Microchip Technology Incorporated (NASDAQ:MCHP) Shares Bought by Ellsworth Advisors LLC

Ellsworth Advisors LLC grew its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 2.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 29,573 shares of the semiconductor company’s stock after acquiring an additional 571 shares during the period. Ellsworth Advisors LLC’s holdings in Microchip Technology were worth $2,374,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in MCHP. Swedbank AB purchased a new stake in Microchip Technology in the 1st quarter valued at approximately $1,079,000. SageView Advisory Group LLC grew its holdings in Microchip Technology by 507.5% during the first quarter. SageView Advisory Group LLC now owns 17,307 shares of the semiconductor company’s stock worth $1,553,000 after acquiring an additional 14,458 shares during the period. RFG Advisory LLC raised its position in Microchip Technology by 228.4% in the first quarter. RFG Advisory LLC now owns 12,841 shares of the semiconductor company’s stock worth $1,152,000 after acquiring an additional 8,931 shares in the last quarter. Hennessy Advisors Inc. raised its position in Microchip Technology by 2,194.5% in the first 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 in the last quarter. Finally, Janney Montgomery Scott LLC lifted its holdings in Microchip Technology by 6.3% in the first quarter. Janney Montgomery Scott LLC now owns 225,633 shares of the semiconductor company’s stock valued at $20,242,000 after acquiring an additional 13,304 shares during the period. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on MCHP shares. B. Riley cut their price target on shares of Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a report on Friday, August 2nd. TD Cowen dropped their target price on shares of Microchip Technology from $90.00 to $80.00 and set a “hold” rating for the company in a report on Friday, August 2nd. StockNews.com raised Microchip Technology from a “sell” rating to a “hold” rating in a research note on Thursday. Piper Sandler raised Microchip Technology from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $90.00 to $100.00 in a research note on Friday, August 16th. Finally, Citigroup decreased their target price on Microchip Technology from $104.00 to $92.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Six research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, Microchip Technology currently has a consensus rating of “Moderate Buy” and an average price target of $99.47.

Microchip Technology Price Performance

MCHP stock opened at $76.58 on Friday. The stock has a market capitalization of $41.09 billion, a price-to-earnings ratio of 22.07 and a beta of 1.52. The company has a quick ratio of 1.08, a current ratio of 1.94 and a debt-to-equity ratio of 0.96. Microchip Technology Incorporated has a 52-week low of $68.75 and a 52-week high of $100.57. The stock’s fifty day simple moving average is $78.26 and its 200-day simple moving average is $86.25.

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

Microchip Technology Increases Dividend

The business also recently declared 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. The ex-dividend date of this dividend was Thursday, August 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 2.37%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio (DPR) is currently 52.16%.

Insider Buying and Selling at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,154 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $81.50, for a total transaction of $175,551.00. Following the completion of the sale, the chief financial officer now directly owns 33,257 shares in the company, valued at $2,710,445.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. 2.07% of the stock is owned by company insiders.

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.