Peterson Financial Group Inc. Buys Shares of 420 Microchip Technology Incorporated (NASDAQ:MCHP)

Peterson Financial Group Inc. purchased a new stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) in the third quarter, HoldingsChannel reports. The firm purchased 420 shares of the semiconductor company’s stock, valued at approximately $34,000.

A number of other institutional investors have also made changes to their positions in MCHP. Natixis Advisors LLC boosted its position in shares of Microchip Technology by 35.8% during the 3rd quarter. Natixis Advisors LLC now owns 488,263 shares of the semiconductor company’s stock worth $39,203,000 after purchasing an additional 128,809 shares during the period. Empowered Funds LLC lifted its stake in Microchip Technology by 25.7% during the third quarter. Empowered Funds LLC now owns 96,163 shares of the semiconductor company’s stock worth $7,721,000 after purchasing an additional 19,663 shares in the last quarter. Empirical Finance LLC boosted its position in shares of Microchip Technology by 2.1% during the third quarter. Empirical Finance LLC now owns 18,650 shares of the semiconductor company’s stock worth $1,497,000 after buying an additional 384 shares during the period. CIBC Asset Management Inc grew its stake in shares of Microchip Technology by 63.7% in the third quarter. CIBC Asset Management Inc now owns 260,683 shares of the semiconductor company’s stock valued at $20,930,000 after buying an additional 101,453 shares in the last quarter. Finally, OneDigital Investment Advisors LLC raised its holdings in shares of Microchip Technology by 6.7% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 4,458 shares of the semiconductor company’s stock valued at $358,000 after buying an additional 280 shares during the period. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CFO James Eric Bjornholt sold 2,154 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $81.50, for a total value of $175,551.00. Following the completion of the sale, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at approximately $2,710,445.50. This represents a 6.08 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 2.10% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Piper Sandler lowered their target price on Microchip Technology from $100.00 to $85.00 and set an “overweight” rating for the company in a report on Wednesday, November 6th. Truist Financial cut shares of Microchip Technology from a “buy” rating to a “hold” rating and reduced their price target for the stock from $89.00 to $80.00 in a research report on Monday, September 23rd. Susquehanna dropped their price objective on shares of Microchip Technology from $95.00 to $90.00 and set a “positive” rating for the company in a report on Wednesday, November 6th. B. Riley reduced their target price on shares of Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Finally, Bank of America cut shares of Microchip Technology from a “buy” rating to a “neutral” rating and decreased their price target for the company from $110.00 to $90.00 in a research report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $92.00.

Microchip Technology Trading Down 4.2 %

MCHP opened at $62.86 on Friday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88. Microchip Technology Incorporated has a one year low of $62.63 and a one year high of $100.57. The company has a market cap of $33.76 billion, a P/E ratio of 43.96 and a beta of 1.53. The business’s 50-day simple moving average is $75.65 and its 200-day simple moving average is $84.06.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.43 by $0.03. The company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The firm’s revenue was down 48.4% on a year-over-year basis. During the same period in the prior year, the firm posted $1.54 earnings per share. As a group, equities research analysts expect that Microchip Technology Incorporated will post 1.38 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be paid a $0.455 dividend. This represents a $1.82 annualized dividend and a yield of 2.90%. The ex-dividend date of this dividend is Friday, November 22nd. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio is currently 127.27%.

Microchip Technology 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.