Chesapeake Capital Corp IL Acquires Shares of 4,832 Microchip Technology Incorporated (NASDAQ:MCHP)

Chesapeake Capital Corp IL bought a new position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 4,832 shares of the semiconductor company’s stock, valued at approximately $442,000.

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

Analyst Ratings Changes

A number of brokerages have recently issued reports on MCHP. Rosenblatt Securities reaffirmed a “buy” rating and issued a $100.00 price target on shares of Microchip Technology in a research note on Wednesday, July 31st. Mizuho raised shares of Microchip Technology from a “neutral” rating to a “buy” rating and upped their target price for the stock from $85.00 to $115.00 in a report on Friday, May 24th. Needham & Company LLC decreased their price target on shares of Microchip Technology from $100.00 to $96.00 and set a “buy” rating on the stock in a research note on Monday, August 5th. Jefferies Financial Group began coverage on shares of Microchip Technology in a research report on Monday, May 13th. They set a “buy” rating and a $115.00 price target on the stock. Finally, Morgan Stanley downgraded shares of Microchip Technology from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $102.00 to $100.00 in a report on Thursday, July 11th. Five equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat, Microchip Technology has an average rating of “Moderate Buy” and an average price target of $99.95.

Insider Activity

In related news, CFO James Eric Bjornholt sold 2,154 shares of the stock in a transaction dated 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. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 2.07% of the company’s stock.

Microchip Technology Stock Performance

Shares of NASDAQ MCHP opened at $75.41 on Tuesday. Microchip Technology Incorporated has a 1 year low of $68.75 and a 1 year high of $100.57. 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 stock has a fifty day moving average price of $84.05 and a two-hundred day moving average price of $88.24. The firm has a market cap of $40.46 billion, a P/E ratio of 21.73 and a beta of 1.53.

Microchip Technology (NASDAQ:MCHP) last released its 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. 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 during the quarter, compared to analyst estimates of $1.24 billion. During the same period in the prior year, the business earned $1.56 earnings per share. The business’s quarterly revenue was down 45.8% on a year-over-year basis. Research analysts forecast that Microchip Technology Incorporated will post 1.74 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd were paid a dividend of $0.454 per share. 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 2.41%. The ex-dividend date was Thursday, August 22nd. Microchip Technology’s payout ratio is 52.45%.

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.