Microchip Technology Incorporated (NASDAQ:MCHP) Holdings Raised by Frank Rimerman Advisors LLC

Frank Rimerman Advisors LLC grew its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 291.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 16,985 shares of the semiconductor company’s stock after buying an additional 12,647 shares during the quarter. Frank Rimerman Advisors LLC’s holdings in Microchip Technology were worth $1,364,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Swedbank AB purchased a new stake in shares of Microchip Technology during the first quarter valued at $1,079,000. SageView Advisory Group LLC raised its stake in Microchip Technology by 507.5% during the 1st quarter. SageView Advisory Group LLC now owns 17,307 shares of the semiconductor company’s stock valued at $1,553,000 after purchasing an additional 14,458 shares during the period. Janney Montgomery Scott LLC raised its position in Microchip Technology by 6.3% during the first quarter. Janney Montgomery Scott LLC now owns 225,633 shares of the semiconductor company’s stock valued at $20,242,000 after buying an additional 13,304 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its stake in Microchip Technology by 12.0% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 870,072 shares of the semiconductor company’s stock valued at $69,355,000 after acquiring an additional 93,464 shares in the last quarter. Finally, Zurich Insurance Group Ltd FI purchased a new stake in shares of Microchip Technology in the second quarter worth approximately $42,538,000. Institutional investors own 91.51% of the company’s stock.

Insiders Place Their Bets

In related 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 transaction of $175,551.00. Following the transaction, the chief financial officer now owns 33,257 shares in the company, valued at $2,710,445.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.07% of the company’s stock.

Microchip Technology Stock Up 0.6 %

MCHP opened at $76.29 on Monday. The company has a market capitalization of $40.93 billion, a P/E ratio of 21.99 and a beta of 1.52. The firm’s fifty day moving average price is $77.93 and its two-hundred day moving average price is $85.68. Microchip Technology Incorporated has a fifty-two week low of $68.75 and a fifty-two week high of $100.57. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.94 and a quick ratio of 1.08.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $1.24 billion. During the same period in the prior year, the firm posted $1.56 EPS. Microchip Technology’s quarterly revenue was down 45.8% compared to the same quarter last year. On average, analysts anticipate that Microchip Technology Incorporated will post 1.73 EPS for the current year.

Microchip Technology Increases Dividend

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

Analysts Set New Price Targets

A number of brokerages recently commented on MCHP. Susquehanna lowered their price objective on shares of Microchip Technology from $105.00 to $95.00 and set a “positive” rating on the stock in a research report on Monday, October 21st. TD Cowen dropped their price target on shares of Microchip Technology from $90.00 to $80.00 and set a “hold” rating on the stock in a research note on Friday, August 2nd. Truist Financial downgraded Microchip Technology from a “buy” rating to a “hold” rating and lowered their target price for the company from $89.00 to $80.00 in a research note on Monday, September 23rd. Needham & Company LLC reduced their price target on Microchip Technology from $100.00 to $96.00 and set a “buy” rating for the company in a report on Monday, August 5th. Finally, Piper Sandler upgraded shares of Microchip Technology from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $90.00 to $100.00 in a research note on Friday, August 16th. Six equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Microchip Technology presently has a consensus rating of “Moderate Buy” and an average target price of $97.89.

About Microchip Technology

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.