Procyon Advisors LLC Increases Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Procyon Advisors LLC increased its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 4.6% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 14,557 shares of the semiconductor company’s stock after buying 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 filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Halpern Financial Inc. lifted its position in Microchip Technology by 83.5% during the second quarter. Halpern Financial Inc. now owns 290 shares of the semiconductor company’s stock valued at $26,000 after purchasing an additional 132 shares during the period. OFI Invest Asset Management acquired a new position in shares of Microchip Technology in the third quarter worth about $26,000. BKM Wealth Management LLC acquired a new position in shares of Microchip Technology in the fourth quarter worth about $27,000. Fortitude Family Office LLC acquired a new position in shares of Microchip Technology in the fourth quarter worth about $29,000. Finally, Almanack Investment Partners LLC. acquired a new position in shares of Microchip Technology in the third quarter worth about $29,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Microchip Technology Trading Up 0.2 %

Shares of Microchip Technology stock traded up $0.14 during mid-day trading on Thursday, hitting $89.33. The stock had a trading volume of 363,607 shares, compared to its average volume of 5,734,537. The company has a quick ratio of 0.58, a current ratio of 0.98 and a debt-to-equity ratio of 0.57. The firm has a market cap of $48.27 billion, a P/E ratio of 20.84, a price-to-earnings-growth ratio of 1.54 and a beta of 1.65. The firm has a 50-day moving average of $86.19 and a two-hundred day moving average of $83.13. Microchip Technology Incorporated has a 12-month low of $68.75 and a 12-month high of $94.30.

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

Microchip Technology Increases Dividend

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

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Rosenblatt Securities reiterated a “buy” rating and issued a $100.00 price objective on shares of Microchip Technology in a research report on Tuesday, January 30th. Truist Financial reduced their price target on shares of Microchip Technology from $97.00 to $93.00 and set a “buy” rating for the company in a research report on Tuesday, January 9th. The Goldman Sachs Group reduced their price target on shares of Microchip Technology from $87.00 to $77.00 and set a “neutral” rating for the company in a research report on Friday, February 2nd. Piper Sandler downgraded shares of Microchip Technology from an “overweight” rating to a “neutral” rating and set a $80.00 price target for the company. in a research report on Thursday, January 4th. Finally, StockNews.com downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating in a research report on Friday, December 29th. Six equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, Microchip Technology currently has an average rating of “Moderate Buy” and a consensus target price of $91.33.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, Director Karlton D. Johnson sold 370 shares of the firm’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 completion of the transaction, the director now owns 1,789 shares of the company’s stock, valued at approximately $150,276. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CFO James Eric Bjornholt sold 1,970 shares of the business’s stock in a transaction 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 completion of the transaction, the chief financial officer now owns 32,893 shares in the company, valued at $2,759,722.70. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Karlton D. Johnson sold 370 shares of the business’s stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total transaction of $31,080.00. Following the transaction, the director now owns 1,789 shares of the company’s stock, valued at approximately $150,276. The disclosure for this sale can be found here. 2.07% of the stock is currently owned by corporate insiders.

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.