Hennion & Walsh Asset Management Inc. Buys 4,625 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Hennion & Walsh Asset Management Inc. boosted its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 10.4% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 48,994 shares of the semiconductor company’s stock after purchasing an additional 4,625 shares during the quarter. Hennion & Walsh Asset Management Inc.’s holdings in Microchip Technology were worth $4,395,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. BKM Wealth Management LLC acquired a new stake in Microchip Technology in the fourth quarter worth about $27,000. Rakuten Securities Inc. purchased a new position in shares of Microchip Technology in the 4th quarter valued at approximately $27,000. Rise Advisors LLC acquired a new stake in Microchip Technology in the 1st quarter worth approximately $28,000. Fortitude Family Office LLC purchased a new stake in Microchip Technology during the 4th quarter worth approximately $29,000. Finally, Pineridge Advisors LLC purchased a new position in shares of Microchip Technology in the fourth quarter worth $33,000. 91.51% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Microchip Technology

In related news, VP Stephen V. Drehobl sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $90.88, for a total transaction of $908,800.00. Following the completion of the transaction, the vice president now directly owns 82,203 shares in the company, valued at approximately $7,470,608.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Matthew W. Chapman sold 2,748 shares of Microchip Technology stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $93.88, for a total value of $257,982.24. Following the completion of the transaction, the director now owns 35,682 shares in the company, valued at approximately $3,349,826.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Stephen V. Drehobl sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $90.88, for a total transaction of $908,800.00. Following the sale, the vice president now owns 82,203 shares in the company, valued at $7,470,608.64. The disclosure for this sale can be found here. Insiders have sold a total of 23,993 shares of company stock valued at $2,251,857 over the last quarter. 2.07% of the stock is owned by company insiders.

Analyst Ratings Changes

MCHP has been the topic of a number of research analyst reports. TD Cowen boosted their price objective on shares of Microchip Technology from $80.00 to $90.00 and gave the company a “hold” rating in a report on Tuesday, May 7th. Susquehanna raised their price objective on Microchip Technology from $100.00 to $105.00 and gave the stock a “positive” rating in a research note on Tuesday, May 7th. Truist Financial lifted their target price on Microchip Technology from $93.00 to $96.00 and gave the stock a “buy” rating in a report on Tuesday, May 7th. Stifel Nicolaus increased their price target on shares of Microchip Technology from $98.00 to $102.00 and gave the stock a “buy” rating in a report on Wednesday, May 1st. Finally, The Goldman Sachs Group lifted their price objective on shares of Microchip Technology from $77.00 to $88.00 and gave the company a “neutral” rating in a research note on Tuesday, May 7th. Five investment 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, Microchip Technology presently has an average rating of “Moderate Buy” and an average price target of $101.06.

Microchip Technology Trading Up 2.3 %

Microchip Technology stock traded up $2.07 during mid-day trading on Friday, hitting $91.50. The company’s stock had a trading volume of 13,568,641 shares, compared to its average volume of 6,205,653. The stock’s fifty day moving average is $93.02 and its two-hundred day moving average is $89.10. The company has a current ratio of 1.20, a quick ratio of 0.67 and a debt-to-equity ratio of 0.75. The firm has a market capitalization of $49.13 billion, a PE ratio of 26.37 and a beta of 1.55. Microchip Technology Incorporated has a 1 year low of $68.75 and a 1 year high of $100.57.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Monday, May 6th. The semiconductor company reported $0.57 EPS for the quarter, meeting the consensus estimate of $0.57. The business 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 36.78% and a net margin of 24.98%. The company’s quarterly revenue was down 40.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.56 EPS. On average, analysts anticipate that Microchip Technology Incorporated will post 2.35 EPS for the current year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 5th. Investors of record on Wednesday, May 22nd were issued a $0.452 dividend. This represents a $1.81 annualized dividend and a yield of 1.98%. The ex-dividend date was Tuesday, May 21st. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio (DPR) is 52.16%.

Microchip Technology Company Profile

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.