Ieq Capital LLC increased its position in Microchip Technology Incorporated (NASDAQ:MCHP – Get Rating) by 82.3% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 20,527 shares of the semiconductor company’s stock after purchasing an additional 9,264 shares during the quarter. Ieq Capital LLC’s holdings in Microchip Technology were worth $1,253,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Householder Group Estate & Retirement Specialist LLC bought a new position in Microchip Technology during the 3rd quarter valued at approximately $25,000. MV Capital Management Inc. increased its position in Microchip Technology by 157.1% during the 3rd quarter. MV Capital Management Inc. now owns 432 shares of the semiconductor company’s stock valued at $26,000 after buying an additional 264 shares in the last quarter. Glassman Wealth Services increased its position in Microchip Technology by 54.5% during the 2nd quarter. Glassman Wealth Services now owns 516 shares of the semiconductor company’s stock valued at $30,000 after buying an additional 182 shares in the last quarter. CX Institutional bought a new position in Microchip Technology during the 2nd quarter valued at approximately $32,000. Finally, Covestor Ltd increased its position in Microchip Technology by 48.2% during the 1st quarter. Covestor Ltd now owns 569 shares of the semiconductor company’s stock valued at $43,000 after buying an additional 185 shares in the last quarter. Hedge funds and other institutional investors own 89.85% of the company’s stock.
Analyst Upgrades and Downgrades
A number of research firms recently weighed in on MCHP. The Goldman Sachs Group raised their price objective on Microchip Technology from $67.00 to $76.00 and gave the company a “neutral” rating in a research report on Monday, November 7th. Citigroup lifted their target price on Microchip Technology from $62.00 to $74.00 and gave the stock a “neutral” rating in a report on Wednesday, January 18th. StockNews.com assumed coverage on Microchip Technology in a report on Wednesday, October 12th. They issued a “buy” rating for the company. Mizuho reduced their target price on Microchip Technology from $75.00 to $72.00 and set a “neutral” rating for the company in a report on Friday, November 4th. Finally, Piper Sandler reduced their target price on Microchip Technology from $100.00 to $80.00 and set an “overweight” rating for the company in a report on Friday, November 4th. Five equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $84.10.
Insider Transactions at Microchip Technology
In other news, Director Karlton D. Johnson sold 927 shares of Microchip Technology stock in a transaction dated Monday, November 7th. The stock was sold at an average price of $64.54, for a total value of $59,828.58. Following the sale, the director now directly owns 1,369 shares of the company’s stock, valued at $88,355.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.00% of the company’s stock.
Microchip Technology Price Performance
NASDAQ MCHP opened at $75.72 on Wednesday. The company has a market capitalization of $41.65 billion, a PE ratio of 23.16, a price-to-earnings-growth ratio of 0.83 and a beta of 1.59. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.65 and a current ratio of 1.05. The business’s fifty day moving average is $73.75 and its 200 day moving average is $68.41. Microchip Technology Incorporated has a fifty-two week low of $54.33 and a fifty-two week high of $80.50.
Microchip Technology (NASDAQ:MCHP – Get Rating) last released its earnings results on Thursday, November 3rd. The semiconductor company reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.37 by $0.02. The company had revenue of $2.07 billion for the quarter, compared to the consensus estimate of $2.06 billion. Microchip Technology had a return on equity of 47.90% and a net margin of 24.14%. Sell-side analysts predict that Microchip Technology Incorporated will post 5.66 earnings per share for the current year.
Microchip Technology Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Tuesday, December 6th. Stockholders of record on Tuesday, November 22nd were issued a $0.328 dividend. This represents a $1.31 annualized dividend and a dividend yield of 1.73%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Monday, November 21st. Microchip Technology’s payout ratio is 40.06%.
Microchip Technology Company Profile
Microchip Technology Incorporated develops, manufactures, and sells 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 microcontrollers; 32-bit Embedded Microprocessor Markets; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.
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