Great Lakes Retirement Inc. Buys 12,210 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Great Lakes Retirement Inc. lifted its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 99.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 24,515 shares of the semiconductor company’s stock after acquiring an additional 12,210 shares during the quarter. Great Lakes Retirement Inc.’s holdings in Microchip Technology were worth $1,968,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. Pathway Financial Advisers LLC purchased a new stake in shares of Microchip Technology during the first quarter valued at $39,000. Richardson Capital Management LLC purchased a new position in shares of Microchip Technology during the first quarter valued at $45,000. Versant Capital Management Inc raised its holdings in shares of Microchip Technology by 148.8% in the second quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock valued at $48,000 after acquiring an additional 317 shares in the last quarter. Wolff Wiese Magana LLC lifted its position in shares of Microchip Technology by 55.2% in the 3rd quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock worth $49,000 after purchasing an additional 218 shares during the period. Finally, GoalVest Advisory LLC lifted its holdings in Microchip Technology by 49.8% during the first quarter. GoalVest Advisory LLC now owns 602 shares of the semiconductor company’s stock worth $54,000 after buying an additional 200 shares during the period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Microchip Technology Trading Down 0.2 %

Shares of MCHP opened at $75.27 on Thursday. The firm’s fifty day moving average is $78.13 and its two-hundred day moving average is $85.90. The stock has a market cap of $40.38 billion, a PE ratio of 21.69 and a beta of 1.52. The company has a quick ratio of 1.08, a current ratio of 1.94 and a debt-to-equity ratio of 0.96. Microchip Technology Incorporated has a 52-week low of $68.75 and a 52-week high of $100.57.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.01. The business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. The business’s revenue was down 45.8% compared to the same quarter last year. During the same period in the prior year, the business earned $1.56 earnings per share. Research analysts forecast that Microchip Technology Incorporated will post 1.73 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Thursday, August 22nd were given a dividend of $0.454 per share. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a yield of 2.41%. The ex-dividend date was Thursday, August 22nd. Microchip Technology’s dividend payout ratio (DPR) is presently 52.16%.

Analysts Set New Price Targets

MCHP has been the subject of several analyst reports. JPMorgan Chase & Co. decreased their price target on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Bank of America downgraded Microchip Technology from a “buy” rating to a “neutral” rating and dropped their price target for the company from $110.00 to $90.00 in a research note on Friday, August 2nd. Citigroup cut their price objective on Microchip Technology from $104.00 to $92.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Mizuho set a $95.00 target price on Microchip Technology in a report on Friday, October 18th. Finally, B. Riley cut their price objective on shares of Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Six research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, Microchip Technology presently has an average rating of “Moderate Buy” and an average target price of $97.89.

Insider Transactions at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,154 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $81.50, for a total value of $175,551.00. Following the transaction, the chief financial officer now 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 2.07% of the company’s stock.

Microchip Technology Company 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.