Summit Trail Advisors LLC Has $412,000 Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Summit Trail Advisors LLC trimmed its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 24.1% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,505 shares of the semiconductor company’s stock after selling 1,427 shares during the period. Summit Trail Advisors LLC’s holdings in Microchip Technology were worth $412,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in shares of Microchip Technology by 2.9% during the 1st quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company’s stock worth $6,152,646,000 after buying an additional 1,921,497 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Microchip Technology by 0.4% in the second quarter. Principal Financial Group Inc. now owns 9,246,403 shares of the semiconductor company’s stock worth $846,046,000 after acquiring an additional 33,603 shares during the last quarter. Boston Partners boosted its stake in shares of Microchip Technology by 10.7% in the 1st quarter. Boston Partners now owns 7,591,471 shares of the semiconductor company’s stock valued at $681,838,000 after purchasing an additional 736,818 shares in the last quarter. Van ECK Associates Corp grew its holdings in shares of Microchip Technology by 4.9% during the 2nd quarter. Van ECK Associates Corp now owns 6,363,937 shares of the semiconductor company’s stock valued at $582,301,000 after purchasing an additional 295,626 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its position in Microchip Technology by 17.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,527,709 shares of the semiconductor company’s stock worth $406,182,000 after purchasing an additional 673,992 shares in the last quarter. 91.51% of the stock is owned by institutional investors.

Microchip Technology Trading Up 0.1 %

Shares of MCHP stock opened at $77.06 on Tuesday. The company has a market cap of $41.34 billion, a P/E ratio of 22.21 and a beta of 1.53. Microchip Technology Incorporated has a fifty-two week low of $68.75 and a fifty-two week high of $100.57. The stock has a 50 day simple moving average of $80.85 and a two-hundred day simple moving average of $87.63. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.08 and a current ratio of 1.94.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.01. The business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. Microchip Technology’s revenue was down 45.8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.56 earnings per share. Research analysts forecast that Microchip Technology Incorporated will post 1.74 earnings per share for the current 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 is an increase from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 dividend on an annualized basis and a yield of 2.36%. The ex-dividend date of this dividend was Thursday, August 22nd. Microchip Technology’s dividend payout ratio is 52.16%.

Insiders Place Their Bets

In other news, CFO James Eric Bjornholt sold 2,154 shares of the company’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 directly owns 33,257 shares of the company’s stock, valued at $2,710,445.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 2.07% of the company’s stock.

Wall Street Analyst Weigh In

MCHP has been the topic of a number of research analyst reports. Piper Sandler upgraded shares of Microchip Technology from a “neutral” rating to an “overweight” rating and raised their target price for the company from $90.00 to $100.00 in a research report on Friday, August 16th. Needham & Company LLC reduced their price objective on Microchip Technology from $100.00 to $96.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. Truist Financial cut Microchip Technology from a “buy” rating to a “hold” rating and lowered their target price for the stock from $89.00 to $80.00 in a report on Monday. TD Cowen cut their price target on Microchip Technology from $90.00 to $80.00 and set a “hold” rating on the stock in a research note on Friday, August 2nd. Finally, Bank of America downgraded 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. Six research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $99.47.

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.