Microchip Technology Incorporated (NASDAQ:MCHP) Stake Increased by AE Wealth Management LLC

AE Wealth Management LLC raised its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 377.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 20,658 shares of the semiconductor company’s stock after acquiring an additional 16,334 shares during the quarter. AE Wealth Management LLC’s holdings in Microchip Technology were worth $1,890,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Rise Advisors LLC acquired a new position in Microchip Technology in the first quarter worth about $28,000. Pineridge Advisors LLC acquired a new position in shares of Microchip Technology in the 4th quarter worth approximately $33,000. Steph & Co. increased 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 during the last quarter. Pathway Financial Advisers LLC acquired a new stake in shares of Microchip Technology during the 1st quarter valued at approximately $39,000. Finally, Richardson Capital Management LLC bought a new position in Microchip Technology during the first quarter worth $45,000. Institutional investors own 91.51% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Piper Sandler raised shares of Microchip Technology from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $90.00 to $100.00 in a report on Friday, August 16th. 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 report on Thursday, July 11th. Needham & Company LLC lowered their target price on Microchip Technology from $100.00 to $96.00 and set a “buy” rating for the company in a report on Monday, August 5th. Rosenblatt Securities reissued a “buy” rating and issued a $100.00 price target on shares of Microchip Technology in a report on Wednesday, July 31st. Finally, JPMorgan Chase & Co. reduced their price objective 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. Six analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $99.47.

Microchip Technology Stock Up 0.1 %

MCHP opened at $77.06 on Tuesday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.08 and a current ratio of 1.94. The company has a market capitalization of $41.34 billion, a PE ratio of 22.21 and a beta of 1.53. The stock’s fifty day moving average is $80.85 and its 200-day moving average is $87.63. Microchip Technology Incorporated has a one year low of $68.75 and a one year high of $100.57.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $1.24 billion. During the same period in the previous year, the business earned $1.56 earnings per share. Microchip Technology’s revenue for the quarter was down 45.8% compared to the same quarter last year. On average, equities analysts predict that Microchip Technology Incorporated will post 1.74 EPS for the current fiscal year.

Microchip Technology Increases Dividend

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

Insider Buying and Selling at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,154 shares of Microchip Technology 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 transaction, the chief financial officer now directly owns 33,257 shares in the company, valued at approximately $2,710,445.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.07% of the stock is owned by corporate insiders.

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.