Microchip Technology Incorporated (NASDAQ:MCHP) Shares Purchased by Procyon Advisors LLC

Procyon Advisors LLC increased its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 4.6% in the fourth quarter, HoldingsChannel.com reports. The firm owned 14,557 shares of the semiconductor company’s stock after acquiring an additional 635 shares during the quarter. Procyon Advisors LLC’s holdings in Microchip Technology were worth $1,313,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Horizon Bancorp Inc. IN purchased a new stake in shares of Microchip Technology in the fourth quarter valued at about $110,000. Fund Management at Engine No. 1 LLC raised its holdings in Microchip Technology by 7.3% during the second quarter. Fund Management at Engine No. 1 LLC now owns 7,128 shares of the semiconductor company’s stock worth $639,000 after purchasing an additional 488 shares in the last quarter. Eqis Capital Management Inc. raised its holdings in Microchip Technology by 14.9% during the second quarter. Eqis Capital Management Inc. now owns 10,429 shares of the semiconductor company’s stock worth $934,000 after purchasing an additional 1,356 shares in the last quarter. Rockline Wealth Management LLC purchased a new position in Microchip Technology during the fourth quarter worth about $4,449,000. Finally, 17 Capital Partners LLC purchased a new position in Microchip Technology during the fourth quarter worth about $1,827,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Insiders Place Their Bets

In related news, Director Karlton D. Johnson sold 370 shares of the business’s stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $84.00, for a total value of $31,080.00. Following the sale, the director now directly owns 1,789 shares in the company, valued at approximately $150,276. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO James Eric Bjornholt sold 1,970 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $83.90, for a total transaction of $165,283.00. Following the sale, the chief financial officer now owns 32,893 shares in the company, valued at $2,759,722.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Karlton D. Johnson sold 370 shares of the business’s stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $84.00, for a total transaction of $31,080.00. Following the transaction, the director now directly owns 1,789 shares in the company, valued at $150,276. The disclosure for this sale can be found here. 2.07% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research analysts have issued reports on MCHP shares. Needham & Company LLC increased their target price on shares of Microchip Technology from $85.00 to $90.00 and gave the company a “buy” rating in a report on Friday, February 2nd. Stifel Nicolaus reiterated a “buy” rating and issued a $94.00 price target on shares of Microchip Technology in a research report on Thursday, March 14th. TD Cowen lifted their price target on shares of Microchip Technology from $75.00 to $80.00 and gave the company a “market perform” rating in a report on Friday, February 2nd. The Goldman Sachs Group decreased their price target on shares of Microchip Technology from $87.00 to $77.00 and set a “neutral” rating on the stock in a report on Friday, February 2nd. Finally, Susquehanna cut their target price on shares of Microchip Technology from $105.00 to $100.00 and set a “positive” rating on the stock in a research note on Friday, February 2nd. Six research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $91.33.

Microchip Technology Stock Performance

Shares of NASDAQ MCHP traded up $0.14 during midday trading on Thursday, hitting $89.33. The company’s stock had a trading volume of 363,607 shares, compared to its average volume of 5,734,537. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.58 and a current ratio of 0.98. The firm’s fifty day moving average price is $86.19 and its 200-day moving average price is $83.13. The firm has a market cap of $48.27 billion, a P/E ratio of 20.84, a P/E/G ratio of 1.54 and a beta of 1.65. Microchip Technology Incorporated has a 1-year low of $68.75 and a 1-year high of $94.30.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.04 by $0.04. The firm had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.77 billion. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. Microchip Technology’s revenue was down 18.6% on a year-over-year basis. During the same period in the previous year, the business posted $1.48 EPS. On average, sell-side analysts forecast that Microchip Technology Incorporated will post 4.64 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 23rd were given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.02%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.44. The ex-dividend date of this dividend was Thursday, February 22nd. Microchip Technology’s payout ratio is 42.06%.

Microchip Technology Profile

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.