Empirical Finance LLC Has $1.50 Million Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Empirical Finance LLC increased its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 2.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 18,650 shares of the semiconductor company’s stock after buying an additional 384 shares during the period. Empirical Finance LLC’s holdings in Microchip Technology were worth $1,497,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. SeaCrest Wealth Management LLC increased its holdings in shares of 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 acquiring an additional 131 shares in the last quarter. Corundum Group Inc. increased its stake in Microchip Technology by 3.4% during the 3rd quarter. Corundum Group Inc. now owns 4,315 shares of the semiconductor company’s stock valued at $346,000 after purchasing an additional 143 shares in the last quarter. Commerzbank Aktiengesellschaft FI raised its holdings in Microchip Technology by 4.5% during the second quarter. Commerzbank Aktiengesellschaft FI now owns 3,470 shares of the semiconductor company’s stock worth $318,000 after buying an additional 148 shares during the last quarter. Busey Bank lifted its stake in shares of Microchip Technology by 2.6% in the second quarter. Busey Bank now owns 6,006 shares of the semiconductor company’s stock valued at $550,000 after buying an additional 155 shares in the last quarter. Finally, Financial Advocates Investment Management lifted its stake in shares of Microchip Technology by 1.5% in the third quarter. Financial Advocates Investment Management now owns 10,795 shares of the semiconductor company’s stock valued at $867,000 after buying an additional 158 shares in the last quarter. 91.51% of the stock is owned by institutional investors.

Microchip Technology Stock Performance

Shares of MCHP opened at $62.86 on Friday. Microchip Technology Incorporated has a 1 year low of $62.63 and a 1 year high of $100.57. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.88 and a quick ratio of 0.48. The stock’s fifty day moving average price is $75.65 and its two-hundred day moving average price is $84.12. The firm has a market cap of $33.76 billion, a PE ratio of 43.96 and a beta of 1.53.

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. The business had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The company’s revenue was down 48.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.54 earnings per share. On average, equities research analysts forecast that Microchip Technology Incorporated will post 1.38 EPS for the current year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be given a $0.455 dividend. The ex-dividend date is Friday, November 22nd. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a dividend yield of 2.90%. Microchip Technology’s payout ratio is 127.27%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. KeyCorp lowered their target price on shares of Microchip Technology from $100.00 to $95.00 and set an “overweight” rating on the stock in a report on Wednesday, November 6th. Bank of America downgraded Microchip Technology from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $110.00 to $90.00 in a research note on Friday, August 2nd. Piper Sandler cut their target price on Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 6th. Needham & Company LLC lowered their price target on Microchip Technology from $96.00 to $85.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. Finally, Jefferies Financial Group dropped their price objective on Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, Microchip Technology presently has a consensus rating of “Moderate Buy” and an average target price of $92.00.

Insider Activity at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of the firm’s stock in a transaction on Friday, August 23rd. The shares were 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 of the company’s stock, valued at $2,710,445.50. This trade represents a 6.08 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.10% of the stock is currently owned by corporate insiders.

About Microchip Technology

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.