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

Sequoia Financial Advisors LLC boosted its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 4.0% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 308,284 shares of the semiconductor company’s stock after acquiring an additional 11,897 shares during the period. Sequoia Financial Advisors LLC owned 0.06% of Microchip Technology worth $24,752,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Swedbank AB purchased a new position in Microchip Technology in the 1st quarter valued at about $1,079,000. SageView Advisory Group LLC lifted its holdings in Microchip Technology by 507.5% in the 1st quarter. SageView Advisory Group LLC now owns 17,307 shares of the semiconductor company’s stock valued at $1,553,000 after purchasing an additional 14,458 shares in the last quarter. Hennessy Advisors Inc. lifted its holdings in Microchip Technology by 2,194.5% in the 1st quarter. Hennessy Advisors Inc. now owns 33,454 shares of the semiconductor company’s stock valued at $3,001,000 after purchasing an additional 31,996 shares in the last quarter. Janney Montgomery Scott LLC lifted its holdings in Microchip Technology by 6.3% in the 1st quarter. Janney Montgomery Scott LLC now owns 225,633 shares of the semiconductor company’s stock valued at $20,242,000 after purchasing an additional 13,304 shares in the last quarter. Finally, Zurich Insurance Group Ltd FI purchased a new position in Microchip Technology in the 2nd quarter valued at about $42,538,000. 91.51% of the stock is owned by institutional investors and hedge funds.

Microchip Technology Stock Down 0.8 %

NASDAQ:MCHP traded down $0.58 during mid-day trading on Tuesday, reaching $74.60. The stock had a trading volume of 778,982 shares, compared to its average volume of 5,944,023. The company has a market capitalization of $40.02 billion, a price-to-earnings ratio of 21.44 and a beta of 1.52. Microchip Technology Incorporated has a 1-year low of $68.75 and a 1-year high of $100.57. The stock’s 50 day simple moving average is $78.26 and its two-hundred day simple moving average is $86.06. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.94 and a quick ratio of 1.08.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.01. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. During the same period last year, the firm earned $1.56 earnings per share. The company’s revenue for the quarter was down 45.8% compared to the same quarter last year. Equities analysts anticipate that Microchip Technology Incorporated will post 1.73 EPS for the current year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd were paid a $0.454 dividend. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 dividend on an annualized basis and a yield of 2.43%. The ex-dividend date of this dividend was Thursday, August 22nd. Microchip Technology’s payout ratio is presently 52.16%.

Analyst Ratings Changes

A number of research analysts have issued reports on MCHP shares. Susquehanna reduced their target price on shares of Microchip Technology from $105.00 to $95.00 and set a “positive” rating on the stock in a report on Monday. Morgan Stanley lowered shares of Microchip Technology from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $102.00 to $100.00 in a report on Thursday, July 11th. Truist Financial lowered shares of Microchip Technology from a “buy” rating to a “hold” rating and cut their price objective for the stock from $89.00 to $80.00 in a report on Monday, September 23rd. Citigroup cut their price objective on shares of Microchip Technology from $104.00 to $92.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Finally, StockNews.com upgraded shares of Microchip Technology from a “sell” rating to a “hold” rating in a report on Thursday, October 17th. Six analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, Microchip Technology has an average rating of “Moderate Buy” and a consensus target price of $97.89.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of Microchip Technology stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $81.50, for a total value of $175,551.00. Following the completion of the transaction, the chief financial officer now directly owns 33,257 shares in the company, valued at $2,710,445.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 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.