IFG Advisory LLC Makes New Investment in Microchip Technology Incorporated (NASDAQ:MCHP)

IFG Advisory LLC bought a new stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 2,268 shares of the semiconductor company’s stock, valued at approximately $208,000.

Other large investors have also recently made changes to their positions in the company. Gilbert & Cook Inc. raised its position in shares of Microchip Technology by 8.5% in the fourth quarter. Gilbert & Cook Inc. now owns 5,354 shares of the semiconductor company’s stock worth $483,000 after acquiring an additional 421 shares during the period. Fisher Asset Management LLC boosted its position in Microchip Technology by 3,580.8% during the fourth quarter. Fisher Asset Management LLC now owns 2,687 shares of the semiconductor company’s stock worth $242,000 after purchasing an additional 2,614 shares in the last quarter. Natixis Advisors L.P. grew its holdings in Microchip Technology by 11.3% in the fourth quarter. Natixis Advisors L.P. now owns 238,801 shares of the semiconductor company’s stock valued at $21,535,000 after purchasing an additional 24,200 shares during the period. Benjamin F. Edwards & Company Inc. grew its holdings in Microchip Technology by 9.9% in the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 11,391 shares of the semiconductor company’s stock valued at $1,027,000 after purchasing an additional 1,030 shares during the period. Finally, Merit Financial Group LLC increased its position in shares of Microchip Technology by 12.2% in the fourth quarter. Merit Financial Group LLC now owns 7,960 shares of the semiconductor company’s stock valued at $718,000 after buying an additional 864 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Matthew W. Chapman sold 2,748 shares of the firm’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $93.88, for a total transaction of $257,982.24. Following the completion of the sale, the director now directly owns 35,682 shares of the company’s stock, valued at approximately $3,349,826.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Microchip Technology news, Director Matthew W. Chapman sold 2,748 shares of the stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $93.88, for a total transaction of $257,982.24. Following the completion of the transaction, the director now owns 35,682 shares of the company’s stock, valued at $3,349,826.16. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO James Eric Bjornholt sold 2,154 shares of the business’s stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 33,257 shares in the company, valued at $2,710,445.50. The disclosure for this sale can be found here. Corporate insiders own 2.07% of the company’s stock.

Microchip Technology Price Performance

Microchip Technology stock opened at $82.16 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 company has a 50-day moving average price of $85.50 and a 200 day moving average price of $88.47. 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 $44.08 billion, a P/E ratio of 23.68 and a beta of 1.54.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly 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 business 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 business’s revenue for the quarter was down 45.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.56 EPS. Sell-side analysts anticipate that Microchip Technology Incorporated will post 1.74 earnings per share for the current year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd will be given a $0.454 dividend. The ex-dividend date is Thursday, August 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 2.21%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s payout ratio is currently 52.16%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on MCHP. The Goldman Sachs Group increased their target price on Microchip Technology from $77.00 to $88.00 and gave the company a “neutral” rating in a research report on Tuesday, May 7th. Needham & Company LLC decreased their price objective 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. UBS Group boosted their target price on shares of Microchip Technology from $95.00 to $103.00 and gave the stock a “buy” rating in a research note on Tuesday, May 7th. Bank of America lowered shares of Microchip Technology from a “buy” rating to a “neutral” rating and decreased their price target for the company from $110.00 to $90.00 in a research note on Friday, August 2nd. Finally, Truist Financial lowered their price objective on Microchip Technology from $96.00 to $89.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Five analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $99.95.

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.