Microchip Technology Incorporated (NASDAQ:MCHP) Shares Acquired by Tectonic Advisors LLC

Tectonic Advisors LLC grew its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 19.5% in the third quarter, according to its most recent filing with the SEC. The firm owned 21,908 shares of the semiconductor company’s stock after acquiring an additional 3,570 shares during the quarter. Tectonic Advisors LLC’s holdings in Microchip Technology were worth $1,759,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Financial Counselors Inc. raised its position in shares of Microchip Technology by 1.1% during the first quarter. Financial Counselors Inc. now owns 10,689 shares of the semiconductor company’s stock worth $959,000 after purchasing an additional 119 shares during the period. SeaCrest Wealth Management LLC raised 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 buying an additional 131 shares during the period. Corundum Group Inc. raised 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 buying an additional 143 shares during the period. Horizon Bancorp Inc. IN raised its position in Microchip Technology by 11.8% during the first quarter. Horizon Bancorp Inc. IN now owns 1,370 shares of the semiconductor company’s stock valued at $123,000 after buying an additional 145 shares during the period. Finally, Commerzbank Aktiengesellschaft FI raised its position in Microchip Technology by 4.5% during the second quarter. Commerzbank Aktiengesellschaft FI now owns 3,470 shares of the semiconductor company’s stock valued at $318,000 after buying an additional 148 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Stock Up 0.8 %

NASDAQ MCHP opened at $75.86 on Friday. 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 Incorporated has a 1-year low of $68.75 and a 1-year high of $100.57. The company has a 50 day moving average of $78.13 and a 200-day moving average of $85.90. The company has a market cap of $40.70 billion, a price-to-earnings ratio of 21.86 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.01. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. The company 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 business earned $1.56 earnings per share. The firm’s quarterly revenue was down 45.8% on a year-over-year basis. On average, equities research analysts expect that Microchip Technology Incorporated will post 1.73 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Thursday, August 22nd were paid a $0.454 dividend. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Thursday, August 22nd. This represents a $1.82 annualized dividend and a dividend yield of 2.39%. Microchip Technology’s payout ratio is currently 52.16%.

Analyst Ratings Changes

A number of research analysts have commented on the company. Piper Sandler upgraded Microchip Technology from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $90.00 to $100.00 in a research note on Friday, August 16th. Truist Financial downgraded Microchip Technology from a “buy” rating to a “hold” rating and decreased their target price for the company from $89.00 to $80.00 in a research note on Monday, September 23rd. Needham & Company LLC decreased their target price on Microchip Technology from $100.00 to $96.00 and set a “buy” rating for the company in a research note on Monday, August 5th. Bank of America downgraded Microchip Technology from a “buy” rating to a “neutral” rating and decreased their target price for the company from $110.00 to $90.00 in a research note on Friday, August 2nd. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $100.00 price target on shares of Microchip Technology in a report on Wednesday, July 31st. Six 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 currently has an average rating of “Moderate Buy” and an average price target of $97.89.

Insider Buying and Selling

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total transaction of $175,551.00. Following the sale, the chief financial officer now owns 33,257 shares of the company’s stock, valued at approximately $2,710,445.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.07% of the stock is currently owned by insiders.

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.