Frank Rimerman Advisors LLC Invests $397,000 in Microchip Technology Incorporated (NASDAQ:MCHP)

Frank Rimerman Advisors LLC acquired a new stake in Microchip Technology Incorporated (NASDAQ:MCHP) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 4,338 shares of the semiconductor company’s stock, valued at approximately $397,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in MCHP. Vanguard Group Inc. increased its holdings in shares of Microchip Technology by 2.9% during the 1st quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company’s stock worth $6,152,646,000 after buying an additional 1,921,497 shares during the last quarter. Principal Financial Group Inc. raised its stake in shares of Microchip Technology by 0.4% in the 2nd quarter. Principal Financial Group Inc. now owns 9,246,403 shares of the semiconductor company’s stock valued at $846,046,000 after acquiring an additional 33,603 shares during the period. Boston Partners lifted its holdings in shares of Microchip Technology by 10.7% in the 1st quarter. Boston Partners now owns 7,591,471 shares of the semiconductor company’s stock worth $681,838,000 after acquiring an additional 736,818 shares during the last quarter. Van ECK Associates Corp increased its holdings in Microchip Technology by 4.9% in the 2nd quarter. Van ECK Associates Corp now owns 6,363,937 shares of the semiconductor company’s stock valued at $582,301,000 after purchasing an additional 295,626 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its position in Microchip Technology by 17.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 4,527,709 shares of the semiconductor company’s stock valued at $406,182,000 after purchasing an additional 673,992 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

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 value of $175,551.00. Following the completion of the sale, the chief financial officer now owns 33,257 shares in the company, valued at approximately $2,710,445.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.07% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research firms have recently commented on MCHP. Morgan Stanley lowered Microchip Technology from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $102.00 to $100.00 in a research report on Thursday, July 11th. Citigroup dropped their target price on Microchip Technology from $104.00 to $92.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. JPMorgan Chase & Co. lowered their price objective on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Bank of America downgraded shares of Microchip Technology from a “buy” rating to a “neutral” rating and cut their target price for the stock from $110.00 to $90.00 in a research note on Friday, August 2nd. Finally, Truist Financial downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating and dropped their price target for the stock from $89.00 to $80.00 in a research note on Monday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $99.47.

Microchip Technology Trading Up 0.6 %

NASDAQ:MCHP opened at $77.50 on Wednesday. The company has a market capitalization of $41.58 billion, a PE ratio of 22.33 and a beta of 1.53. Microchip Technology Incorporated has a 52-week low of $68.75 and a 52-week high of $100.57. The stock’s 50 day moving average price is $80.50 and its 200 day moving average price is $87.55. 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 announced its earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.01. The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. The business’s quarterly revenue was down 45.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.56 earnings per share. On average, research analysts anticipate that Microchip Technology Incorporated will post 1.74 EPS for the current 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 issued a dividend of $0.454 per share. The ex-dividend date was Thursday, August 22nd. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a dividend yield of 2.34%. Microchip Technology’s dividend payout ratio (DPR) is currently 52.16%.

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.