm’s quarterly revenue was down 45.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.56 earnings per share. On average, research analysts anticipate that Microchip Technology Incorporated will post 1.74 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

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

Insider Transactions at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,154 shares of the business’s stock in a transaction 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 completion of the transaction, the chief financial officer now owns 33,257 shares in the company, valued at $2,710,445.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.07% of the company’s stock.

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.