1832 Asset Management L.P. Has $73.80 Million Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

1832 Asset Management L.P. grew its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 19.2% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 806,579 shares of the semiconductor company’s stock after purchasing an additional 129,964 shares during the period. 1832 Asset Management L.P. owned about 0.15% of Microchip Technology worth $73,802,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Mount Yale Investment Advisors LLC increased its position in Microchip Technology by 4.3% in the 2nd quarter. Mount Yale Investment Advisors LLC now owns 24,940 shares of the semiconductor company’s stock worth $2,282,000 after purchasing an additional 1,021 shares during the last quarter. Frank Rimerman Advisors LLC acquired a new position in shares of Microchip Technology during the 2nd quarter valued at about $397,000. Profund Advisors LLC increased its holdings in shares of Microchip Technology by 5.9% during the 2nd quarter. Profund Advisors LLC now owns 87,826 shares of the semiconductor company’s stock valued at $8,036,000 after acquiring an additional 4,880 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its holdings in shares of Microchip Technology by 25.2% during the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,486,949 shares of the semiconductor company’s stock valued at $136,056,000 after acquiring an additional 299,721 shares during the last quarter. Finally, Legacy Financial Advisors Inc. increased its holdings in shares of Microchip Technology by 7.2% during the 2nd quarter. Legacy Financial Advisors Inc. now owns 3,898 shares of the semiconductor company’s stock valued at $357,000 after acquiring an additional 261 shares during the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Microchip Technology Price Performance

Shares of NASDAQ:MCHP opened at $77.01 on Monday. Microchip Technology Incorporated has a 1-year low of $68.75 and a 1-year high of $100.57. The firm has a market capitalization of $41.32 billion, a PE ratio of 22.19 and a beta of 1.53. The business’s 50 day moving average is $81.15 and its 200-day moving average is $87.74. The company has a current ratio of 1.94, a quick ratio of 1.08 and a debt-to-equity ratio of 0.96.

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, 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 company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same quarter last year, the firm earned $1.56 EPS. Microchip Technology’s revenue for the quarter was down 45.8% compared to the same quarter last year. Sell-side analysts predict that Microchip Technology Incorporated will post 1.74 earnings per share for the current year.

Microchip Technology Increases Dividend

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

Analyst Ratings Changes

A number of brokerages have recently commented on MCHP. Morgan Stanley lowered Microchip Technology from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $102.00 to $100.00 in a report on Thursday, July 11th. TD Cowen lowered their price objective on Microchip Technology from $90.00 to $80.00 and set a “hold” rating on the stock in a report on Friday, August 2nd. Piper Sandler raised Microchip Technology from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $90.00 to $100.00 in a report on Friday, August 16th. Bank of America lowered Microchip Technology from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $110.00 to $90.00 in a report on Friday, August 2nd. Finally, Needham & Company LLC decreased their target price on Microchip Technology from $100.00 to $96.00 and set a “buy” rating for the company in a research note on Monday, August 5th. Five research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $99.95.

Insider Activity at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,154 shares of the business’s 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 sale, the chief financial officer now owns 33,257 shares of the company’s stock, valued at approximately $2,710,445.50. The sale was disclosed in a legal filing with the SEC, which is available 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.