Parcion Private Wealth LLC Acquires 1,243 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Parcion Private Wealth LLC lifted its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 1.5% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 85,630 shares of the semiconductor company’s stock after purchasing an additional 1,243 shares during the period. Microchip Technology accounts for approximately 0.7% of Parcion Private Wealth LLC’s holdings, making the stock its 27th largest position. Parcion Private Wealth LLC’s holdings in Microchip Technology were worth $7,835,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Swedbank AB purchased a new position in Microchip Technology during the first quarter valued at approximately $1,079,000. Caxton Associates LP boosted its holdings in Microchip Technology by 4,511.5% in the 4th quarter. Caxton Associates LP now owns 400,000 shares of the semiconductor company’s stock worth $36,072,000 after buying an additional 391,326 shares during the period. SageView Advisory Group LLC increased its stake in Microchip Technology by 507.5% in the 1st quarter. SageView Advisory Group LLC now owns 17,307 shares of the semiconductor company’s stock worth $1,553,000 after buying an additional 14,458 shares in the last quarter. RFG Advisory LLC lifted its position in shares of Microchip Technology by 228.4% in the first quarter. RFG Advisory LLC now owns 12,841 shares of the semiconductor company’s stock valued at $1,152,000 after acquiring an additional 8,931 shares in the last quarter. Finally, Hennessy Advisors Inc. boosted its stake in shares of Microchip Technology by 2,194.5% in the first quarter. Hennessy Advisors Inc. now owns 33,454 shares of the semiconductor company’s stock worth $3,001,000 after acquiring an additional 31,996 shares during the period. 91.51% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CFO James Eric Bjornholt sold 2,154 shares of the business’s stock in a transaction 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 completion of the sale, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at $2,710,445.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO James Eric Bjornholt sold 2,154 shares of Microchip Technology 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 completion of the sale, the chief financial officer now owns 33,257 shares of the company’s stock, valued at $2,710,445.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Matthew W. Chapman sold 2,748 shares of the stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $93.88, for a total value of $257,982.24. Following the completion of the transaction, the director now directly owns 35,682 shares in the company, valued at approximately $3,349,826.16. The disclosure for this sale can be found here. Insiders own 2.07% of the company’s stock.

Analyst Ratings Changes

MCHP has been the topic of a number of research analyst reports. Citigroup lowered their price target on Microchip Technology from $104.00 to $92.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Truist Financial dropped their target price on shares of Microchip Technology from $96.00 to $89.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Mizuho upgraded shares of Microchip Technology from a “neutral” rating to a “buy” rating and lifted their price target for the company from $85.00 to $115.00 in a report on Friday, May 24th. Piper Sandler upgraded shares of Microchip Technology from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $90.00 to $100.00 in a research note on Friday, August 16th. Finally, JPMorgan Chase & Co. cut their price objective on Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Five investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $99.95.

Microchip Technology Trading Down 3.5 %

MCHP stock traded down $2.66 during mid-day trading on Friday, reaching $74.09. 9,621,573 shares of the stock traded hands, compared to its average volume of 6,018,865. Microchip Technology Incorporated has a one year low of $68.75 and a one year high of $100.57. The stock has a market capitalization of $39.75 billion, a PE ratio of 21.35 and a beta of 1.53. 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 business has a 50-day moving average price of $84.38 and a two-hundred day moving average price of $88.22.

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 the consensus estimate of $0.52 by $0.01. The company had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. The firm’s revenue was down 45.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.56 EPS. Equities research analysts expect that Microchip Technology Incorporated will post 1.74 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd were given a $0.454 dividend. This represents a $1.82 annualized dividend and a yield of 2.45%. The ex-dividend date was Thursday, August 22nd. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio is 52.16%.

About Microchip Technology

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.