Olympiad Research LP Buys 7,027 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Olympiad Research LP grew its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 277.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,560 shares of the semiconductor company’s stock after acquiring an additional 7,027 shares during the period. Olympiad Research LP’s holdings in Microchip Technology were worth $768,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Pathway Financial Advisers LLC purchased a new position in Microchip Technology during the first quarter valued at approximately $39,000. Versant Capital Management Inc increased its holdings in Microchip Technology by 148.8% during the second quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock valued at $48,000 after buying an additional 317 shares during the period. CarsonAllaria Wealth Management Ltd. purchased a new position in Microchip Technology during the first quarter valued at approximately $54,000. TruNorth Capital Management LLC purchased a new position in Microchip Technology during the second quarter valued at approximately $55,000. Finally, Wolff Wiese Magana LLC increased its holdings in Microchip Technology by 55.2% during the third quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock valued at $49,000 after buying an additional 218 shares during the period. 91.51% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,154 shares of Microchip Technology stock in a transaction that occurred 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 completion of the transaction, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at $2,710,445.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.10% of the stock is currently owned by corporate insiders.

Microchip Technology Price Performance

Shares of NASDAQ MCHP opened at $73.75 on Thursday. Microchip Technology Incorporated has a 52 week low of $71.76 and a 52 week high of $100.57. The company has a quick ratio of 1.08, a current ratio of 1.94 and a debt-to-equity ratio of 0.96. The firm has a market cap of $39.57 billion, a P/E ratio of 51.57 and a beta of 1.53. The business’s 50 day moving average price is $77.05 and its 200 day moving average price is $85.12.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.43 by $0.03. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. The business had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.15 billion. During the same period in the prior year, the firm earned $1.54 EPS. The business’s revenue for the quarter was down 48.4% on a year-over-year basis. On average, sell-side analysts expect that Microchip Technology Incorporated will post 1.73 earnings per share for the current year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be given a dividend of $0.455 per share. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a yield of 2.47%. The ex-dividend date is Friday, November 22nd. Microchip Technology’s dividend payout ratio (DPR) is currently 126.57%.

Analyst Upgrades and Downgrades

MCHP has been the topic of several research reports. Jefferies Financial Group cut their price objective on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday. Mizuho set a $95.00 price objective on shares of Microchip Technology in a report on Friday, October 18th. B. Riley cut their price objective on shares of Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Piper Sandler cut their price target on shares of Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a report on Wednesday. Finally, Evercore ISI reaffirmed an “outperform” rating and issued a $95.00 price target (down from $101.00) on shares of Microchip Technology in a report on Wednesday. Six research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $92.00.

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.