Microchip Technology Incorporated (NASDAQ:MCHP) Stake Raised by Chapin Davis Inc.

Chapin Davis Inc. increased its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 20.9% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,890 shares of the semiconductor company’s stock after buying an additional 500 shares during the quarter. Chapin Davis Inc.’s holdings in Microchip Technology were worth $264,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Franklin Street Advisors Inc. NC acquired a new position in shares of Microchip Technology during the second quarter valued at $385,000. Rovin Capital UT ADV raised its position in shares of Microchip Technology by 9.6% during the 2nd quarter. Rovin Capital UT ADV now owns 3,874 shares of the semiconductor company’s stock worth $354,000 after buying an additional 339 shares in the last quarter. Blue Trust Inc. lifted its stake in shares of Microchip Technology by 346.8% in the 2nd quarter. Blue Trust Inc. now owns 8,642 shares of the semiconductor company’s stock worth $775,000 after acquiring an additional 6,708 shares during the period. TruNorth Capital Management LLC acquired a new stake in shares of Microchip Technology in the 2nd quarter worth approximately $55,000. Finally, Ellsworth Advisors LLC boosted its holdings in shares of Microchip Technology by 1.9% in the second quarter. Ellsworth Advisors LLC now owns 29,002 shares of the semiconductor company’s stock valued at $2,654,000 after acquiring an additional 537 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Microchip Technology Stock Down 0.6 %

MCHP traded down $0.45 during trading on Friday, reaching $80.85. 4,192,121 shares of the stock traded hands, compared to its average volume of 6,040,539. 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 stock has a market cap of $43.38 billion, a price-to-earnings ratio of 23.30 and a beta of 1.54. Microchip Technology Incorporated has a fifty-two week low of $68.75 and a fifty-two week high of $100.57. The stock’s 50-day simple moving average is $87.93 and its two-hundred day simple moving average is $88.66.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data 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 net margin of 20.80% and a return on equity of 27.82%. The firm had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. During the same period in the prior year, the company posted $1.56 earnings per share. Microchip Technology’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 2.35 EPS for the current year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd will be issued a dividend of $0.454 per share. This represents a $1.82 annualized dividend and a yield of 2.25%. 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. Microchip Technology’s dividend payout ratio (DPR) is 52.16%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on MCHP. Morgan Stanley downgraded Microchip Technology from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $102.00 to $100.00 in a research report on Thursday, July 11th. Truist Financial lowered their target price on Microchip Technology from $96.00 to $89.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Piper Sandler raised shares of Microchip Technology from a “neutral” rating to an “overweight” rating and upped their price target for the company from $90.00 to $100.00 in a report on Friday. JPMorgan Chase & Co. lowered their price objective on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Finally, Stifel Nicolaus increased their target price on shares of Microchip Technology from $98.00 to $102.00 and gave the company a “buy” rating in a research note on Wednesday, May 1st. Five investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $99.95.

Insider Activity

In related news, Director Matthew W. Chapman sold 2,748 shares of the firm’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $93.88, for a total value of $257,982.24. Following the transaction, the director now directly owns 35,682 shares in the company, valued at approximately $3,349,826.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Microchip Technology news, Director Matthew W. Chapman sold 2,748 shares of Microchip Technology stock in a transaction that occurred 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 transaction, the director now directly owns 35,682 shares of the company’s stock, valued at approximately $3,349,826.16. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO James Eric Bjornholt sold 3,188 shares of the stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $99.98, for a total value of $318,736.24. Following the completion of the sale, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at $3,325,034.86. The disclosure for this sale can be found here. Insiders have sold a total of 6,163 shares of company stock valued at $598,737 over the last 90 days. 2.07% of the stock is currently owned by company insiders.

About Microchip Technology

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.