IVC Wealth Advisors LLC Acquires 497 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

IVC Wealth Advisors LLC grew its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 15.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,789 shares of the semiconductor company’s stock after acquiring an additional 497 shares during the quarter. IVC Wealth Advisors LLC’s holdings in Microchip Technology were worth $304,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of MCHP. Financial Counselors Inc. grew its stake in Microchip Technology by 1.1% in the 1st quarter. Financial Counselors Inc. now owns 10,689 shares of the semiconductor company’s stock worth $959,000 after buying an additional 119 shares in the last quarter. SeaCrest Wealth Management LLC boosted its holdings in shares of Microchip Technology by 3.3% in the 2nd quarter. SeaCrest Wealth Management LLC now owns 4,147 shares of the semiconductor company’s stock worth $379,000 after purchasing an additional 131 shares in the last quarter. Corundum Group Inc. increased its position in shares of 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 during the last quarter. Horizon Bancorp Inc. IN raised its holdings in shares of Microchip Technology by 11.8% during the 1st quarter. Horizon Bancorp Inc. IN now owns 1,370 shares of the semiconductor company’s stock valued at $123,000 after buying an additional 145 shares in the last quarter. Finally, Commerzbank Aktiengesellschaft FI raised its holdings in shares of Microchip Technology by 4.5% during the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 3,470 shares of the semiconductor company’s stock valued at $318,000 after buying an additional 148 shares in the last quarter. 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 the company’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $81.50, for a total value of $175,551.00. Following the sale, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at $2,710,445.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.07% of the company’s stock.

Microchip Technology Trading Up 0.6 %

Shares of MCHP opened at $76.29 on Monday. Microchip Technology Incorporated has a 1-year low of $68.75 and a 1-year high of $100.57. The company has a current ratio of 1.94, a quick ratio of 1.08 and a debt-to-equity ratio of 0.96. The firm’s 50-day moving average price is $77.93 and its 200-day moving average price is $85.68. The firm has a market capitalization of $40.93 billion, a price-to-earnings ratio of 21.99 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.01. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. The business had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.24 billion. During the same period in the previous year, the firm posted $1.56 EPS. The business’s revenue was down 45.8% on a year-over-year basis. Sell-side analysts anticipate that Microchip Technology Incorporated will post 1.73 EPS for the current year.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd were issued a $0.454 dividend. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date was Thursday, August 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 2.38%. Microchip Technology’s dividend payout ratio is 52.16%.

Analyst Ratings Changes

A number of research analysts have commented on the stock. JPMorgan Chase & Co. reduced their price target on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. TD Cowen reduced their target price on shares of Microchip Technology from $90.00 to $80.00 and set a “hold” rating on the stock in a report on Friday, August 2nd. Citigroup lowered their price target on shares of Microchip Technology from $104.00 to $92.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. StockNews.com raised Microchip Technology from a “sell” rating to a “hold” rating in a research note on Thursday, October 17th. Finally, Bank of America downgraded Microchip Technology from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $110.00 to $90.00 in a report on Friday, August 2nd. Six investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $97.89.

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.