Microchip Technology Incorporated (NASDAQ:MCHP) Holdings Lowered by Ashton Thomas Private Wealth LLC

Ashton Thomas Private Wealth LLC lowered its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 3.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,059 shares of the semiconductor company’s stock after selling 223 shares during the quarter. Ashton Thomas Private Wealth LLC’s holdings in Microchip Technology were worth $554,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of Microchip Technology by 2.9% during the first quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company’s stock valued at $6,152,646,000 after acquiring an additional 1,921,497 shares during the period. Principal Financial Group Inc. raised its stake in Microchip Technology by 0.4% during 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 purchasing an additional 33,603 shares during the period. Boston Partners boosted its position in shares of Microchip Technology by 10.7% in the first quarter. Boston Partners now owns 7,591,471 shares of the semiconductor company’s stock worth $681,838,000 after buying an additional 736,818 shares during the period. Norges Bank purchased a new position in shares of Microchip Technology during the fourth quarter valued at $672,196,000. Finally, Van ECK Associates Corp increased its holdings in shares of 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 period. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Stock Up 3.0 %

MCHP stock opened at $77.45 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 $41.55 billion, a price-to-earnings ratio of 22.32 and a beta of 1.53. The company has a 50-day moving average of $83.39 and a two-hundred day moving average of $88.11. Microchip Technology Incorporated has a 52-week low of $68.75 and a 52-week high of $100.57.

Microchip Technology (NASDAQ:MCHP) last released 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 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 firm’s revenue was down 45.8% on a year-over-year basis. During the same quarter last year, the company earned $1.56 earnings per share. As a group, equities research analysts anticipate that Microchip Technology Incorporated will post 1.74 EPS for the current year.

Microchip Technology Increases Dividend

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

Insider Activity at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,154 shares of Microchip Technology stock in a transaction that occurred 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 transaction, the chief financial officer now owns 33,257 shares in the company, valued at $2,710,445.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.07% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research analysts recently commented on MCHP shares. B. Riley lowered their price objective on shares of Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Piper Sandler raised shares of Microchip Technology from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $90.00 to $100.00 in a research note on Friday, August 16th. Susquehanna reduced their price objective on Microchip Technology from $115.00 to $105.00 and set a “positive” rating for the company in a research report on Friday, August 2nd. Citigroup dropped their target price on Microchip Technology from $104.00 to $92.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Finally, Morgan Stanley lowered Microchip Technology from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $102.00 to $100.00 in a report on Thursday, July 11th. Five analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $99.95.

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.