39,440 Shares in Microchip Technology Incorporated (NASDAQ:MCHP) Purchased by MBB Public Markets I LLC

MBB Public Markets I LLC purchased a new position in Microchip Technology Incorporated (NASDAQ:MCHP) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 39,440 shares of the semiconductor company’s stock, valued at approximately $3,609,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Rise Advisors LLC bought a new stake in shares of Microchip Technology in the 1st quarter worth approximately $28,000. Pineridge Advisors LLC bought a new position in shares of Microchip Technology in the fourth quarter valued at $33,000. Steph & Co. lifted its position in shares of Microchip Technology by 57.4% during the 1st quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock valued at $37,000 after acquiring an additional 151 shares during the last quarter. Pathway Financial Advisers LLC acquired a new stake in shares of Microchip Technology during the 1st quarter valued at $39,000. Finally, Richardson Capital Management LLC bought a new stake in shares of Microchip Technology during the 1st quarter worth $45,000. 91.51% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CFO James Eric Bjornholt sold 2,154 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $81.50, for a total transaction 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 $2,710,445.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.07% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

MCHP has been the topic of a number of recent analyst reports. StockNews.com lowered Microchip Technology from a “hold” rating to a “sell” rating in a research report on Tuesday. B. Riley reduced their price objective on shares of Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Truist Financial cut shares of Microchip Technology from a “buy” rating to a “hold” rating and decreased their target price for the stock from $89.00 to $80.00 in a report on Monday, September 23rd. Susquehanna cut their price target on shares of Microchip Technology from $115.00 to $105.00 and set a “positive” rating on the stock in a report on Friday, August 2nd. Finally, Bank of America lowered shares of Microchip Technology from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $110.00 to $90.00 in a research note on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $99.47.

Microchip Technology Price Performance

MCHP opened at $80.59 on Friday. 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 Incorporated has a 1 year low of $68.75 and a 1 year high of $100.57. The stock has a fifty day moving average price of $79.97 and a 200 day moving average price of $87.42. The stock has a market cap of $43.24 billion, a price-to-earnings ratio of 23.22 and a beta of 1.53.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share for the quarter, beating 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 period last year, the company earned $1.56 earnings per share. The business’s revenue was down 45.8% compared to the same quarter last year. Analysts forecast that Microchip Technology Incorporated will post 1.74 EPS 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 given a dividend of $0.454 per share. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date was Thursday, August 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 2.25%. Microchip Technology’s payout ratio is currently 52.45%.

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.