Microchip Technology Incorporated (NASDAQ:MCHP) Shares Bought by Procyon Advisors LLC

Procyon Advisors LLC raised its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 4.6% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 14,557 shares of the semiconductor company’s stock after acquiring an additional 635 shares during the period. Procyon Advisors LLC’s holdings in Microchip Technology were worth $1,313,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Norges Bank acquired a new stake in shares of Microchip Technology during the 4th quarter worth $412,120,000. Mizuho Markets Americas LLC purchased a new stake in shares of Microchip Technology during the 3rd quarter valued at about $225,800,000. Prudential Financial Inc. lifted its position in Microchip Technology by 98.5% during the 1st quarter. Prudential Financial Inc. now owns 2,056,405 shares of the semiconductor company’s stock worth $154,518,000 after acquiring an additional 1,020,624 shares in the last quarter. Qube Research & Technologies Ltd boosted its holdings in Microchip Technology by 122.1% in the 3rd quarter. Qube Research & Technologies Ltd now owns 1,529,186 shares of the semiconductor company’s stock worth $119,353,000 after acquiring an additional 840,526 shares during the period. Finally, Virginia Retirement Systems ET AL acquired a new stake in Microchip Technology in the second quarter valued at approximately $69,092,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Microchip Technology Stock Up 0.2 %

MCHP stock traded up $0.14 during mid-day trading on Thursday, reaching $89.33. The company had a trading volume of 363,607 shares, compared to its average volume of 5,734,537. 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 stock has a 50 day simple moving average of $86.19 and a two-hundred day simple moving average of $83.13. The company has a market capitalization of $48.27 billion, a price-to-earnings ratio of 20.84, a PEG ratio of 1.54 and a beta of 1.65. Microchip Technology Incorporated has a 52 week low of $68.75 and a 52 week high of $94.30.

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

Microchip Technology Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 23rd were issued a dividend of $0.45 per share. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.02%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.44. Microchip Technology’s payout ratio is 42.06%.

Insider Transactions at Microchip Technology

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

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Piper Sandler cut shares of Microchip Technology from an “overweight” rating to a “neutral” rating and set a $80.00 price target on the stock. in a report on Thursday, January 4th. The Goldman Sachs Group decreased 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. UBS Group cut their target price on shares of Microchip Technology from $105.00 to $95.00 and set a “buy” rating on the stock in a report on Friday, February 2nd. TD Cowen boosted their price objective on Microchip Technology from $75.00 to $80.00 and gave the company a “market perform” rating in a research report on Friday, February 2nd. Finally, Rosenblatt Securities restated a “buy” rating and set a $100.00 price target on shares of Microchip Technology in a research report on Tuesday, January 30th. Six equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $91.33.

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.