Transcend Capital Advisors LLC Has $921,000 Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Transcend Capital Advisors LLC raised its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 71.5% during the 2nd quarter, Holdings Channel.com reports. The firm owned 10,071 shares of the semiconductor company’s stock after acquiring an additional 4,200 shares during the period. Transcend Capital Advisors LLC’s holdings in Microchip Technology were worth $921,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of MCHP. AdvisorNet Financial Inc boosted its holdings in Microchip Technology by 80.6% during the fourth quarter. AdvisorNet Financial Inc now owns 699 shares of the semiconductor company’s stock valued at $63,000 after acquiring an additional 312 shares during the period. Private Trust Co. NA increased its holdings in shares of Microchip Technology by 7.3% during the fourth quarter. Private Trust Co. NA now owns 6,089 shares of the semiconductor company’s stock worth $549,000 after buying an additional 414 shares in the last quarter. Avitas Wealth Management LLC grew its stake in shares of Microchip Technology by 3.6% during the fourth quarter. Avitas Wealth Management LLC now owns 17,119 shares of the semiconductor company’s stock valued at $1,544,000 after purchasing an additional 599 shares during the last quarter. International Assets Investment Management LLC grew its stake in shares of Microchip Technology by 993.3% during the fourth quarter. International Assets Investment Management LLC now owns 299,896 shares of the semiconductor company’s stock valued at $27,045,000 after purchasing an additional 272,465 shares during the last quarter. Finally, Advisors Preferred LLC bought a new stake in shares of Microchip Technology during the fourth quarter valued at approximately $96,000. 91.51% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Microchip Technology

In related news, Director Matthew W. Chapman sold 2,748 shares of the firm’s stock in a transaction on Monday, June 10th. The shares were 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 directly owns 35,682 shares of the company’s stock, valued at $3,349,826.16. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CFO James Eric Bjornholt sold 3,188 shares of Microchip Technology stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $99.98, for a total transaction of $318,736.24. Following the completion of the sale, the chief financial officer now directly owns 33,257 shares in the company, valued at $3,325,034.86. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Matthew W. Chapman sold 2,748 shares of Microchip Technology stock in a transaction on Monday, June 10th. The stock was sold at an average price of $93.88, for a total value of $257,982.24. Following the sale, the director now owns 35,682 shares of the company’s stock, valued at $3,349,826.16. The disclosure for this sale can be found here. Insiders sold a total of 23,993 shares of company stock valued at $2,251,857 in the last three months. 2.07% of the stock is currently owned by corporate insiders.

Microchip Technology Stock Performance

Shares of NASDAQ:MCHP traded up $0.02 during trading on Monday, hitting $75.45. The company’s stock had a trading volume of 5,003,395 shares, compared to its average volume of 5,939,468. Microchip Technology Incorporated has a 12 month low of $68.75 and a 12 month high of $100.57. The firm has a market cap of $40.48 billion, a price-to-earnings ratio of 21.76 and a beta of 1.54. The company has a 50-day moving average of $91.66 and a 200-day moving average of $89.46. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.20 and a quick ratio of 0.67.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.01. Microchip Technology had a net margin of 20.80% and a return on equity of 27.82%. The company had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.24 billion. During the same quarter last year, the business earned $1.56 EPS. The firm’s revenue was down 45.8% compared to the same quarter last year. On average, sell-side analysts expect that Microchip Technology Incorporated will post 2.35 earnings per share 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 dividend of $0.454 per share. 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 2.41%. The ex-dividend date is Thursday, August 22nd. Microchip Technology’s dividend payout ratio (DPR) is 52.16%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on MCHP shares. KeyCorp raised their price objective on shares of Microchip Technology from $90.00 to $110.00 and gave the company an “overweight” rating in a research note on Tuesday, May 7th. TD Cowen dropped their price objective on shares of Microchip Technology from $90.00 to $80.00 and set a “hold” rating on the stock in a report on Friday. Needham & Company LLC lifted their price target on shares of Microchip Technology from $90.00 to $100.00 and gave the company a “buy” rating in a research note on Tuesday, May 7th. Piper Sandler reissued a “neutral” rating and issued a $90.00 price objective (up previously from $80.00) on shares of Microchip Technology in a research report on Tuesday, May 7th. 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 report on Tuesday, May 7th. Six research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $99.63.

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.