Northwest Investment Counselors LLC Has $3.32 Million Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Northwest Investment Counselors LLC increased its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 4.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 41,300 shares of the semiconductor company’s stock after buying an additional 1,657 shares during the quarter. Northwest Investment Counselors LLC’s holdings in Microchip Technology were worth $3,316,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the business. Steph & Co. increased its holdings in shares of Microchip Technology by 57.4% in the 1st quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock valued at $37,000 after purchasing an additional 151 shares during the period. Pathway Financial Advisers LLC purchased a new position in Microchip Technology during the first quarter valued at approximately $39,000. Richardson Capital Management LLC acquired a new position in Microchip Technology in the 1st quarter valued at approximately $45,000. Versant Capital Management Inc lifted its position in Microchip Technology by 148.8% in the 2nd quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock worth $48,000 after buying an additional 317 shares in the last quarter. Finally, Wolff Wiese Magana LLC boosted its stake in shares of Microchip Technology by 55.2% during the 3rd quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock valued at $49,000 after buying an additional 218 shares during the period. 91.51% of the stock is owned by hedge funds and other institutional investors.

Microchip Technology Stock Down 3.3 %

Shares of MCHP traded down $2.52 during midday trading on Monday, hitting $74.82. The stock had a trading volume of 2,223,905 shares, compared to its average volume of 5,957,084. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.94 and a quick ratio of 1.08. The firm has a market cap of $40.14 billion, a price-to-earnings ratio of 22.29 and a beta of 1.52. The company has a 50 day simple moving average of $78.29 and a two-hundred day simple moving average of $86.14. Microchip Technology Incorporated has a twelve month low of $68.75 and a twelve month high of $100.57.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, beating the consensus estimate of $0.52 by $0.01. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. The firm had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.24 billion. During the same quarter in the previous year, the business posted $1.56 EPS. The business’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 firm also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd were paid a $0.454 dividend. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a yield of 2.43%. The ex-dividend date of this dividend was Thursday, August 22nd. Microchip Technology’s payout ratio is presently 52.16%.

Insiders Place Their Bets

In other news, CFO James Eric Bjornholt sold 2,154 shares of the firm’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $81.50, for a total value of $175,551.00. Following the completion of the transaction, the chief financial officer now owns 33,257 shares in the company, valued at $2,710,445.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.07% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on MCHP shares. Needham & Company LLC cut their price objective on shares of Microchip Technology from $100.00 to $96.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. StockNews.com upgraded shares of Microchip Technology from a “sell” rating to a “hold” rating in a research note on Thursday. Bank of America cut shares of Microchip Technology from a “buy” rating to a “neutral” rating and cut their price target for the stock 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 for the company in a report on Friday, August 2nd. Finally, Susquehanna reduced their price objective on Microchip Technology from $105.00 to $95.00 and set a “positive” rating on the stock in a research note on Monday. Six analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, Microchip Technology currently has a consensus rating of “Moderate Buy” and an average target price of $97.89.

Microchip Technology 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.