Wright Investors Service Inc. Has $697,000 Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Wright Investors Service Inc. decreased its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 2.0% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 8,681 shares of the semiconductor company’s stock after selling 173 shares during the quarter. Wright Investors Service Inc.’s holdings in Microchip Technology were worth $697,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Swedbank AB acquired a new stake in Microchip Technology during the first quarter worth approximately $1,079,000. Caxton Associates LP grew its position in shares of Microchip Technology by 4,511.5% during the 4th quarter. Caxton Associates LP now owns 400,000 shares of the semiconductor company’s stock worth $36,072,000 after buying an additional 391,326 shares during the period. SageView Advisory Group LLC increased its stake in shares of Microchip Technology by 507.5% in the 1st quarter. SageView Advisory Group LLC now owns 17,307 shares of the semiconductor company’s stock valued at $1,553,000 after acquiring an additional 14,458 shares in the last quarter. RFG Advisory LLC lifted its position in shares of Microchip Technology by 228.4% during the 1st quarter. RFG Advisory LLC now owns 12,841 shares of the semiconductor company’s stock valued at $1,152,000 after acquiring an additional 8,931 shares during the period. Finally, Hennessy Advisors Inc. boosted its stake in Microchip Technology by 2,194.5% during the first quarter. Hennessy Advisors Inc. now owns 33,454 shares of the semiconductor company’s stock worth $3,001,000 after acquiring an additional 31,996 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Price Performance

Microchip Technology stock traded up $0.35 during midday trading on Friday, reaching $77.68. 4,228,462 shares of the stock were exchanged, compared to its average volume of 6,041,859. Microchip Technology Incorporated has a 52 week low of $68.75 and a 52 week high of $100.57. 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 firm has a market cap of $41.68 billion, a PE ratio of 22.39 and a beta of 1.52. The company’s fifty day moving average is $78.80 and its 200-day moving average is $86.95.

Microchip Technology (NASDAQ:MCHP) last posted its 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 return on equity of 28.33% and a net margin of 20.80%. The business had revenue of $1.24 billion during 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. The firm’s revenue was down 45.8% on a year-over-year basis. On average, sell-side analysts forecast that Microchip Technology Incorporated will post 1.74 EPS for the current year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Thursday, August 22nd were given a $0.454 dividend. The ex-dividend date of this dividend was Thursday, August 22nd. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a yield of 2.34%. Microchip Technology’s payout ratio is 52.16%.

Wall Street Analyst Weigh In

MCHP has been the topic of several recent research reports. Citigroup cut their price target on Microchip Technology from $104.00 to $92.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. JPMorgan Chase & Co. reduced their price target on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Truist Financial lowered shares of Microchip Technology from a “buy” rating to a “hold” rating and decreased their price target for the company from $89.00 to $80.00 in a research note on Monday, September 23rd. TD Cowen dropped their price objective on shares of Microchip Technology from $90.00 to $80.00 and set a “hold” rating on the stock in a research note on Friday, August 2nd. Finally, Piper Sandler upgraded shares of Microchip Technology from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $90.00 to $100.00 in a report on Friday, August 16th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $99.47.

Insider Activity at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,154 shares of the firm’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $81.50, for a total transaction of $175,551.00. Following the transaction, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at approximately $2,710,445.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 2.07% of the stock is owned by insiders.

About Microchip Technology

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.