LRI Investments LLC Grows Position in Microchip Technology Incorporated (NASDAQ:MCHP)

LRI Investments LLC raised its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 4,814.8% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,998 shares of the semiconductor company’s stock after buying an additional 2,937 shares during the quarter. LRI Investments LLC’s holdings in Microchip Technology were worth $274,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the company. Rise Advisors LLC acquired a new stake in Microchip Technology during the first quarter worth about $28,000. Pineridge Advisors LLC acquired a new stake in Microchip Technology during the fourth quarter worth about $33,000. Steph & Co. increased its position in Microchip Technology by 57.4% during the first quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock worth $37,000 after purchasing an additional 151 shares during the last quarter. Pathway Financial Advisers LLC acquired a new stake in Microchip Technology during the first quarter worth about $39,000. Finally, Bfsg LLC acquired a new stake in Microchip Technology during the fourth quarter worth about $45,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Microchip Technology Trading Up 2.5 %

NASDAQ MCHP opened at $81.79 on Friday. Microchip Technology Incorporated has a one year low of $68.75 and a one year high of $100.57. The firm has a 50 day simple moving average of $86.73 and a 200-day simple moving average of $88.52. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.67 and a current ratio of 1.20. The firm has a market cap of $43.88 billion, a price-to-earnings ratio of 23.57 and a beta of 1.54.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly 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 net margin of 20.80% and a return on equity of 27.82%. The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter in the previous year, the firm earned $1.56 earnings per share. The firm’s quarterly revenue was down 45.8% on a year-over-year basis. Equities research analysts anticipate that Microchip Technology Incorporated will post 2.35 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Thursday, August 22nd will be paid a $0.454 dividend. The ex-dividend date is Thursday, August 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 2.22%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s payout ratio is currently 52.16%.

Insider Buying and Selling

In related news, Director Matthew W. Chapman sold 2,748 shares of Microchip Technology stock in a transaction that occurred 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 owns 35,682 shares in the company, valued at $3,349,826.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.07% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Bank of America cut shares of Microchip Technology from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $110.00 to $90.00 in a research report on Friday, August 2nd. Truist Financial lowered their target price on shares of Microchip Technology from $96.00 to $89.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. JPMorgan Chase & Co. lowered their target price on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. TD Cowen lowered their target price on shares of Microchip Technology from $90.00 to $80.00 and set a “hold” rating for the company in a research note on Friday, August 2nd. Finally, UBS Group increased their target price on shares of Microchip Technology from $95.00 to $103.00 and gave the stock a “buy” rating in a research note on Tuesday, May 7th. Five investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $99.95.

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.