Providence Capital Advisors LLC Acquires New Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Providence Capital Advisors LLC acquired a new stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 61,800 shares of the semiconductor company’s stock, valued at approximately $5,655,000.

Other hedge funds also recently bought and sold shares of the company. Rise Advisors LLC bought a new stake in Microchip Technology during the first quarter valued at about $28,000. Pineridge Advisors LLC bought a new stake in Microchip Technology during the fourth quarter valued at about $33,000. Steph & Co. boosted its stake in shares of Microchip Technology by 57.4% in the first quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock worth $37,000 after acquiring an additional 151 shares during the period. Pathway Financial Advisers LLC bought a new position in shares of Microchip Technology in the first quarter worth about $39,000. Finally, Richardson Capital Management LLC bought a new position in shares of Microchip Technology in the first quarter worth about $45,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Analysts Set New Price Targets

MCHP has been the subject of a number of recent analyst reports. Morgan Stanley lowered Microchip Technology from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $102.00 to $100.00 in a research note on Thursday, July 11th. Piper Sandler raised Microchip Technology from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $90.00 to $100.00 in a research note on Friday, August 16th. Citigroup lowered their price objective on Microchip Technology from $104.00 to $92.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. 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 research note on Friday, August 2nd. Finally, JPMorgan Chase & Co. decreased their price target on Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Six research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Microchip Technology presently has an average rating of “Moderate Buy” and a consensus price target of $99.47.

Insider Activity

In other news, CFO James Eric Bjornholt sold 2,154 shares of the business’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $81.50, for a total value of $175,551.00. Following the completion of the transaction, 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 accessible through this link. Insiders own 2.07% of the company’s stock.

Microchip Technology Trading Up 0.1 %

Shares of NASDAQ:MCHP opened at $77.06 on Tuesday. Microchip Technology Incorporated has a 12-month low of $68.75 and a 12-month high of $100.57. The business’s fifty day simple moving average is $80.85 and its 200-day simple moving average is $87.63. The company has a market capitalization of $41.34 billion, a PE ratio of 22.21 and a beta of 1.53. 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 earnings results 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. 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 revenue for the quarter was down 45.8% on a year-over-year basis. During the same period in the previous year, the business earned $1.56 EPS. As a group, equities research analysts predict that Microchip Technology Incorporated will post 1.74 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd were paid a dividend of $0.454 per share. This represents a $1.82 annualized dividend 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 payout ratio is presently 52.16%.

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.