Financial Advocates Investment Management Decreases Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Financial Advocates Investment Management lowered its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 21.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,637 shares of the semiconductor company’s stock after selling 2,907 shares during the quarter. Financial Advocates Investment Management’s holdings in Microchip Technology were worth $973,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Swedbank AB purchased a new position in Microchip Technology in the 1st quarter valued at $1,079,000. Caxton Associates LP boosted its position in Microchip Technology by 4,511.5% during the fourth quarter. Caxton Associates LP now owns 400,000 shares of the semiconductor company’s stock worth $36,072,000 after acquiring an additional 391,326 shares during the last quarter. SageView Advisory Group LLC grew its stake in Microchip Technology by 507.5% during 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 raised its holdings in Microchip Technology by 228.4% in 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 last quarter. Finally, Hennessy Advisors Inc. lifted its stake in Microchip Technology by 2,194.5% in the 1st quarter. Hennessy Advisors Inc. now owns 33,454 shares of the semiconductor company’s stock worth $3,001,000 after purchasing an additional 31,996 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Wall Street Analyst Weigh In

MCHP has been the subject of several recent research reports. B. Riley cut their price target on Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Rosenblatt Securities reaffirmed a “buy” rating and issued a $100.00 target price on shares of Microchip Technology in a research note on Wednesday, July 31st. Mizuho raised shares of Microchip Technology from a “neutral” rating to a “buy” rating and boosted their price target for the company from $85.00 to $115.00 in a research report on Friday, May 24th. Bank of America cut shares of Microchip Technology from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $110.00 to $90.00 in a research report on Friday, August 2nd. Finally, Citigroup reduced their price target on shares of Microchip Technology from $104.00 to $92.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Five investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $99.95.

Microchip Technology Stock Up 2.0 %

Shares of NASDAQ:MCHP opened at $80.98 on Friday. The firm has a market capitalization of $43.45 billion, a PE ratio of 23.34 and a beta of 1.54. Microchip Technology Incorporated has a 1 year low of $68.75 and a 1 year high of $100.57. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.20 and a quick ratio of 0.67. The firm’s 50-day moving average is $85.98 and its two-hundred day moving average is $88.43.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data 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. The firm had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. Microchip Technology had a net margin of 20.80% and a return on equity of 27.82%. The business’s quarterly revenue was down 45.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.56 earnings per share. Analysts predict that Microchip Technology Incorporated will post 2.35 EPS for the current year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Thursday, August 22nd will be issued a $0.454 dividend. The ex-dividend date is Thursday, August 22nd. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 dividend on an annualized basis and a yield of 2.24%. Microchip Technology’s dividend payout ratio (DPR) is 52.16%.

Insider Buying and Selling

In other Microchip Technology news, Director Matthew W. Chapman sold 2,748 shares of the 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 sale, the director now owns 35,682 shares of the company’s stock, valued at approximately $3,349,826.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Microchip Technology news, Director Matthew W. Chapman sold 2,748 shares of the business’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $93.88, for a total transaction of $257,982.24. Following the completion of the transaction, the director now owns 35,682 shares in the company, valued at approximately $3,349,826.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO James Eric Bjornholt sold 2,154 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total transaction of $175,551.00. Following the completion of the sale, the chief financial officer now directly owns 33,257 shares in the company, valued at $2,710,445.50. The disclosure for this sale can be found here. 2.07% of the stock is currently owned by insiders.

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.