Microchip Technology Incorporated (NASDAQ:MCHP) Shares Bought by GAMMA Investing LLC

GAMMA Investing LLC grew its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 85.8% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 7,631 shares of the semiconductor company’s stock after buying an additional 3,524 shares during the period. GAMMA Investing LLC’s holdings in Microchip Technology were worth $698,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of MCHP. Transcend Capital Advisors LLC lifted its holdings in shares of Microchip Technology by 71.5% in the 2nd quarter. Transcend Capital Advisors LLC now owns 10,071 shares of the semiconductor company’s stock valued at $921,000 after purchasing an additional 4,200 shares during the last quarter. SRN Advisors LLC raised its stake in Microchip Technology by 4.5% during the 1st quarter. SRN Advisors LLC now owns 12,027 shares of the semiconductor company’s stock valued at $1,079,000 after acquiring an additional 520 shares during the last quarter. EverSource Wealth Advisors LLC boosted its position in Microchip Technology by 53.8% during the first quarter. EverSource Wealth Advisors LLC now owns 2,242 shares of the semiconductor company’s stock worth $206,000 after purchasing an additional 784 shares in the last quarter. DekaBank Deutsche Girozentrale lifted its position in shares of Microchip Technology by 11.0% during the first quarter. DekaBank Deutsche Girozentrale now owns 276,157 shares of the semiconductor company’s stock worth $24,503,000 after purchasing an additional 27,273 shares in the last quarter. Finally, Pathway Financial Advisers LLC purchased a new stake in Microchip Technology during the 1st quarter worth $39,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Microchip Technology

In other Microchip Technology news, Director Matthew W. Chapman sold 2,748 shares of the company’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $93.88, for a total value of $257,982.24. Following the completion of the transaction, the director now owns 35,682 shares of the company’s stock, valued at approximately $3,349,826.16. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CFO James Eric Bjornholt sold 3,188 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the chief financial officer now owns 33,257 shares in the company, valued at $3,325,034.86. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Matthew W. Chapman sold 2,748 shares of the 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 completion of 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 23,993 shares of company stock valued at $2,251,857. Corporate insiders own 2.07% of the company’s stock.

Microchip Technology Trading Down 2.3 %

Shares of NASDAQ MCHP traded down $1.73 during midday trading on Monday, reaching $73.70. 7,787,864 shares of the stock were exchanged, compared to its average volume of 5,955,718. The company has a market capitalization of $39.54 billion, a price-to-earnings ratio of 21.11 and a beta of 1.54. 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 50-day simple moving average of $91.66 and a two-hundred day simple moving average of $89.46. Microchip Technology Incorporated has a 12 month low of $68.75 and a 12 month high of $100.57.

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

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd will be paid a dividend of $0.454 per share. This represents a $1.82 dividend on an annualized basis and a yield of 2.46%. The ex-dividend date of this dividend is Thursday, August 22nd. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio (DPR) is 52.16%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Stifel Nicolaus raised their price objective on Microchip Technology from $98.00 to $102.00 and gave the company a “buy” rating in a research note on Wednesday, May 1st. Morgan Stanley lowered shares of Microchip Technology from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $102.00 to $100.00 in a report on Thursday, July 11th. Bank of America cut shares of Microchip Technology from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $110.00 to $90.00 in a research report on Friday. Evercore ISI began coverage on Microchip Technology in a report on Tuesday, April 16th. They issued an “outperform” rating and a $106.00 price objective for the company. Finally, Citigroup reduced their target price on Microchip Technology from $104.00 to $92.00 and set a “buy” rating on the stock in a report on Friday. Six research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $99.42.

Microchip Technology Company Profile

Microchip Technology Incorporated develops, manufactures, and sells 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; 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.