Interchange Capital Partners LLC Purchases Shares of 2,654 Microchip Technology Incorporated (NASDAQ:MCHP)

Interchange Capital Partners LLC purchased a new stake in Microchip Technology Incorporated (NASDAQ:MCHP) during the second quarter, Holdings Channel.com reports. The institutional investor purchased 2,654 shares of the semiconductor company’s stock, valued at approximately $243,000.

Other institutional investors have also recently made changes to their positions in the company. Essex Financial Services Inc. lifted its stake in shares of Microchip Technology by 5.7% in the 2nd quarter. Essex Financial Services Inc. now owns 3,906 shares of the semiconductor company’s stock valued at $357,000 after purchasing an additional 209 shares during the period. Aptus Capital Advisors LLC lifted its stake in shares of Microchip Technology by 5.9% in the 2nd quarter. Aptus Capital Advisors LLC now owns 5,060 shares of the semiconductor company’s stock valued at $463,000 after purchasing an additional 280 shares during the period. Spinnaker Trust acquired a new position in shares of Microchip Technology in the 2nd quarter valued at about $203,000. Davidson Investment Advisors lifted its stake in shares of Microchip Technology by 29.0% in the 2nd quarter. Davidson Investment Advisors now owns 225,231 shares of the semiconductor company’s stock valued at $20,609,000 after purchasing an additional 50,574 shares during the period. Finally, Farther Finance Advisors LLC raised its stake in Microchip Technology by 50.9% during the 2nd quarter. Farther Finance Advisors LLC now owns 8,333 shares of the semiconductor company’s stock worth $763,000 after buying an additional 2,809 shares during the period. Institutional investors own 91.51% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on MCHP. Rosenblatt Securities reaffirmed a “buy” rating and set a $100.00 price target on shares of Microchip Technology in a research note on Wednesday, July 31st. JPMorgan Chase & Co. dropped their price target on Microchip Technology from $110.00 to $100.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. B. Riley dropped their price target on Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Truist Financial dropped their price target on Microchip Technology from $96.00 to $89.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Finally, 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. Five equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $99.95.

Microchip Technology Stock Performance

MCHP stock opened at $82.16 on Monday. The firm has a market cap of $44.08 billion, a PE ratio of 23.68 and a beta of 1.54. The company has a quick ratio of 1.08, a current ratio of 1.94 and a debt-to-equity ratio of 0.96. The business has a 50 day moving average of $85.64 and a 200-day moving average of $88.47. Microchip Technology Incorporated has a 12-month low of $68.75 and a 12-month high of $100.57.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.01. The company had revenue of $1.24 billion during 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%. Microchip Technology’s quarterly revenue was down 45.8% on a year-over-year basis. During the same period in the prior year, the company posted $1.56 earnings per share. As a group, sell-side analysts expect that Microchip Technology Incorporated will post 1.74 earnings per share for the current year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd will be issued a $0.454 dividend. The ex-dividend date is Thursday, August 22nd. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a dividend yield of 2.21%. Microchip Technology’s dividend payout ratio is currently 52.16%.

Insider Activity

In other news, Director Matthew W. Chapman sold 2,748 shares of the company’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $93.88, for a total value of $257,982.24. Following the completion of the transaction, the director now directly owns 35,682 shares of the company’s stock, valued at $3,349,826.16. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, CFO James Eric Bjornholt sold 2,154 shares of Microchip Technology stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $81.50, for a total value of $175,551.00. Following the completion of the sale, the chief financial officer now owns 33,257 shares of the company’s stock, valued at approximately $2,710,445.50. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Matthew W. Chapman sold 2,748 shares of the business’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $93.88, for a total value of $257,982.24. Following the completion of the sale, the director now owns 35,682 shares in the company, valued at $3,349,826.16. The disclosure for this sale can be found here. 2.07% of the stock is currently owned by corporate insiders.

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.