Apollon Wealth Management LLC Has $2.11 Million Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Apollon Wealth Management LLC increased its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 226.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 23,390 shares of the semiconductor company’s stock after purchasing an additional 16,224 shares during the quarter. Apollon Wealth Management LLC’s holdings in Microchip Technology were worth $2,109,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. BKM Wealth Management LLC acquired a new stake in shares of Microchip Technology during the 4th quarter worth approximately $27,000. Rakuten Securities Inc. acquired a new stake in shares of Microchip Technology in the 4th quarter valued at $27,000. Fortitude Family Office LLC bought a new position in shares of Microchip Technology in the 4th quarter valued at $29,000. OFI Invest Asset Management acquired a new position in shares of Microchip Technology during the 3rd quarter worth $26,000. Finally, Milestone Investment Advisors LLC acquired a new position in shares of Microchip Technology during the 3rd quarter worth $36,000. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Trading Down 1.8 %

Shares of MCHP stock traded down $1.69 during mid-day trading on Wednesday, hitting $90.37. The company’s stock had a trading volume of 1,242,823 shares, compared to its average volume of 5,593,786. Microchip Technology Incorporated has a 52 week low of $68.75 and a 52 week high of $96.14. 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 company’s fifty day simple moving average is $88.45 and its 200-day simple moving average is $85.37. The company has a market cap of $48.84 billion, a PE ratio of 21.51, a P/E/G ratio of 2.79 and a beta of 1.60.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Monday, May 6th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.57. The firm had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.33 billion. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The company’s revenue was down 40.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.56 earnings per share. As a group, equities research analysts expect that Microchip Technology Incorporated will post 4.64 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 5th. Shareholders of record on Wednesday, May 22nd will be paid a $0.452 dividend. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.81 annualized dividend and a yield of 2.00%. The ex-dividend date of this dividend is Tuesday, May 21st. Microchip Technology’s payout ratio is 42.06%.

Insider Activity

In related news, CFO James Eric Bjornholt sold 1,970 shares of the business’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $83.90, for a total value of $165,283.00. Following the completion of the sale, the chief financial officer now directly owns 32,893 shares of the company’s stock, valued at approximately $2,759,722.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.07% of the company’s stock.

Analysts Set New Price Targets

MCHP has been the topic of several research analyst reports. Piper Sandler reaffirmed a “neutral” rating and issued a $90.00 price objective (up from $80.00) on shares of Microchip Technology in a research note on Tuesday. Stifel Nicolaus lifted their price target on shares of Microchip Technology from $98.00 to $102.00 and gave the company a “buy” rating in a report on Wednesday, May 1st. Mizuho increased their price objective on shares of Microchip Technology from $82.00 to $85.00 and gave the company a “neutral” rating in a research note on Tuesday. Truist Financial boosted their target price on shares of Microchip Technology from $93.00 to $96.00 and gave the stock a “buy” rating in a research note on Tuesday. Finally, Wolfe Research upgraded Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 price target for the company in a research note on Thursday, January 18th. Six research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $98.47.

About Microchip Technology

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.