Microchip Technology Incorporated (NASDAQ:MCHP) Position Raised by Eagle Bay Advisors LLC

Eagle Bay Advisors LLC lifted its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 21.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,668 shares of the semiconductor company’s stock after acquiring an additional 296 shares during the quarter. Eagle Bay Advisors LLC’s holdings in Microchip Technology were worth $134,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in MCHP. Pathway Financial Advisers LLC bought a new position in shares of Microchip Technology during the 1st quarter valued at $39,000. Richardson Capital Management LLC acquired a new stake in Microchip Technology during the first quarter valued at approximately $45,000. Versant Capital Management Inc lifted its holdings in Microchip Technology by 148.8% during the 2nd 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 last quarter. CarsonAllaria Wealth Management Ltd. acquired a new stake in shares of Microchip Technology in the first quarter valued at $54,000. Finally, TruNorth Capital Management LLC acquired a new position in Microchip Technology during the 2nd quarter worth $55,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Insider Activity at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,154 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total transaction of $175,551.00. Following the transaction, the chief financial officer now owns 33,257 shares of the company’s stock, valued at approximately $2,710,445.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.07% of the stock is currently owned by insiders.

Microchip Technology Stock Up 0.4 %

Shares of Microchip Technology stock traded up $0.27 during trading on Wednesday, reaching $75.70. The company had a trading volume of 1,197,371 shares, compared to its average volume of 5,938,867. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.08 and a current ratio of 1.94. The firm’s fifty day moving average is $78.19 and its 200-day moving average is $85.98. Microchip Technology Incorporated has a fifty-two week low of $68.75 and a fifty-two week high of $100.57. The company has a market cap of $40.61 billion, a price-to-earnings ratio of 21.91 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.01. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. The business had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.24 billion. During the same period in the previous year, the business earned $1.56 earnings per share. The company’s revenue was down 45.8% on a year-over-year basis. On average, analysts anticipate that Microchip Technology Incorporated will post 1.73 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Thursday, August 22nd were paid a $0.454 dividend. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a yield of 2.40%. The ex-dividend date was Thursday, August 22nd. Microchip Technology’s dividend payout ratio is currently 52.16%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on MCHP shares. TD Cowen dropped their price objective on Microchip Technology from $90.00 to $80.00 and set a “hold” rating on the stock in a research note on Friday, August 2nd. Citigroup dropped their price target on Microchip Technology from $104.00 to $92.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Rosenblatt Securities reaffirmed a “buy” rating and issued a $100.00 target price on shares of Microchip Technology in a report on Wednesday, July 31st. B. Riley reduced 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 note on Friday, August 2nd. Finally, Bank of America downgraded shares of Microchip Technology from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $110.00 to $90.00 in a research report on Friday, August 2nd. Six analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $97.89.

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.