Legacy Financial Advisors Inc. Purchases 261 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Legacy Financial Advisors Inc. raised its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 7.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,898 shares of the semiconductor company’s stock after purchasing an additional 261 shares during the period. Legacy Financial Advisors Inc.’s holdings in Microchip Technology were worth $357,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the business. Rise Advisors LLC bought a new stake in shares of Microchip Technology during the 1st quarter valued at approximately $28,000. Pineridge Advisors LLC acquired a new stake in Microchip Technology in the fourth quarter valued at approximately $33,000. Steph & Co. grew its stake in shares of Microchip Technology by 57.4% during the first quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock worth $37,000 after buying an additional 151 shares during the last quarter. Pathway Financial Advisers LLC acquired a new position in shares of Microchip Technology during the first quarter worth $39,000. Finally, Richardson Capital Management LLC bought a new position in shares of Microchip Technology in the 1st quarter valued at $45,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Insider Buying and Selling at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,154 shares of the stock in a transaction dated 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 owns 33,257 shares of the company’s stock, valued at approximately $2,710,445.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.07% of the company’s stock.

Microchip Technology Stock Down 2.3 %

Shares of NASDAQ:MCHP opened at $77.01 on Friday. The business’s 50-day moving average is $81.15 and its 200-day moving average is $87.74. Microchip Technology Incorporated has a 1 year low of $68.75 and a 1 year high of $100.57. The company has a market capitalization of $41.32 billion, a price-to-earnings ratio of 22.19 and a beta of 1.53. 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 issued 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. The firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. The company’s revenue was down 45.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.56 earnings per share. 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. Shareholders of record on Thursday, August 22nd were issued a $0.454 dividend. 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 (DPR) is presently 52.16%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on MCHP shares. Bank of America lowered Microchip Technology from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $110.00 to $90.00 in a research report on Friday, August 2nd. Susquehanna lowered their price objective on Microchip Technology from $115.00 to $105.00 and set a “positive” rating for the company in a research note on Friday, August 2nd. Needham & Company LLC dropped their price objective on shares of Microchip Technology from $100.00 to $96.00 and set a “buy” rating for the company in a report on Monday, August 5th. Morgan Stanley lowered shares of Microchip Technology from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $102.00 to $100.00 in a report on Thursday, July 11th. Finally, TD Cowen dropped their price target on shares of Microchip Technology from $90.00 to $80.00 and set a “hold” rating for the company in a research note on Friday, August 2nd. Five research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $99.95.

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.