Ieq Capital LLC increased its position in Microchip Technology Incorporated (NASDAQ: MCHP – Get Rating ) by 82.3% during the third quarter, Ieq Capital LLC said in a recent SEC filing. The company owns 20,527 shares of the semiconductor company after purchasing an additional 9,264 shares during the quarter. As of its most recent SEC filing, Ieq Capital LLC’s holding in Microchip Technology was valued at $1,253,000.
A number of other institutional investors and hedge funds have also recently changed their positions in the company. Householder Group Estate & Retirement Specialist LLC purchased a new Microchip Technology position in the third quarter for approximately $25,000. MV Capital Management Inc. increased its position in Microchip Technology by 157.1% in the third quarter. MV Capital Management Inc. now owns 432 shares of the semiconductor company worth $26,000 after buying an additional 264 shares last quarter. Glassman Wealth Services increased its position in Microchip Technology by 54.5% in the second quarter. Glassman Wealth Services now owns 516 shares of the semiconductor company worth $30,000 after buying an additional 182 shares last quarter. CX Institutional purchased a new position in Microchip Technology in the second quarter, valued at approximately $32,000. Finally, Covestor Ltd increased its position in Microchip Technology by 48.2% during the first quarter. Covestor Ltd now owns 569 shares of the semiconductor company worth $43,000 after buying an additional 185 shares last quarter. Hedge funds and other institutional investors own 89.85% of the company.
Analyst Promotions and Demotions
A number of research firms have recently weighed in on MCHP. Goldman Sachs Group upped their price target on Microchip Technology from $67.00 to $76.00 and gave the company a “neutral” rating in a research report on Monday, November 7th. Citigroup raised their price target on Microchip Technology from $62.00 to $74.00 and gave the stock a “neutral” rating in a report on Wednesday, January 18th. StockNews.com covered Microchip Technology in a report on Wednesday, October 12th. They have a “buy” rating on the company. Mizuho cut their price target on Microchip Technology from $75.00 to $72.00 and set a “neutral” rating on the company in a report on Friday, November 4th. Finally, Piper Sandler cut their price target on Microchip Technology from $100.00 to $80.00 and set an “overweight” rating on the company in a report on Friday, November 4th. Five equity research analysts have rated the stock with a hold rating and fifteen have issued a buy rating on the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $84.10.
Insider Trading at Microchip Technology
In other news, Director Karlton D. Johnson sold 927 shares of Microchip Technology stock in a trade dated Monday, November 7. The stock has an average selling price of $64.54 and a total value of $59,828.58. Following the sale, the directors now directly own 1,369 shares of the company, worth $88,355.26. The sale was disclosed in a legal filing with the Securities and Exchange Commission, which is available on the SEC website. Insiders own 2.00% of the company.
Microchip Technology Price Performance
Nasdaq MCHP opened Wednesday at $75.72. The company has a market cap of $41.65 billion, a P/E ratio of 23.16, a P/E ratio of 0.83, and a beta of 1.59. The company’s debt-to-equity ratio is 1.03, the quick ratio is 0.65, and the current ratio is 1.05. The company’s 50-day moving average is $73.75 and its 200-day moving average is $68.41. Microchip Technology Incorporated had a 52-week low of $54.33 and a 52-week high of $80.50.
Microchip Technology (NASDAQ: MCHP – Get Rating ) last reported earnings on Thursday, November 3rd. The semiconductor company reported EPS of $1.39 for the quarter, beating the consensus estimate of $1.37 by $0.02. The company’s revenue for the quarter was $2.07 billion, compared with the consensus estimate of $2.06 billion. Microchip Technology has a return on equity of 47.90% and a net profit margin of 24.14%. Sell-side analysts expect Microchip Technology Incorporated to report earnings of $5.66 per share this year.
Microchip Technology Increases Dividend
The company also recently declared a quarterly dividend, which is paid on Tuesday, December 6th. Shareholders of record on Tuesday, November 22 received a dividend of $0.328. This represents an annualized dividend of $1.31 and a dividend yield of 1.73%. This was helped by Microchip Technology’s previous quarterly dividend of $0.30. The ex-dividend date for this dividend is Monday, November 21st. Microchip Technology’s payout ratio is 40.06%.
Microchip Technology Company Profile
Microchip Technology Incorporated develops, manufactures and markets 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 microcontrollers; the 32-bit embedded microprocessor market; and Dedicated microcontrollers for connectivity and wireless connectivity applications.
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