Pacer Advisors Inc. Acquires 13,827 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Pacer Advisors Inc. grew its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 16.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 100,287 shares of the semiconductor company’s stock after buying an additional 13,827 shares during the quarter. Pacer Advisors Inc.’s holdings in Microchip Technology were worth $9,176,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Rise Advisors LLC bought a new stake in shares of Microchip Technology in the 1st quarter valued at about $28,000. Pineridge Advisors LLC bought a new stake in shares of Microchip Technology in the 4th quarter valued at about $33,000. Steph & Co. raised 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 valued at $37,000 after purchasing an additional 151 shares during the period. Pathway Financial Advisers LLC bought a new stake in shares of Microchip Technology in the 1st quarter valued at about $39,000. Finally, Richardson Capital Management LLC bought a new stake in shares of Microchip Technology in the 1st quarter valued at about $45,000. 91.51% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on MCHP. Bank of America cut shares of Microchip Technology from a “buy” rating to a “neutral” rating and dropped their target price for the company from $110.00 to $90.00 in a report on Friday, August 2nd. B. Riley lowered their price target on shares of Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Needham & Company LLC lowered their price target on shares of Microchip Technology from $100.00 to $96.00 and set a “buy” rating on the stock in a report on Monday, August 5th. Truist Financial cut shares of Microchip Technology from a “buy” rating to a “hold” rating and lowered their price target for the company from $89.00 to $80.00 in a report on Monday. Finally, Piper Sandler raised shares of Microchip Technology from a “neutral” rating to an “overweight” rating and increased their price target for the company from $90.00 to $100.00 in a report on Friday, August 16th. Six research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, Microchip Technology presently has an average rating of “Moderate Buy” and a consensus price target of $99.47.

Insider Activity at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,154 shares of the firm’s stock in a transaction on 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.07% of the stock is owned by insiders.

Microchip Technology Stock Performance

NASDAQ MCHP opened at $77.06 on Tuesday. The company has a current ratio of 1.94, a quick ratio of 1.08 and a debt-to-equity ratio of 0.96. The firm has a market capitalization of $41.34 billion, a price-to-earnings ratio of 22.21 and a beta of 1.53. The firm’s 50 day simple moving average is $80.85 and its 200 day simple moving average is $87.63. Microchip Technology Incorporated has a 1 year low of $68.75 and a 1 year high of $100.57.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.01. The business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. The firm’s revenue for the quarter was down 45.8% on a year-over-year basis. During the same quarter last year, the business posted $1.56 EPS. As a group, research analysts expect that Microchip Technology Incorporated will post 1.74 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Thursday, August 22nd were paid a $0.454 dividend. This is an increase 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 yield of 2.36%. Microchip Technology’s dividend payout ratio is presently 52.16%.

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.