Nemes Rush Group LLC Increases Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Nemes Rush Group LLC raised its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 0.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 28,511 shares of the semiconductor company’s stock after acquiring an additional 197 shares during the quarter. Nemes Rush Group LLC’s holdings in Microchip Technology were worth $2,609,000 at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. Rise Advisors LLC purchased a new stake in shares of Microchip Technology during the first quarter valued at about $28,000. Pineridge Advisors LLC purchased a new stake in Microchip Technology during the fourth quarter valued at approximately $33,000. Steph & Co. boosted its stake in Microchip Technology by 57.4% in the first quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock valued at $37,000 after acquiring an additional 151 shares in the last quarter. Pathway Financial Advisers LLC purchased a new position in Microchip Technology in the first quarter worth $39,000. Finally, Richardson Capital Management LLC acquired a new position in shares of Microchip Technology during the first quarter worth $45,000. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Performance

Shares of MCHP stock 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 12-month low of $68.75 and a 12-month high of $100.57. The business’s 50 day moving average is $79.81 and its two-hundred day moving average is $87.32. The company has a market capitalization of $43.24 billion, a P/E ratio of 23.22 and a beta of 1.53.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.01. The firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. The business’s revenue was down 45.8% on a year-over-year basis. During the same quarter last year, the firm posted $1.56 EPS. Analysts expect that Microchip Technology Incorporated will post 1.74 EPS for the current fiscal 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 given a dividend of $0.454 per share. This represents a $1.82 annualized dividend and a dividend yield of 2.25%. The ex-dividend date was Thursday, August 22nd. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio is 52.16%.

Analyst Upgrades and Downgrades

MCHP has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. lowered their price objective on Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. TD Cowen dropped 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. Needham & Company LLC cut their price target on shares of Microchip Technology from $100.00 to $96.00 and set a “buy” rating on the stock in a research note on Monday, August 5th. Rosenblatt Securities reaffirmed a “buy” rating and set a $100.00 price target on shares of Microchip Technology in a research report on Wednesday, July 31st. Finally, Susquehanna reduced their price objective on Microchip Technology from $115.00 to $105.00 and set a “positive” rating for the company in a research note on Friday, August 2nd. One equities research 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. According to data from MarketBeat.com, Microchip Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $99.47.

Insider Activity at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of the 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 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 legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.07% of the stock is currently owned by corporate insiders.

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.