Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Inspire Investing LLC

Inspire Investing LLC lessened its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 14.9% in the 2nd quarter, Holdings Channel.com reports. The firm owned 54,905 shares of the semiconductor company’s stock after selling 9,586 shares during the quarter. Microchip Technology comprises about 0.6% of Inspire Investing LLC’s holdings, making the stock its 28th biggest position. Inspire Investing LLC’s holdings in Microchip Technology were worth $5,024,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Seven Eight Capital LP acquired a new position in shares of Microchip Technology during the 2nd quarter worth approximately $424,000. Elo Mutual Pension Insurance Co lifted its holdings in Microchip Technology by 0.5% during the second quarter. Elo Mutual Pension Insurance Co now owns 49,685 shares of the semiconductor company’s stock valued at $4,546,000 after purchasing an additional 249 shares in the last quarter. O Brien Greene & Co. Inc purchased a new position in Microchip Technology during the second quarter valued at $257,000. Vanguard Personalized Indexing Management LLC grew its position in shares of Microchip Technology by 15.2% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 60,267 shares of the semiconductor company’s stock valued at $5,509,000 after purchasing an additional 7,971 shares during the period. Finally, Meiji Yasuda Asset Management Co Ltd. raised its position in shares of Microchip Technology by 27.3% during the 2nd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 86,979 shares of the semiconductor company’s stock worth $7,959,000 after purchasing an additional 18,644 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Trading Down 0.8 %

NASDAQ MCHP opened at $76.36 on Thursday. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.94 and a quick ratio of 1.08. The stock has a market capitalization of $40.97 billion, a P/E ratio of 22.01 and a beta of 1.53. The firm’s 50-day moving average is $81.73 and its two-hundred day moving average is $87.86. Microchip Technology Incorporated has a 12 month low of $68.75 and a 12 month high of $100.57.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, topping the consensus estimate of $0.52 by $0.01. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. 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 prior year, the business posted $1.56 EPS. The business’s revenue for the quarter was down 45.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Microchip Technology Incorporated will post 1.74 earnings per share for the current year.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd were paid a $0.454 dividend. The ex-dividend date was Thursday, August 22nd. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.38%. Microchip Technology’s payout ratio is presently 52.16%.

Insider Activity at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,154 shares of the firm’s stock in a transaction dated 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 directly owns 33,257 shares in the company, valued at approximately $2,710,445.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 2.07% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on MCHP. Needham & Company LLC lowered their price objective on Microchip Technology from $100.00 to $96.00 and set a “buy” rating on the stock in a report on Monday, August 5th. B. Riley decreased their price objective on Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Piper Sandler raised shares of Microchip Technology from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $90.00 to $100.00 in a research note on Friday, August 16th. Mizuho upgraded shares of Microchip Technology from a “neutral” rating to a “buy” rating and increased their target price for the company from $85.00 to $115.00 in a research report on Friday, May 24th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Five analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat, Microchip Technology currently has a consensus rating of “Moderate Buy” and an average price target of $99.95.

Microchip Technology 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.