HighPoint Advisor Group LLC Makes New Investment in Microchip Technology Incorporated (NASDAQ:MCHP)

HighPoint Advisor Group LLC bought a new position in Microchip Technology Incorporated (NASDAQ:MCHP) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 9,451 shares of the semiconductor company’s stock, valued at approximately $828,000.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Bleakley Financial Group LLC lifted its stake in shares of Microchip Technology by 1.3% in the fourth quarter. Bleakley Financial Group LLC now owns 9,415 shares of the semiconductor company’s stock worth $849,000 after buying an additional 119 shares during the last quarter. RFG Advisory LLC lifted its stake in shares of Microchip Technology by 3.2% in the fourth quarter. RFG Advisory LLC now owns 3,910 shares of the semiconductor company’s stock worth $353,000 after buying an additional 123 shares during the last quarter. Twelve Points Wealth Management LLC lifted its stake in shares of Microchip Technology by 1.0% in the fourth quarter. Twelve Points Wealth Management LLC now owns 12,229 shares of the semiconductor company’s stock worth $1,103,000 after buying an additional 125 shares during the last quarter. FFT Wealth Management LLC lifted its stake in shares of Microchip Technology by 4.4% in the fourth quarter. FFT Wealth Management LLC now owns 3,730 shares of the semiconductor company’s stock worth $336,000 after buying an additional 158 shares during the last quarter. Finally, Parkside Financial Bank & Trust lifted its stake in shares of Microchip Technology by 9.7% in the third quarter. Parkside Financial Bank & Trust now owns 1,824 shares of the semiconductor company’s stock worth $142,000 after buying an additional 162 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

MCHP has been the subject of several research analyst reports. Piper Sandler reiterated a “neutral” rating and set a $90.00 target price (up from $80.00) on shares of Microchip Technology in a research note on Tuesday, May 7th. Stifel Nicolaus upped their target price on shares of Microchip Technology from $98.00 to $102.00 and gave the stock a “buy” rating in a report on Wednesday, May 1st. Truist Financial upped their target price on shares of Microchip Technology from $93.00 to $96.00 and gave the stock a “buy” rating in a report on Tuesday, May 7th. Mizuho raised shares of Microchip Technology from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $85.00 to $115.00 in a report on Friday, May 24th. Finally, UBS Group increased their price objective on shares of Microchip Technology from $95.00 to $103.00 and gave the stock a “buy” rating in a report on Tuesday, May 7th. Five investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $101.06.

Microchip Technology Trading Up 2.7 %

Shares of Microchip Technology stock opened at $93.45 on Wednesday. Microchip Technology Incorporated has a 1 year low of $68.75 and a 1 year high of $100.57. The firm has a market cap of $50.17 billion, a PE ratio of 26.93 and a beta of 1.55. The stock has a fifty day moving average price of $92.26 and a 200-day moving average price of $88.87. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.20 and a quick ratio of 0.67.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Monday, May 6th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.57. Microchip Technology had a return on equity of 36.78% and a net margin of 24.98%. The firm had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.33 billion. During the same period last year, the firm posted $1.56 EPS. The business’s revenue was down 40.6% compared to the same quarter last year. Equities research analysts anticipate that Microchip Technology Incorporated will post 2.35 EPS for the current year.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 5th. Investors of record on Wednesday, May 22nd were issued a $0.452 dividend. The ex-dividend date was Tuesday, May 21st. This represents a $1.81 annualized dividend and a yield of 1.93%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio (DPR) is 52.16%.

Insider Buying and Selling

In related news, Director Matthew W. Chapman sold 2,748 shares of Microchip Technology stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $93.88, for a total value of $257,982.24. Following the completion of the sale, the director now owns 35,682 shares of the company’s stock, valued at approximately $3,349,826.16. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Microchip Technology news, CFO James Eric Bjornholt sold 3,188 shares of Microchip Technology stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $99.98, for a total transaction of $318,736.24. Following the completion of the transaction, the chief financial officer now owns 33,257 shares of the company’s stock, valued at approximately $3,325,034.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Matthew W. Chapman sold 2,748 shares of Microchip Technology stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $93.88, for a total value of $257,982.24. Following the transaction, the director now directly owns 35,682 shares of the company’s stock, valued at approximately $3,349,826.16. The disclosure for this sale can be found here. In the last 90 days, insiders sold 23,993 shares of company stock valued at $2,251,857. 2.07% of the stock is owned by insiders.

About Microchip Technology

Microchip Technology Incorporated develops, manufactures, and sells 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 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.