Austin Private Wealth LLC Takes Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Austin Private Wealth LLC bought a new position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) in the 2nd quarter, Holdings Channel reports. The fund bought 4,732 shares of the semiconductor company’s stock, valued at approximately $433,000.

Several other large investors have also added to or reduced their stakes in the business. Norges Bank bought a new position in shares of Microchip Technology in the fourth quarter valued at approximately $672,196,000. Clearbridge Investments LLC raised its stake in shares of Microchip Technology by 18,944.8% in the first quarter. Clearbridge Investments LLC now owns 1,973,045 shares of the semiconductor company’s stock valued at $177,002,000 after buying an additional 1,962,685 shares during the period. Vanguard Group Inc. raised its stake in shares of Microchip Technology by 2.9% in the first quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company’s stock valued at $6,152,646,000 after buying an additional 1,921,497 shares during the period. Truist Financial Corp raised its stake in shares of Microchip Technology by 324.0% in the fourth quarter. Truist Financial Corp now owns 1,815,013 shares of the semiconductor company’s stock valued at $163,678,000 after buying an additional 1,386,924 shares during the period. Finally, Canada Pension Plan Investment Board raised its stake in shares of Microchip Technology by 425.3% in the first quarter. Canada Pension Plan Investment Board now owns 1,377,099 shares of the semiconductor company’s stock valued at $123,540,000 after buying an additional 1,114,962 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

Insiders Place Their Bets

In other news, Director Matthew W. Chapman sold 2,748 shares of the firm’s stock in a transaction 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 transaction, the director now directly owns 35,682 shares in the company, valued at approximately $3,349,826.16. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CFO James Eric Bjornholt sold 3,188 shares of Microchip Technology stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $99.98, for a total transaction of $318,736.24. Following the transaction, the chief financial officer now directly owns 33,257 shares in the company, valued at $3,325,034.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Matthew W. Chapman sold 2,748 shares of Microchip Technology stock in a transaction on Monday, June 10th. The shares were sold at an average price of $93.88, for a total value of $257,982.24. Following the transaction, the director now owns 35,682 shares in the company, valued at $3,349,826.16. The disclosure for this sale can be found here. In the last quarter, insiders sold 13,993 shares of company stock valued at $1,343,057. Corporate insiders own 2.07% of the company’s stock.

Analysts Set New Price Targets

MCHP has been the topic of several research reports. Rosenblatt Securities restated a “buy” rating and issued a $100.00 target price on shares of Microchip Technology in a research note on Wednesday, July 31st. TD Cowen reduced their price target on Microchip Technology from $90.00 to $80.00 and set a “hold” rating for the company in a research report on Friday, August 2nd. Needham & Company LLC reduced their price target on Microchip Technology from $100.00 to $96.00 and set a “buy” rating for the company in a research report on Monday, August 5th. Piper Sandler reiterated a “neutral” rating and issued a $90.00 price target (up from $80.00) on shares of Microchip Technology in a research report on Tuesday, May 7th. Finally, Jefferies Financial Group began coverage on Microchip Technology in a research report on Monday, May 13th. They issued a “buy” rating and a $115.00 price target for the company. Six research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $99.42.

Microchip Technology Price Performance

MCHP stock traded down $1.19 during mid-day trading on Friday, hitting $76.09. 5,374,828 shares of the stock were exchanged, compared to its average volume of 6,029,353. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.20 and a quick ratio of 0.67. The business has a fifty day moving average price of $89.41 and a 200 day moving average price of $88.95. Microchip Technology Incorporated has a 12 month low of $68.75 and a 12 month high of $100.57. The stock has a market capitalization of $40.82 billion, a price-to-earnings ratio of 21.93 and a beta of 1.54.

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

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd will be paid a $0.454 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.39%. The ex-dividend date is Thursday, August 22nd. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio (DPR) is presently 52.16%.

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.