United Asset Strategies Inc. Buys 789 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

United Asset Strategies Inc. increased its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 9.7% during the fourth quarter, Holdings Channel reports. The firm owned 8,965 shares of the semiconductor company’s stock after acquiring an additional 789 shares during the period. United Asset Strategies Inc.’s holdings in Microchip Technology were worth $809,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of MCHP. OFI Invest Asset Management bought a new position in Microchip Technology in the third quarter valued at about $26,000. BKM Wealth Management LLC acquired a new stake in shares of Microchip Technology in the 4th quarter valued at approximately $27,000. Fortitude Family Office LLC bought a new stake in shares of Microchip Technology during the 4th quarter valued at approximately $29,000. Almanack Investment Partners LLC. acquired a new position in Microchip Technology during the 3rd quarter worth approximately $29,000. Finally, Live Oak Investment Partners bought a new position in Microchip Technology in the 4th quarter valued at approximately $30,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Microchip Technology news, CFO James Eric Bjornholt sold 1,970 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total transaction of $165,283.00. Following the completion of the sale, the chief financial officer now directly owns 32,893 shares of the company’s stock, valued at approximately $2,759,722.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Microchip Technology news, CFO James Eric Bjornholt sold 1,970 shares of Microchip Technology stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $83.90, for a total transaction of $165,283.00. Following the transaction, the chief financial officer now directly owns 32,893 shares of the company’s stock, valued at approximately $2,759,722.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Karlton D. Johnson sold 370 shares of the stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $84.00, for a total transaction of $31,080.00. Following the completion of the sale, the director now owns 1,789 shares of the company’s stock, valued at approximately $150,276. The disclosure for this sale can be found here. Corporate insiders own 2.07% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. StockNews.com downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating in a report on Friday, December 29th. Stifel Nicolaus reiterated a “buy” rating and issued a $94.00 target price on shares of Microchip Technology in a research report on Thursday, March 14th. Wolfe Research upgraded Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 price target on the stock in a report on Thursday, January 18th. The Goldman Sachs Group dropped their price objective on shares of Microchip Technology from $87.00 to $77.00 and set a “neutral” rating for the company in a report on Friday, February 2nd. Finally, Evercore ISI started coverage on shares of Microchip Technology in a report on Tuesday. They set an “outperform” rating and a $106.00 target price on the stock. Six equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $92.25.

Microchip Technology Trading Up 0.3 %

NASDAQ MCHP opened at $85.93 on Wednesday. Microchip Technology Incorporated has a one year low of $68.75 and a one year high of $94.30. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.98 and a quick ratio of 0.58. The business has a 50 day simple moving average of $86.55 and a 200 day simple moving average of $84.24. The stock has a market capitalization of $46.44 billion, a P/E ratio of 20.08, a P/E/G ratio of 2.62 and a beta of 1.65.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share for the quarter, beating the consensus estimate of $1.04 by $0.04. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. The firm had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.77 billion. During the same period in the previous year, the firm posted $1.48 earnings per share. The business’s revenue was down 18.6% compared to the same quarter last year. Research analysts expect that Microchip Technology Incorporated will post 4.64 earnings per share for the current year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 23rd were paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.09%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.44. The ex-dividend date was Thursday, February 22nd. Microchip Technology’s dividend payout ratio (DPR) is 42.06%.

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 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.