Microchip Technology Incorporated (NASDAQ:MCHP) Stock Holdings Lifted by Private Client Services LLC

Private Client Services LLC raised its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 9.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,016 shares of the semiconductor company’s stock after purchasing an additional 1,677 shares during the period. Private Client Services LLC’s holdings in Microchip Technology were worth $1,527,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Czech National Bank increased its position in Microchip Technology by 6.1% during the third quarter. Czech National Bank now owns 109,291 shares of the semiconductor company’s stock worth $8,775,000 after buying an additional 6,315 shares during the last quarter. Trust Co of the South acquired a new stake in shares of Microchip Technology in the third quarter worth about $256,000. Trust Co. of Toledo NA OH boosted its stake in shares of Microchip Technology by 1.1% during the 3rd quarter. Trust Co. of Toledo NA OH now owns 82,314 shares of the semiconductor company’s stock worth $6,609,000 after acquiring an additional 896 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its holdings in shares of Microchip Technology by 2,390.5% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,291,290 shares of the semiconductor company’s stock valued at $209,653,000 after acquiring an additional 2,199,290 shares during the last quarter. Finally, Heritage Wealth Management Inc. bought a new position in shares of Microchip Technology in the 2nd quarter valued at approximately $322,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Microchip Technology Stock Down 1.1 %

Shares of MCHP opened at $77.33 on Friday. Microchip Technology Incorporated has a 12 month low of $68.75 and a 12 month high of $100.57. The stock has a market cap of $41.49 billion, a price-to-earnings ratio of 22.29 and a beta of 1.52. The company has a 50-day moving average price of $78.98 and a two-hundred day moving average price of $87.03. The company has a quick ratio of 1.08, a current ratio of 1.94 and a debt-to-equity ratio of 0.96.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, topping 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 business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter last year, the company earned $1.56 EPS. Microchip Technology’s revenue was down 45.8% on a year-over-year basis. Equities analysts predict 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. Stockholders of record on Thursday, August 22nd were issued a $0.454 dividend. 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. This represents a $1.82 annualized dividend and a dividend yield of 2.35%. Microchip Technology’s dividend payout ratio is presently 52.16%.

Analysts Set New Price Targets

Several equities analysts have commented on MCHP shares. Morgan Stanley downgraded Microchip Technology from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $102.00 to $100.00 in a report on Thursday, July 11th. 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 note on Friday, August 16th. Rosenblatt Securities reissued a “buy” rating and set a $100.00 target price on shares of Microchip Technology in a research report on Wednesday, July 31st. JPMorgan Chase & Co. decreased their price target on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Finally, Needham & Company LLC dropped their price objective on Microchip Technology from $100.00 to $96.00 and set a “buy” rating on the stock in a research note on Monday, August 5th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, Microchip Technology presently has an average rating of “Moderate Buy” and an average price target of $99.47.

Insider Buying and Selling

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of the business’s stock in a transaction dated Friday, August 23rd. The shares were 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 document filed with the SEC, which is available through this link. 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.