Microchip Technology Incorporated (NASDAQ:MCHP) Shares Purchased by Hennion & Walsh Asset Management Inc.

Hennion & Walsh Asset Management Inc. raised its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 2.0% during the third quarter, Holdings Channel.com reports. The firm owned 49,280 shares of the semiconductor company’s stock after purchasing an additional 972 shares during the quarter. Hennion & Walsh Asset Management Inc.’s holdings in Microchip Technology were worth $3,957,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MCHP. Pathway Financial Advisers LLC acquired a new position in Microchip Technology during the first quarter worth $39,000. Richardson Capital Management LLC purchased a new position in shares of Microchip Technology in the 1st quarter valued at about $45,000. Versant Capital Management Inc lifted its stake in shares of Microchip Technology by 148.8% in the second quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock valued at $48,000 after purchasing an additional 317 shares during the period. Wolff Wiese Magana LLC boosted its holdings in Microchip Technology by 55.2% during the third quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock worth $49,000 after buying an additional 218 shares in the last quarter. Finally, CarsonAllaria Wealth Management Ltd. acquired a new position in Microchip Technology during the first quarter worth about $54,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Trading Up 0.8 %

NASDAQ MCHP opened at $75.86 on Friday. The company has a market cap of $40.70 billion, a P/E ratio of 21.86 and a beta of 1.52. Microchip Technology Incorporated has a 12 month low of $68.75 and a 12 month high of $100.57. 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 company has a 50-day moving average of $78.13 and a 200-day moving average of $85.90.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, topping the consensus estimate of $0.52 by $0.01. The firm had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. Microchip Technology’s revenue for the quarter was down 45.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.56 earnings per share. As a group, equities analysts predict that Microchip Technology Incorporated will post 1.73 earnings per share 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 issued a $0.454 dividend. The ex-dividend date of this dividend was Thursday, August 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 2.39%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio (DPR) is presently 52.16%.

Wall Street Analysts Forecast Growth

MCHP has been the topic of a number of research reports. Susquehanna lowered their price target on Microchip Technology from $105.00 to $95.00 and set a “positive” rating on the stock in a report on Monday. Rosenblatt Securities reaffirmed a “buy” rating and set a $100.00 price target on shares of Microchip Technology in a research note on Wednesday, July 31st. Bank of America lowered shares of Microchip Technology from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $110.00 to $90.00 in a research report on Friday, August 2nd. Truist Financial cut shares of Microchip Technology from a “buy” rating to a “hold” rating and cut their target price for the stock from $89.00 to $80.00 in a research report on Monday, September 23rd. Finally, Morgan Stanley downgraded shares of 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. Six investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $97.89.

Insider Buying and Selling at Microchip Technology

In other 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 value of $175,551.00. Following the transaction, the chief financial officer now directly owns 33,257 shares in the company, valued at $2,710,445.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.07% of the stock is owned by company insiders.

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.