Burney Co. Cuts Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Burney Co. cut its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 63.9% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 24,406 shares of the semiconductor company’s stock after selling 43,271 shares during the period. Burney Co.’s holdings in Microchip Technology were worth $2,233,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Rise Advisors LLC purchased a new stake in Microchip Technology during the first quarter valued at about $28,000. Pineridge Advisors LLC purchased a new stake in Microchip Technology in the fourth quarter worth approximately $33,000. Steph & Co. boosted its holdings in Microchip Technology by 57.4% in the first quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock worth $37,000 after purchasing an additional 151 shares during the last quarter. Pathway Financial Advisers LLC purchased a new stake in Microchip Technology in the first quarter worth approximately $39,000. Finally, Richardson Capital Management LLC purchased a new stake in Microchip Technology in the first quarter worth approximately $45,000. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,154 shares of the business’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $81.50, for a total value of $175,551.00. Following the sale, the chief financial officer now directly owns 33,257 shares in the company, valued at approximately $2,710,445.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CFO James Eric Bjornholt sold 2,154 shares of Microchip Technology stock in a transaction dated 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 transaction, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at approximately $2,710,445.50. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Matthew W. Chapman sold 2,748 shares of Microchip Technology stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $93.88, for a total transaction of $257,982.24. Following the transaction, the director now directly owns 35,682 shares of the company’s stock, valued at $3,349,826.16. The disclosure for this sale can be found here. Insiders have sold a total of 5,129 shares of company stock worth $455,552 in the last three months. Insiders own 2.07% of the company’s stock.

Microchip Technology Price Performance

NASDAQ MCHP traded up $2.54 on Thursday, reaching $81.94. The company had a trading volume of 2,251,259 shares, compared to its average volume of 5,982,403. The company has a quick ratio of 0.67, a current ratio of 1.20 and a debt-to-equity ratio of 0.75. The stock has a market capitalization of $43.96 billion, a PE ratio of 22.88 and a beta of 1.54. The firm’s 50 day moving average price is $85.98 and its 200 day moving average price is $88.43. Microchip Technology Incorporated has a 12 month low of $68.75 and a 12 month high of $100.57.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.01. Microchip Technology had a net margin of 20.80% and a return on equity of 27.82%. The company had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same period in the previous year, the firm posted $1.56 EPS. Microchip Technology’s revenue for the quarter was down 45.8% compared to the same quarter last year. As a group, equities analysts predict that Microchip Technology Incorporated will post 2.35 earnings per share for the current year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd will be issued a $0.454 dividend. The ex-dividend date of this dividend is Thursday, August 22nd. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.22%. Microchip Technology’s payout ratio is 52.16%.

Analyst Upgrades and Downgrades

MCHP has been the topic of several analyst reports. Rosenblatt Securities reiterated a “buy” rating and set a $100.00 price target on shares of Microchip Technology in a research note on Wednesday, July 31st. Piper Sandler upgraded shares of Microchip Technology from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $90.00 to $100.00 in a research note on Friday, August 16th. Susquehanna dropped their price target on shares of Microchip Technology from $115.00 to $105.00 and set a “positive” rating on the stock in a research note on Friday, August 2nd. KeyCorp lifted their price target on shares of Microchip Technology from $90.00 to $110.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 7th. Finally, TD Cowen dropped their price target on shares of Microchip Technology from $90.00 to $80.00 and set a “hold” rating on the stock in a research note on Friday, August 2nd. Five research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat.com, Microchip Technology currently has a consensus rating of “Moderate Buy” and an average price target of $99.95.

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.