Ieq Capital LLC Has $3.10 Million Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Ieq Capital LLC lifted its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 9.0% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 33,846 shares of the semiconductor company’s stock after buying an additional 2,799 shares during the quarter. Ieq Capital LLC’s holdings in Microchip Technology were worth $3,097,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Rise Advisors LLC bought a new position in Microchip Technology in the first quarter worth approximately $28,000. Pineridge Advisors LLC bought a new position in shares of Microchip Technology in the 4th quarter worth $33,000. Steph & Co. lifted its holdings in shares of Microchip Technology by 57.4% in the 1st quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock worth $37,000 after purchasing an additional 151 shares in the last quarter. Pathway Financial Advisers LLC acquired a new stake in Microchip Technology in the 1st quarter valued at $39,000. Finally, Richardson Capital Management LLC acquired a new position in Microchip Technology during the first quarter worth $45,000. Institutional investors own 91.51% of the company’s stock.

Insider Transactions at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,154 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total value of $175,551.00. Following the completion of the transaction, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at approximately $2,710,445.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 2.07% of the company’s stock.

Microchip Technology Stock Down 2.3 %

Microchip Technology stock opened at $77.01 on Friday. The firm has a 50 day moving average price of $81.15 and a 200-day moving average price of $87.74. 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 Incorporated has a twelve month low of $68.75 and a twelve month high of $100.57. The company has a market capitalization of $41.32 billion, a P/E ratio of 22.19 and a beta of 1.53.

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, 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 firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same period in the previous year, the company posted $1.56 earnings per share. The business’s revenue was down 45.8% on a year-over-year basis. As a group, equities analysts predict that Microchip Technology Incorporated will post 1.74 EPS for the current year.

Microchip Technology Increases Dividend

The firm 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 represents a $1.82 dividend on an annualized basis and a yield of 2.36%. The ex-dividend date of this dividend was Thursday, August 22nd. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio (DPR) is currently 52.16%.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on MCHP shares. Truist Financial reduced their price objective on shares of Microchip Technology from $96.00 to $89.00 and set a “buy” rating for the company in a report on Friday, August 2nd. TD Cowen cut their price target on Microchip Technology from $90.00 to $80.00 and set a “hold” rating for the company in a research note on Friday, August 2nd. Citigroup lowered their price objective on Microchip Technology from $104.00 to $92.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Morgan Stanley cut Microchip Technology from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $102.00 to $100.00 in a research report on Thursday, July 11th. Finally, Piper Sandler upgraded Microchip Technology from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $90.00 to $100.00 in a research note on Friday, August 16th. Five research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat, Microchip Technology has a consensus rating of “Moderate Buy” and an average price target of $99.95.

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.