Alley Investment Management Company LLC Grows Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Alley Investment Management Company LLC increased its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 0.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 170,721 shares of the semiconductor company’s stock after purchasing an additional 1,095 shares during the period. Microchip Technology makes up 2.1% of Alley Investment Management Company LLC’s holdings, making the stock its 20th biggest position. Alley Investment Management Company LLC’s holdings in Microchip Technology were worth $15,621,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Clearbridge Investments LLC grew its holdings in Microchip Technology by 18,944.8% during the first quarter. Clearbridge Investments LLC now owns 1,973,045 shares of the semiconductor company’s stock worth $177,002,000 after acquiring an additional 1,962,685 shares during the period. Vanguard Group Inc. boosted its position in Microchip Technology by 2.9% in the 1st quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company’s stock worth $6,152,646,000 after purchasing an additional 1,921,497 shares in the last quarter. Canada Pension Plan Investment Board grew its stake in shares of Microchip Technology by 425.3% during the 1st quarter. Canada Pension Plan Investment Board now owns 1,377,099 shares of the semiconductor company’s stock worth $123,540,000 after purchasing an additional 1,114,962 shares during the period. Van ECK Associates Corp increased its holdings in shares of Microchip Technology by 17.2% during the 1st quarter. Van ECK Associates Corp now owns 6,068,311 shares of the semiconductor company’s stock valued at $544,388,000 after purchasing an additional 891,297 shares in the last quarter. Finally, Boston Partners increased its holdings in shares of Microchip Technology by 10.7% during 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. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts recently issued reports on MCHP shares. Rosenblatt Securities reissued a “buy” rating and set a $100.00 price target on shares of Microchip Technology in a report on Wednesday, July 31st. Bank of America cut Microchip Technology from a “buy” rating to a “neutral” rating and dropped their target price for the company from $110.00 to $90.00 in a research report on Friday, August 2nd. Morgan Stanley cut Microchip Technology from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $102.00 to $100.00 in a report on Thursday, July 11th. TD Cowen dropped 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. Finally, Needham & Company LLC reduced 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. One investment analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $99.47.

Insider Activity

In related 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 value of $175,551.00. Following the transaction, the chief financial officer now directly owns 33,257 shares in the company, valued at $2,710,445.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 2.07% of the company’s stock.

Microchip Technology Price Performance

MCHP stock opened at $77.50 on Wednesday. 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 $41.58 billion, a PE ratio of 22.33 and a beta of 1.53. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.94 and a quick ratio of 1.08. The business has a 50 day simple moving average of $80.50 and a 200-day simple moving average of $87.55.

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 analysts’ consensus estimates of $0.52 by $0.01. The business had revenue of $1.24 billion during 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 company’s revenue for the quarter was down 45.8% on a year-over-year basis. During the same period last year, the company earned $1.56 EPS. Equities research analysts anticipate that Microchip Technology Incorporated will post 1.74 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd were issued a $0.454 dividend. This represents a $1.82 annualized dividend and a yield of 2.34%. 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. Microchip Technology’s payout ratio is presently 52.45%.

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.