Microchip Technology Incorporated (NASDAQ:MCHP) Shares Acquired by Parallel Advisors LLC

Parallel Advisors LLC grew its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 2.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,351 shares of the semiconductor company’s stock after purchasing an additional 178 shares during the period. Parallel Advisors LLC’s holdings in Microchip Technology were worth $581,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also modified their holdings of the business. Financial Counselors Inc. lifted its stake in Microchip Technology by 1.1% during the 1st quarter. Financial Counselors Inc. now owns 10,689 shares of the semiconductor company’s stock worth $959,000 after acquiring an additional 119 shares in the last quarter. SeaCrest Wealth Management LLC lifted its stake in Microchip Technology by 3.3% during the 2nd quarter. SeaCrest Wealth Management LLC now owns 4,147 shares of the semiconductor company’s stock worth $379,000 after acquiring an additional 131 shares in the last quarter. Meridian Wealth Management LLC lifted its stake in Microchip Technology by 5.1% during the 1st quarter. Meridian Wealth Management LLC now owns 2,810 shares of the semiconductor company’s stock worth $252,000 after acquiring an additional 137 shares in the last quarter. Horizon Bancorp Inc. IN lifted its stake in Microchip Technology by 11.8% during the 1st quarter. Horizon Bancorp Inc. IN now owns 1,370 shares of the semiconductor company’s stock worth $123,000 after acquiring an additional 145 shares in the last quarter. Finally, Commerzbank Aktiengesellschaft FI lifted its stake in Microchip Technology by 4.5% during the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 3,470 shares of the semiconductor company’s stock worth $318,000 after acquiring an additional 148 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on MCHP shares. Rosenblatt Securities reissued a “buy” rating and set a $100.00 target price on shares of Microchip Technology in a research note on Wednesday, July 31st. Bank of America lowered Microchip Technology from a “buy” rating to a “neutral” rating and reduced their price target for the company from $110.00 to $90.00 in a research report on Friday, August 2nd. Mizuho raised Microchip Technology from a “neutral” rating to a “buy” rating and increased their price target for the company from $85.00 to $115.00 in a research report on Friday, May 24th. Susquehanna reduced their price target on Microchip Technology from $115.00 to $105.00 and set a “positive” rating on the stock in a research report on Friday, August 2nd. Finally, Citigroup reduced their price target on 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 stock. Based on data from MarketBeat.com, Microchip Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $99.95.

Microchip Technology Stock Performance

MCHP opened at $77.00 on Wednesday. Microchip Technology Incorporated has a one year low of $68.75 and a one year high of $100.57. The company has a market cap of $41.31 billion, a P/E ratio of 22.19 and a beta of 1.53. 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 business’s 50-day simple moving average is $82.12 and its 200-day simple moving average is $87.94.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.01. The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. The firm’s quarterly revenue was down 45.8% compared to the same quarter last year. During the same quarter last year, the business posted $1.56 EPS. As a group, equities research analysts expect that Microchip Technology Incorporated will post 1.74 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Thursday, August 22nd were paid a dividend of $0.454 per share. This represents a $1.82 dividend on an annualized basis and a yield of 2.36%. The ex-dividend date of this dividend was Thursday, August 22nd. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio (DPR) is currently 52.16%.

Insider Buying and Selling

In related news, CFO James Eric Bjornholt sold 2,154 shares of the firm’s stock in a transaction that occurred on 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 owns 33,257 shares in the company, valued at approximately $2,710,445.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.07% of the stock is currently owned by company 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.