Meeder Advisory Services Inc. Buys 4,245 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Meeder Advisory Services Inc. grew its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 42.5% in the second quarter, HoldingsChannel.com reports. The fund owned 14,234 shares of the semiconductor company’s stock after acquiring an additional 4,245 shares during the period. Meeder Advisory Services Inc.’s holdings in Microchip Technology were worth $1,302,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Rise Advisors LLC bought a new position in Microchip Technology during the first quarter worth about $28,000. Pineridge Advisors LLC bought a new position in shares of Microchip Technology during the 4th quarter valued at about $33,000. Steph & Co. grew its position in shares of Microchip Technology by 57.4% in the 1st quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock valued at $37,000 after purchasing an additional 151 shares during the period. Pathway Financial Advisers LLC bought a new stake in Microchip Technology during the 1st quarter worth approximately $39,000. Finally, Richardson Capital Management LLC acquired a new stake in Microchip Technology during the 1st quarter worth approximately $45,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on MCHP. Truist Financial reduced their price target on shares of Microchip Technology from $96.00 to $89.00 and set a “buy” rating for the company in a report on Friday, August 2nd. JPMorgan Chase & Co. reduced their target price on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Susquehanna dropped their price target on Microchip Technology from $115.00 to $105.00 and set a “positive” rating on the stock in a research note on Friday, August 2nd. Mizuho raised Microchip Technology from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $85.00 to $115.00 in a research report on Friday, May 24th. Finally, B. Riley decreased their price objective on Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Five investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $99.95.

Microchip Technology Stock Performance

NASDAQ MCHP opened at $77.62 on Friday. The firm’s fifty day moving average price is $82.75 and its two-hundred day moving average price is $87.99. Microchip Technology Incorporated has a 1 year low of $68.75 and a 1 year high of $100.57. The firm has a market capitalization of $41.64 billion, a P/E ratio of 22.37 and a beta of 1.53. The company has a current ratio of 1.94, a quick ratio of 1.08 and a debt-to-equity ratio of 0.96.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results 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 during the quarter, compared to the consensus estimate of $1.24 billion. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. Microchip Technology’s revenue was down 45.8% on a year-over-year basis. During the same period last year, the business posted $1.56 EPS. As a group, research analysts anticipate that Microchip Technology Incorporated will post 1.74 EPS for the current year.

Microchip Technology Increases Dividend

The firm 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. The ex-dividend date was Thursday, August 22nd. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.34%. Microchip Technology’s payout ratio is presently 52.45%.

Insider Buying and Selling at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,154 shares of Microchip Technology stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $81.50, for a total transaction of $175,551.00. Following the completion of the sale, the chief financial officer now owns 33,257 shares of the company’s stock, valued at approximately $2,710,445.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 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.