Microchip Technology Incorporated (NASDAQ:MCHP) Shares Acquired by Rovin Capital UT ADV

Rovin Capital UT ADV lifted its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 9.6% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 3,874 shares of the semiconductor company’s stock after buying an additional 339 shares during the quarter. Rovin Capital UT ADV’s holdings in Microchip Technology were worth $354,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of MCHP. Rakuten Securities Inc. purchased a new position in Microchip Technology in the fourth quarter valued at about $27,000. Rise Advisors LLC acquired a new stake in shares of Microchip Technology during the first quarter worth approximately $28,000. Pineridge Advisors LLC acquired a new stake in shares of Microchip Technology during the fourth quarter worth approximately $33,000. Steph & Co. increased its stake in shares of Microchip Technology by 57.4% in the first quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock worth $37,000 after buying an additional 151 shares during the last quarter. Finally, Pathway Financial Advisers LLC acquired a new stake in Microchip Technology in the first quarter valued at $39,000. 91.51% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

MCHP has been the subject of several research analyst reports. The Goldman Sachs Group boosted their target price on shares of Microchip Technology from $77.00 to $88.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 7th. JPMorgan Chase & Co. reduced their target price on Microchip Technology from $110.00 to $100.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Morgan Stanley downgraded Microchip Technology from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $102.00 to $100.00 in a report on Thursday, July 11th. KeyCorp upped their price target on Microchip Technology from $90.00 to $110.00 and gave the company an “overweight” rating in a research report on Tuesday, May 7th. Finally, B. Riley decreased their price objective on shares of Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Five analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Microchip Technology currently has a consensus rating of “Moderate Buy” and an average target price of $99.95.

Microchip Technology Stock Performance

MCHP traded down $0.45 during trading hours on Friday, hitting $80.85. The company’s stock had a trading volume of 4,192,121 shares, compared to its average volume of 6,040,539. The company has a current ratio of 1.20, a quick ratio of 0.67 and a debt-to-equity ratio of 0.75. 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 50-day simple moving average of $87.93 and a 200 day simple moving average of $88.62. The firm has a market capitalization of $43.38 billion, a PE ratio of 23.30 and a beta of 1.54.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.01. The company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. Microchip Technology had a return on equity of 27.82% and a net margin of 20.80%. The company’s quarterly revenue was down 45.8% compared to the same quarter last year. During the same period last year, the company earned $1.56 earnings per share. As a group, sell-side analysts expect that Microchip Technology Incorporated will post 2.35 EPS for the current year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Thursday, August 22nd will be paid a dividend of $0.454 per share. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date of this dividend is Thursday, August 22nd. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio (DPR) is currently 52.16%.

Insiders Place Their Bets

In other news, Director Matthew W. Chapman sold 2,748 shares of Microchip Technology stock in a transaction on Monday, June 10th. The stock was sold at an average price of $93.88, for a total transaction of $257,982.24. Following the transaction, the director now directly owns 35,682 shares in the company, valued at approximately $3,349,826.16. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CFO James Eric Bjornholt sold 3,188 shares of the firm’s stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $99.98, for a total transaction of $318,736.24. Following the completion of the sale, the chief financial officer now directly owns 33,257 shares in the company, valued at $3,325,034.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Matthew W. Chapman sold 2,748 shares of Microchip Technology stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $93.88, for a total transaction of $257,982.24. Following the completion of the transaction, the director now owns 35,682 shares in the company, valued at approximately $3,349,826.16. The disclosure for this sale can be found here. Insiders sold 6,163 shares of company stock worth $598,737 over the last ninety days. Company insiders own 2.07% of the company’s stock.

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.