Microchip Technology Incorporated (NASDAQ:MCHP) Shares Purchased by Grimes & Company Inc.

Grimes & Company Inc. grew its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 16.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,554 shares of the semiconductor company’s stock after acquiring an additional 770 shares during the period. Grimes & Company Inc.’s holdings in Microchip Technology were worth $446,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Swedbank AB acquired a new stake in shares of Microchip Technology during the 1st quarter valued at approximately $1,079,000. SageView Advisory Group LLC lifted its position in shares of Microchip Technology by 507.5% during the 1st quarter. SageView Advisory Group LLC now owns 17,307 shares of the semiconductor company’s stock valued at $1,553,000 after acquiring an additional 14,458 shares during the period. Hennessy Advisors Inc. lifted its position in shares of Microchip Technology by 2,194.5% during the 1st quarter. Hennessy Advisors Inc. now owns 33,454 shares of the semiconductor company’s stock valued at $3,001,000 after acquiring an additional 31,996 shares during the period. Janney Montgomery Scott LLC lifted its position in shares of Microchip Technology by 6.3% during the 1st quarter. Janney Montgomery Scott LLC now owns 225,633 shares of the semiconductor company’s stock valued at $20,242,000 after acquiring an additional 13,304 shares during the period. Finally, Zurich Insurance Group Ltd FI acquired a new stake in shares of Microchip Technology during the 2nd quarter valued at approximately $42,538,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,154 shares of the company’s stock in a transaction 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 sale, the chief financial officer now directly owns 33,257 shares in the company, valued at $2,710,445.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 2.07% of the company’s stock.

Wall Street Analyst Weigh In

MCHP has been the subject of a number of research reports. Mizuho set a $95.00 price target on shares of Microchip Technology in a research report on Friday, October 18th. Truist Financial lowered Microchip Technology from a “buy” rating to a “hold” rating and reduced their target price for the company from $89.00 to $80.00 in a research note on Monday, September 23rd. StockNews.com raised Microchip Technology from a “sell” rating to a “hold” rating in a research note on Thursday, October 17th. Susquehanna reduced their target price on Microchip Technology from $105.00 to $95.00 and set a “positive” rating on the stock in a research note on Monday. Finally, Bank of America lowered Microchip Technology from a “buy” rating to a “neutral” rating and reduced their target price for the company from $110.00 to $90.00 in a research note on Friday, August 2nd. Six research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $97.89.

Microchip Technology Trading Up 0.8 %

MCHP stock opened at $75.86 on Friday. The company has a market cap of $40.70 billion, a price-to-earnings ratio of 21.86 and a beta of 1.52. The company has a quick ratio of 1.08, a current ratio of 1.94 and a debt-to-equity ratio of 0.96. The business has a fifty day simple moving average of $78.13 and a 200-day simple moving average of $85.90. 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 quarterly earnings data on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.01. The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. The business’s revenue for the quarter was down 45.8% on a year-over-year basis. During the same period in the prior year, the firm posted $1.56 EPS. On average, equities research analysts expect that Microchip Technology Incorporated will post 1.73 EPS 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 issued a dividend of $0.454 per share. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.39%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Thursday, August 22nd. Microchip Technology’s dividend payout ratio is presently 52.16%.

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.