Microchip Technology Incorporated (NASDAQ:MCHP) Shares Purchased by Hennion & Walsh Asset Management Inc.

Hennion & Walsh Asset Management Inc. raised its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 2.0% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 49,280 shares of the semiconductor company’s stock after buying an additional 972 shares during the quarter. Hennion & Walsh Asset Management Inc.’s holdings in Microchip Technology were worth $3,957,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Swedbank AB purchased a new position in Microchip Technology in the 1st quarter worth approximately $1,079,000. SageView Advisory Group LLC grew its holdings 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 valued at $1,553,000 after buying an additional 14,458 shares in the last quarter. Hennessy Advisors Inc. increased its stake in shares of 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 acquiring an additional 31,996 shares during the last quarter. Janney Montgomery Scott LLC raised its holdings in shares of Microchip Technology by 6.3% during the 1st quarter. Janney Montgomery Scott LLC now owns 225,633 shares of the semiconductor company’s stock worth $20,242,000 after acquiring an additional 13,304 shares during the period. Finally, Zurich Insurance Group Ltd FI purchased a new stake in shares of Microchip Technology in the second quarter valued at about $42,538,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of Microchip Technology stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total value of $175,551.00. Following the transaction, the chief financial officer now directly owns 33,257 shares in the company, valued at approximately $2,710,445.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 2.07% of the company’s stock.

Microchip Technology Trading Up 0.8 %

MCHP opened at $75.86 on Friday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.08 and a current ratio of 1.94. Microchip Technology Incorporated has a one year low of $68.75 and a one year high of $100.57. The company has a market cap of $40.70 billion, a P/E ratio of 21.86 and a beta of 1.52. The business’s 50-day simple moving average is $78.13 and its 200-day simple moving average is $85.90.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.01. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. The company had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.24 billion. During the same quarter last year, the company earned $1.56 earnings per share. The firm’s revenue for the quarter was down 45.8% on a year-over-year basis. As a group, equities research analysts expect that Microchip Technology Incorporated will post 1.73 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd were paid a $0.454 dividend. The ex-dividend date was Thursday, August 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 2.39%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s payout ratio is currently 52.16%.

Analyst Ratings Changes

Several analysts have recently weighed in on MCHP shares. Piper Sandler raised shares of Microchip Technology from a “neutral” rating to an “overweight” rating and increased their price target for the company from $90.00 to $100.00 in a research note on Friday, August 16th. Susquehanna cut their target price on Microchip Technology from $105.00 to $95.00 and set a “positive” rating for the company in a research note on Monday. B. Riley lowered their price target on Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Rosenblatt Securities reiterated a “buy” rating and set a $100.00 price target on shares of Microchip Technology in a research report on Wednesday, July 31st. Finally, Mizuho set a $95.00 price objective on Microchip Technology in a research note on Friday, October 18th. Six investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Microchip Technology presently has an average rating of “Moderate Buy” and an average price target of $97.89.

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.