Bruce G. Allen Investments LLC Makes New $88,000 Investment in Microchip Technology Incorporated (NASDAQ:MCHP)

Bruce G. Allen Investments LLC acquired a new position in shares of Microchip Technology Incorporated (NASDAQ:MCHPFree Report) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 975 shares of the semiconductor company’s stock, valued at approximately $88,000.

A number of other large investors have also recently bought and sold shares of the company. Aspire Private Capital LLC raised its holdings in Microchip Technology by 3.2% in the 4th quarter. Aspire Private Capital LLC now owns 3,904 shares of the semiconductor company’s stock valued at $274,266,959,000 after buying an additional 120 shares during the last quarter. Balentine LLC raised its holdings in Microchip Technology by 1.0% in the 2nd quarter. Balentine LLC now owns 12,656 shares of the semiconductor company’s stock valued at $1,134,000 after buying an additional 122 shares during the last quarter. Bleakley Financial Group LLC raised its holdings in Microchip Technology by 1.3% in the 2nd quarter. Bleakley Financial Group LLC now owns 9,360 shares of the semiconductor company’s stock valued at $839,000 after buying an additional 124 shares during the last quarter. Huntington National Bank raised its holdings in Microchip Technology by 0.8% in the 2nd quarter. Huntington National Bank now owns 16,736 shares of the semiconductor company’s stock valued at $1,499,000 after buying an additional 130 shares during the last quarter. Finally, Halpern Financial Inc. raised its holdings in Microchip Technology by 83.5% in the 2nd quarter. Halpern Financial Inc. now owns 290 shares of the semiconductor company’s stock valued at $26,000 after buying an additional 132 shares during the last quarter. 90.85% of the stock is currently owned by institutional investors and hedge funds.

Microchip Technology Trading Down 0.9 %

NASDAQ MCHP opened at $87.28 on Wednesday. The stock has a market capitalization of $47.17 billion, a price-to-earnings ratio of 20.39, a PEG ratio of 1.57 and a beta of 1.65. Microchip Technology Incorporated has a one year low of $68.75 and a one year high of $94.30. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.98 and a quick ratio of 0.58. The business’s fifty day moving average is $85.95 and its 200-day moving average is $82.87.

Microchip Technology (NASDAQ:MCHPGet Free Report) last released its earnings results on Thursday, February 1st. The semiconductor company reported $1.08 EPS for the quarter, topping analysts’ consensus estimates of $1.04 by $0.04. The company had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.77 billion. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The business’s revenue for the quarter was down 18.6% compared to the same quarter last year. During the same period in the previous year, the business posted $1.48 EPS. Equities research analysts predict that Microchip Technology Incorporated will post 4.64 EPS for the current year.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 23rd were paid a $0.45 dividend. This is a boost from Microchip Technology’s previous quarterly dividend of $0.44. This represents a $1.80 dividend on an annualized basis and a yield of 2.06%. The ex-dividend date of this dividend was Thursday, February 22nd. Microchip Technology’s payout ratio is currently 42.06%.

Analyst Upgrades and Downgrades

MCHP has been the subject of several analyst reports. Rosenblatt Securities restated a “buy” rating and set a $100.00 price target on shares of Microchip Technology in a report on Tuesday, January 30th. Susquehanna lowered their price target on shares of Microchip Technology from $105.00 to $100.00 and set a “positive” rating for the company in a report on Friday, February 2nd. Truist Financial reduced their price objective on shares of Microchip Technology from $97.00 to $93.00 and set a “buy” rating for the company in a research report on Tuesday, January 9th. Wolfe Research raised shares of Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 price objective for the company in a research report on Thursday, January 18th. Finally, TD Cowen raised their price objective on shares of Microchip Technology from $75.00 to $80.00 and gave the stock a “market perform” rating in a research report on Friday, February 2nd. Six equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, Microchip Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $91.33.

View Our Latest Stock Analysis on MCHP

Insider Activity at Microchip Technology

In related news, Director Karlton D. Johnson sold 370 shares of the business’s stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total value of $31,080.00. Following the sale, the director now directly owns 1,789 shares in the company, valued at approximately $150,276. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Microchip Technology news, Director Karlton D. Johnson sold 370 shares of Microchip Technology stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total transaction of $31,080.00. Following the completion of the transaction, the director now owns 1,789 shares of the company’s stock, valued at approximately $150,276. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO James Eric Bjornholt sold 1,970 shares of Microchip Technology stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $83.90, for a total value of $165,283.00. Following the transaction, the chief financial officer now directly owns 32,893 shares of the company’s stock, valued at approximately $2,759,722.70. The disclosure for this sale can be found here. 2.07% of the stock is currently owned by company insiders.

About Microchip Technology

(Free Report)

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.

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Institutional Ownership by Quarter for Microchip Technology (NASDAQ:MCHP)

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