Tectonic Advisors LLC Increases Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Tectonic Advisors LLC raised its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 19.5% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 21,908 shares of the semiconductor company’s stock after buying an additional 3,570 shares during the period. Tectonic Advisors LLC’s holdings in Microchip Technology were worth $1,759,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Financial Counselors Inc. increased its stake in Microchip Technology by 1.1% during the 1st quarter. Financial Counselors Inc. now owns 10,689 shares of the semiconductor company’s stock valued at $959,000 after purchasing an additional 119 shares in the last quarter. SeaCrest Wealth Management LLC increased its position in Microchip Technology by 3.3% during the second quarter. SeaCrest Wealth Management LLC now owns 4,147 shares of the semiconductor company’s stock valued at $379,000 after acquiring an additional 131 shares during the last quarter. Corundum Group Inc. increased its position in Microchip Technology by 3.4% during the third quarter. Corundum Group Inc. now owns 4,315 shares of the semiconductor company’s stock valued at $346,000 after acquiring an additional 143 shares during the last quarter. Horizon Bancorp Inc. IN grew its holdings in shares of Microchip Technology by 11.8% in the first quarter. Horizon Bancorp Inc. IN now owns 1,370 shares of the semiconductor company’s stock worth $123,000 after purchasing an additional 145 shares during the last quarter. Finally, Commerzbank Aktiengesellschaft FI grew its holdings in shares of Microchip Technology by 4.5% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 3,470 shares of the semiconductor company’s stock worth $318,000 after purchasing an additional 148 shares during the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,154 shares of the firm’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $81.50, for a total transaction 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. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 2.07% of the company’s stock.

Microchip Technology Stock Up 0.8 %

Microchip Technology stock opened at $75.86 on Friday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.08 and a current ratio of 1.94. The firm has a market capitalization of $40.70 billion, a price-to-earnings ratio of 21.86 and a beta of 1.52. Microchip Technology Incorporated has a fifty-two week low of $68.75 and a fifty-two week high of $100.57. The stock’s fifty day moving average is $78.13 and its two-hundred day moving average is $85.90.

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, beating the consensus estimate of $0.52 by $0.01. The business had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. The business’s revenue was down 45.8% on a year-over-year basis. During the same period in the prior year, the business earned $1.56 earnings per share. Analysts predict that Microchip Technology Incorporated will post 1.73 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Thursday, August 22nd were issued a dividend of $0.454 per share. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a dividend yield of 2.39%. The ex-dividend date was Thursday, August 22nd. Microchip Technology’s dividend payout ratio (DPR) is presently 52.16%.

Analysts Set New Price Targets

A number of analysts recently weighed in on MCHP shares. Piper Sandler raised shares of Microchip Technology from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $90.00 to $100.00 in a research note on Friday, August 16th. Rosenblatt Securities restated a “buy” rating and set a $100.00 price objective on shares of Microchip Technology in a report on Wednesday, July 31st. Truist Financial cut shares of Microchip Technology from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $89.00 to $80.00 in a research note on Monday, September 23rd. Bank of America cut shares of Microchip Technology from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $110.00 to $90.00 in a research note on Friday, August 2nd. Finally, B. Riley decreased their target price on Microchip Technology from $110.00 to $103.00 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. Based on data from MarketBeat, Microchip Technology has an average rating of “Moderate Buy” and a consensus target price of $97.89.

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.