Microchip Technology Incorporated (NASDAQ:MCHP) Shares Bought by L. Roy Papp & Associates LLP

L. Roy Papp & Associates LLP raised its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 3.0% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 31,017 shares of the semiconductor company’s stock after purchasing an additional 890 shares during the period. L. Roy Papp & Associates LLP’s holdings in Microchip Technology were worth $2,838,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Swedbank AB purchased a new stake in Microchip Technology during the 1st quarter worth approximately $1,079,000. Caxton Associates LP increased its position in shares of Microchip Technology by 4,511.5% in the 4th quarter. Caxton Associates LP now owns 400,000 shares of the semiconductor company’s stock valued at $36,072,000 after acquiring an additional 391,326 shares during the period. SageView Advisory Group LLC increased its position in shares of Microchip Technology by 507.5% in the 1st quarter. SageView Advisory Group LLC now owns 17,307 shares of the semiconductor company’s stock valued at $1,553,000 after acquiring an additional 14,458 shares during the period. RFG Advisory LLC raised its stake in Microchip Technology by 228.4% in the 1st 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 during the last quarter. Finally, Hennessy Advisors Inc. lifted its position in Microchip Technology by 2,194.5% during the 1st 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 during the period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Microchip Technology Trading Up 2.5 %

Shares of MCHP traded up $2.01 during mid-day trading on Friday, reaching $81.79. The stock had a trading volume of 4,242,594 shares, compared to its average volume of 6,031,359. Microchip Technology Incorporated has a 52-week low of $68.75 and a 52-week high of $100.57. The firm has a market cap of $43.88 billion, a price-to-earnings ratio of 22.99 and a beta of 1.54. The business’s fifty day moving average is $86.92 and its 200 day moving average is $88.50. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.20 and a quick ratio of 0.67.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.01. The company had revenue of $1.24 billion during 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 firm’s revenue for the quarter was down 45.8% compared to the same quarter last year. During the same period in the prior year, the business posted $1.56 earnings per share. On average, sell-side analysts predict that Microchip Technology Incorporated will post 2.35 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently declared 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 2.22%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date is Thursday, August 22nd. Microchip Technology’s dividend payout ratio is 52.16%.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. B. Riley decreased their price objective on shares of Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. KeyCorp increased their price target on Microchip Technology from $90.00 to $110.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 7th. The Goldman Sachs Group boosted their price objective on Microchip Technology from $77.00 to $88.00 and gave the company a “neutral” rating in a report on Tuesday, May 7th. Bank of America lowered Microchip Technology from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $110.00 to $90.00 in a report on Friday, August 2nd. Finally, JPMorgan Chase & Co. reduced their price target on Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Five investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $99.95.

Insider Transactions at Microchip Technology

In other Microchip Technology news, 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 value of $257,982.24. Following the completion of the transaction, the director now directly owns 35,682 shares of the company’s stock, valued at approximately $3,349,826.16. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 2.07% of the company’s stock.

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.