GAMMA Investing LLC Has $698,000 Position in Microchip Technology Incorporated (NASDAQ:MCHP)

GAMMA Investing LLC lifted its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 85.8% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,631 shares of the semiconductor company’s stock after purchasing an additional 3,524 shares during the quarter. GAMMA Investing LLC’s holdings in Microchip Technology were worth $698,000 as of its most recent SEC filing.

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

Microchip Technology Trading Down 2.3 %

MCHP stock traded down $1.73 during trading on Monday, hitting $73.70. The company had a trading volume of 7,787,864 shares, compared to its average volume of 5,955,718. The firm has a market capitalization of $39.54 billion, a P/E ratio of 21.11 and a beta of 1.54. Microchip Technology Incorporated has a 52-week low of $68.75 and a 52-week high of $100.57. The company has a quick ratio of 0.67, a current ratio of 1.20 and a debt-to-equity ratio of 0.75. The company has a 50 day simple moving average of $91.66 and a 200-day simple moving average of $89.46.

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

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Thursday, August 22nd will be issued a $0.454 dividend. This represents a $1.82 annualized dividend and a dividend yield of 2.46%. The ex-dividend date is Thursday, August 22nd. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio (DPR) is currently 52.16%.

Insider Buying and Selling at Microchip Technology

In other news, VP Stephen V. Drehobl sold 10,000 shares of the firm’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $90.88, for a total value of $908,800.00. Following the sale, the vice president now directly owns 82,203 shares in the company, valued at approximately $7,470,608.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Microchip Technology news, VP Stephen V. Drehobl sold 7,830 shares of the stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $95.06, for a total value of $744,319.80. Following the completion of the transaction, the vice president now directly owns 79,509 shares of the company’s stock, valued at $7,558,125.54. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Stephen V. Drehobl sold 10,000 shares of the stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $90.88, for a total value of $908,800.00. Following the transaction, the vice president now directly owns 82,203 shares in the company, valued at approximately $7,470,608.64. The disclosure for this sale can be found here. Insiders sold a total of 23,993 shares of company stock worth $2,251,857 in the last three months. 2.07% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on MCHP. Rosenblatt Securities reissued a “buy” rating and set a $100.00 price objective on shares of Microchip Technology in a research note on Wednesday, July 31st. Needham & Company LLC reduced their price target on Microchip Technology from $100.00 to $96.00 and set a “buy” rating on the stock in a research note on Monday. Truist Financial dropped their price target on shares of Microchip Technology from $96.00 to $89.00 and set a “buy” rating on the stock in a research note on Friday. The Goldman Sachs Group raised their price target on shares of Microchip Technology from $77.00 to $88.00 and gave the company a “neutral” rating in a research report on Tuesday, May 7th. Finally, Jefferies Financial Group began coverage on Microchip Technology in a research note on Monday, May 13th. They issued a “buy” rating and a $115.00 price objective for the company. Six research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $99.42.

About Microchip Technology

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.