Park Avenue Securities LLC Purchases 1,070 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Park Avenue Securities LLC boosted its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 1.8% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 59,210 shares of the semiconductor company’s stock after purchasing an additional 1,070 shares during the period. Park Avenue Securities LLC’s holdings in Microchip Technology were worth $5,418,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the company. Bleakley Financial Group LLC lifted its holdings in Microchip Technology by 1.3% during the 4th quarter. Bleakley Financial Group LLC now owns 9,415 shares of the semiconductor company’s stock valued at $849,000 after purchasing an additional 119 shares during the last quarter. Financial Counselors Inc. lifted its holdings in Microchip Technology by 1.1% during the 1st quarter. Financial Counselors Inc. now owns 10,689 shares of the semiconductor company’s stock valued at $959,000 after purchasing an additional 119 shares during the last quarter. RFG Advisory LLC lifted its holdings in Microchip Technology by 3.2% during the 4th quarter. RFG Advisory LLC now owns 3,910 shares of the semiconductor company’s stock valued at $353,000 after purchasing an additional 123 shares during the last quarter. Meridian Wealth Management LLC raised its stake in shares of Microchip Technology by 5.1% in the first quarter. Meridian Wealth Management LLC now owns 2,810 shares of the semiconductor company’s stock worth $252,000 after acquiring an additional 137 shares during the last quarter. Finally, Horizon Bancorp Inc. IN raised its stake in shares of Microchip Technology by 11.8% in the first quarter. Horizon Bancorp Inc. IN now owns 1,370 shares of the semiconductor company’s stock worth $123,000 after acquiring an additional 145 shares during the last quarter. 91.51% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

MCHP has been the subject of a number of research analyst reports. B. Riley dropped their target price on shares of Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. TD Cowen dropped their target price on shares of Microchip Technology from $90.00 to $80.00 and set a “hold” rating for the company in a research note on Friday, August 2nd. JPMorgan Chase & Co. dropped their target price on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Susquehanna lowered their price target on shares of Microchip Technology from $115.00 to $105.00 and set a “positive” rating for the company in a research report on Friday, August 2nd. Finally, Jefferies Financial Group initiated coverage on shares of Microchip Technology in a research report on Monday, May 13th. They set a “buy” rating and a $115.00 price target for the company. Six analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $99.42.

Microchip Technology Stock Performance

Shares of NASDAQ:MCHP traded down $2.67 on Wednesday, hitting $72.00. The company had a trading volume of 8,308,395 shares, compared to its average volume of 6,016,741. Microchip Technology Incorporated has a 1-year low of $68.75 and a 1-year high of $100.57. The stock has a market cap of $38.63 billion, a price-to-earnings ratio of 21.52 and a beta of 1.54. The stock has a 50 day moving average price of $90.69 and a 200 day moving average price of $89.27. The company has a current ratio of 1.20, a quick ratio of 0.67 and a debt-to-equity ratio of 0.75.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, beating the consensus estimate of $0.52 by $0.01. Microchip Technology had a net margin of 20.80% and a return on equity of 27.82%. The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same period in the previous year, the company earned $1.56 earnings per share. The company’s quarterly revenue was down 45.8% on a year-over-year basis. Analysts expect that Microchip Technology Incorporated will post 2.35 EPS for the current year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd will be issued a $0.454 dividend. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a dividend yield of 2.52%. The ex-dividend date is Thursday, August 22nd. Microchip Technology’s payout ratio is currently 52.16%.

Insider Buying and Selling at Microchip Technology

In related news, VP Stephen V. Drehobl sold 7,830 shares of the company’s stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $95.06, for a total value of $744,319.80. Following the transaction, the vice president now directly owns 79,509 shares in the company, valued at $7,558,125.54. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, VP Stephen V. Drehobl sold 7,830 shares of the company’s stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $95.06, for a total value of $744,319.80. Following the transaction, the vice president now directly owns 79,509 shares in the company, valued at $7,558,125.54. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO James Eric Bjornholt sold 3,188 shares of the stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $99.98, for a total transaction of $318,736.24. Following the sale, the chief financial officer now owns 33,257 shares in the company, valued at $3,325,034.86. The disclosure for this sale can be found here. Insiders have sold a total of 13,993 shares of company stock worth $1,343,057 over the last ninety days. Insiders own 2.07% of the company’s stock.

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.