Microchip Technology Incorporated (NASDAQ:MCHP) Holdings Decreased by Texas Capital Bancshares Inc TX

Texas Capital Bancshares Inc TX decreased its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 2.3% in the 2nd quarter, Holdings Channel reports. The firm owned 6,245 shares of the semiconductor company’s stock after selling 145 shares during the quarter. Texas Capital Bancshares Inc TX’s holdings in Microchip Technology were worth $571,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently modified their holdings of MCHP. Rise Advisors LLC acquired a new position in Microchip Technology during the 1st quarter valued at approximately $28,000. Pineridge Advisors LLC acquired a new stake in Microchip Technology in the fourth quarter worth about $33,000. Steph & Co. boosted its holdings in shares of Microchip Technology by 57.4% in the first quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock valued at $37,000 after acquiring an additional 151 shares in the last quarter. Pathway Financial Advisers LLC bought a new position in Microchip Technology during the 1st quarter valued at $39,000. Finally, Richardson Capital Management LLC bought a new position in Microchip Technology during the first quarter valued at about $45,000. 91.51% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

MCHP has been the subject of a number of research reports. Susquehanna reduced their target price on shares of Microchip Technology from $115.00 to $105.00 and set a “positive” rating for the company in a report on Friday, August 2nd. 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 report on Friday, August 2nd. Rosenblatt Securities reiterated a “buy” rating and issued a $100.00 target price on shares of Microchip Technology in a research report on Wednesday, July 31st. B. Riley reduced their price target on Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Finally, Piper Sandler raised shares of Microchip Technology from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $90.00 to $100.00 in a research note on Friday, August 16th. One research analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $99.47.

Insider Transactions at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,154 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $81.50, for a total transaction of $175,551.00. Following the completion of the sale, 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 Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.07% of the company’s stock.

Microchip Technology Trading Up 0.3 %

Microchip Technology stock opened at $80.59 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 $43.24 billion, a price-to-earnings ratio of 23.22 and a beta of 1.53. The business has a 50 day moving average price of $79.97 and a two-hundred day moving average price of $87.42. 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 quarterly earnings results on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.01. The firm had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. The company’s revenue for the quarter was down 45.8% compared to the same quarter last year. During the same quarter last year, the company earned $1.56 earnings per share. As a group, equities analysts forecast that Microchip Technology Incorporated will post 1.74 EPS for the current year.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd were paid a dividend of $0.454 per share. This represents a $1.82 annualized dividend and a yield of 2.25%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date was Thursday, August 22nd. Microchip Technology’s dividend payout ratio is currently 52.45%.

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.