Microchip Technology Incorporated (NASDAQ:MCHP) Shares Purchased by Westchester Capital Management Inc.

Westchester Capital Management Inc. raised its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 2.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 194,952 shares of the semiconductor company’s stock after buying an additional 4,029 shares during the period. Microchip Technology comprises 3.8% of Westchester Capital Management Inc.’s investment portfolio, making the stock its 12th largest position. Westchester Capital Management Inc.’s holdings in Microchip Technology were worth $15,653,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. SeaCrest Wealth Management LLC boosted its holdings in Microchip Technology by 3.3% in the 2nd quarter. SeaCrest Wealth Management LLC now owns 4,147 shares of the semiconductor company’s stock worth $379,000 after acquiring an additional 131 shares during the period. Corundum Group Inc. boosted its stake in shares of Microchip Technology by 3.4% in the third quarter. Corundum Group Inc. now owns 4,315 shares of the semiconductor company’s stock valued at $346,000 after purchasing an additional 143 shares during the period. Commerzbank Aktiengesellschaft FI grew its holdings in Microchip Technology by 4.5% during the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 3,470 shares of the semiconductor company’s stock valued at $318,000 after purchasing an additional 148 shares in the last quarter. Busey Bank increased its stake in Microchip Technology by 2.6% during the 2nd quarter. Busey Bank now owns 6,006 shares of the semiconductor company’s stock worth $550,000 after buying an additional 155 shares during the period. Finally, Financial Advocates Investment Management lifted its holdings in Microchip Technology by 1.5% in the 3rd quarter. Financial Advocates Investment Management now owns 10,795 shares of the semiconductor company’s stock worth $867,000 after buying an additional 158 shares in the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of the business’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 transaction, the chief financial officer now owns 33,257 shares in the company, valued at approximately $2,710,445.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.10% of the stock is owned by insiders.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Rosenblatt Securities restated a “buy” rating and set a $90.00 target price on shares of Microchip Technology in a research note on Wednesday. Bank of America downgraded 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 report on Friday, August 2nd. Citigroup reduced their target price on Microchip Technology from $92.00 to $82.00 and set a “buy” rating for the company in a research note on Wednesday. KeyCorp dropped their price target on shares of Microchip Technology from $100.00 to $95.00 and set an “overweight” rating for the company in a research note on Wednesday. Finally, Evercore ISI reissued an “outperform” rating and set a $95.00 price objective (down from $101.00) on shares of Microchip Technology in a report on Wednesday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Microchip Technology currently has an average rating of “Moderate Buy” and a consensus price target of $92.00.

Microchip Technology Price Performance

Shares of NASDAQ MCHP opened at $72.87 on Friday. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.88 and a quick ratio of 1.08. The firm has a market capitalization of $39.13 billion, a PE ratio of 50.96 and a beta of 1.53. Microchip Technology Incorporated has a 1-year low of $71.76 and a 1-year high of $100.57. The business’s fifty day moving average price is $76.73 and its two-hundred day moving average price is $84.98.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. The business had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The company’s revenue for the quarter was down 48.4% compared to the same quarter last year. During the same quarter last year, the company earned $1.54 EPS. On average, research analysts expect that Microchip Technology Incorporated will post 1.73 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be issued a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a yield of 2.50%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date is Friday, November 22nd. Microchip Technology’s dividend payout ratio is 127.27%.

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.