Clearbridge Investments LLC Raises Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Clearbridge Investments LLC raised its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 2.8% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 2,028,230 shares of the semiconductor company’s stock after acquiring an additional 55,185 shares during the period. Clearbridge Investments LLC’s holdings in Microchip Technology were worth $185,583,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. New Century Financial Group LLC purchased a new stake in Microchip Technology in the second quarter worth approximately $370,000. Cetera Investment Advisers boosted its stake in shares of Microchip Technology by 4.9% in the 2nd quarter. Cetera Investment Advisers now owns 153,220 shares of the semiconductor company’s stock worth $14,020,000 after buying an additional 7,195 shares during the last quarter. Truist Financial Corp grew its holdings in shares of Microchip Technology by 4.4% in the second quarter. Truist Financial Corp now owns 2,304,440 shares of the semiconductor company’s stock worth $210,856,000 after acquiring an additional 96,097 shares during the period. EP Wealth Advisors LLC increased its position in Microchip Technology by 1.9% during the second quarter. EP Wealth Advisors LLC now owns 14,461 shares of the semiconductor company’s stock valued at $1,323,000 after acquiring an additional 266 shares during the last quarter. Finally, NewEdge Advisors LLC lifted its holdings in Microchip Technology by 12.1% in the second quarter. NewEdge Advisors LLC now owns 25,714 shares of the semiconductor company’s stock valued at $2,353,000 after acquiring an additional 2,777 shares during the period. 91.51% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of the firm’s stock in a transaction that occurred 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 transaction, 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 is accessible through this link. 2.07% of the stock is owned by company insiders.

Microchip Technology Trading Down 3.5 %

MCHP stock opened at $77.49 on Wednesday. The company has a market capitalization of $41.57 billion, a price-to-earnings ratio of 22.33 and a beta of 1.53. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.94 and a quick ratio of 1.08. Microchip Technology Incorporated has a 1-year low of $68.75 and a 1-year high of $100.57. The business has a 50 day simple moving average of $79.31 and a two-hundred day simple moving average of $87.16.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share 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 analysts’ expectations of $1.24 billion. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. Microchip Technology’s quarterly revenue was down 45.8% on a year-over-year basis. During the same period last year, the company posted $1.56 earnings per share. Research analysts anticipate that Microchip Technology Incorporated will post 1.74 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd were issued a $0.454 dividend. This represents a $1.82 annualized dividend and a dividend yield of 2.34%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Thursday, August 22nd. Microchip Technology’s payout ratio is 52.16%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on MCHP shares. Bank of America downgraded Microchip Technology from a “buy” rating to a “neutral” rating and cut their price target for the company from $110.00 to $90.00 in a research note on Friday, August 2nd. TD Cowen cut their target price on shares of Microchip Technology from $90.00 to $80.00 and set a “hold” rating for the company in a research report on Friday, August 2nd. JPMorgan Chase & Co. decreased their price target on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. Morgan Stanley downgraded shares of Microchip Technology from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $102.00 to $100.00 in a research report on Thursday, July 11th. Finally, Needham & Company LLC decreased their target price on Microchip Technology from $100.00 to $96.00 and set a “buy” rating on the stock in a report on Monday, August 5th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $99.47.

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.