Bruce G. Allen Investments LLC Buys 162 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Bruce G. Allen Investments LLC increased its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 11.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,578 shares of the semiconductor company’s stock after purchasing an additional 162 shares during the quarter. Bruce G. Allen Investments LLC’s holdings in Microchip Technology were worth $127,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in Microchip Technology by 2,390.5% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,291,290 shares of the semiconductor company’s stock valued at $209,653,000 after acquiring an additional 2,199,290 shares during the last quarter. Clearbridge Investments LLC lifted its stake in Microchip Technology by 18,944.8% in the first quarter. Clearbridge Investments LLC now owns 1,973,045 shares of the semiconductor company’s stock valued at $177,002,000 after acquiring an additional 1,962,685 shares during the last quarter. Vanguard Group Inc. lifted its stake in Microchip Technology by 2.9% in the first quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company’s stock valued at $6,152,646,000 after acquiring an additional 1,921,497 shares during the last quarter. Canada Pension Plan Investment Board lifted its stake in Microchip Technology by 425.3% in the first quarter. Canada Pension Plan Investment Board now owns 1,377,099 shares of the semiconductor company’s stock valued at $123,540,000 after acquiring an additional 1,114,962 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake in Microchip Technology by 78.3% in the second quarter. The Manufacturers Life Insurance Company now owns 2,189,390 shares of the semiconductor company’s stock valued at $200,329,000 after acquiring an additional 961,801 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Price Performance

MCHP stock opened at $78.19 on Thursday. The company has a quick ratio of 1.08, a current ratio of 1.94 and a debt-to-equity ratio of 0.96. Microchip Technology Incorporated has a 12 month low of $68.75 and a 12 month high of $100.57. The firm has a market cap of $41.95 billion, a P/E ratio of 22.53 and a beta of 1.52. The company’s 50-day moving average price is $78.39 and its two-hundred day moving average price is $86.78.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.01. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. The company had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same period last year, the company posted $1.56 EPS. The firm’s quarterly revenue was down 45.8% compared to the same quarter last year. On average, analysts anticipate that Microchip Technology Incorporated will post 1.74 earnings per share for the current fiscal 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 an increase from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date was Thursday, August 22nd. Microchip Technology’s dividend payout ratio (DPR) is presently 52.16%.

Insider Activity

In other news, CFO James Eric Bjornholt sold 2,154 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were 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 approximately $2,710,445.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 2.07% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

MCHP has been the subject of a number of research reports. JPMorgan Chase & Co. cut their target price on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Bank of America cut shares of Microchip Technology from a “buy” rating to a “neutral” rating and cut their target price for the stock from $110.00 to $90.00 in a research note on Friday, August 2nd. StockNews.com cut shares of Microchip Technology from a “hold” rating to a “sell” rating in a research note on Tuesday, September 24th. Morgan Stanley cut shares of Microchip Technology from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $102.00 to $100.00 in a research note on Thursday, July 11th. Finally, Susquehanna cut their target price on shares of Microchip Technology from $115.00 to $105.00 and set a “positive” rating for the company in a research note on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $99.47.

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.