Glass Wealth Management Co LLC Has $2.17 Million Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Glass Wealth Management Co LLC lifted its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 10.5% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 27,012 shares of the semiconductor company’s stock after purchasing an additional 2,575 shares during the period. Glass Wealth Management Co LLC’s holdings in Microchip Technology were worth $2,169,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. Principal Financial Group Inc. boosted its position in shares of Microchip Technology by 0.4% in the second quarter. Principal Financial Group Inc. now owns 9,246,403 shares of the semiconductor company’s stock valued at $846,046,000 after acquiring an additional 33,603 shares during the period. Van ECK Associates Corp raised its stake in Microchip Technology by 25.1% in the 3rd quarter. Van ECK Associates Corp now owns 7,961,200 shares of the semiconductor company’s stock worth $599,239,000 after purchasing an additional 1,597,263 shares in the last quarter. Boston Partners boosted its holdings in Microchip Technology by 10.7% in the 1st quarter. Boston Partners now owns 7,591,471 shares of the semiconductor company’s stock valued at $681,838,000 after purchasing an additional 736,818 shares during the period. Price T Rowe Associates Inc. MD grew its position in shares of Microchip Technology by 17.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,527,709 shares of the semiconductor company’s stock worth $406,182,000 after purchasing an additional 673,992 shares in the last quarter. Finally, Legal & General Group Plc increased its holdings in shares of Microchip Technology by 2.4% during the second quarter. Legal & General Group Plc now owns 4,455,317 shares of the semiconductor company’s stock worth $407,660,000 after purchasing an additional 103,807 shares during the period. 91.51% of the stock is currently owned by institutional investors.

Microchip Technology Stock Down 4.2 %

Shares of NASDAQ:MCHP opened at $62.86 on Monday. Microchip Technology Incorporated has a 52-week low of $62.63 and a 52-week high of $100.57. The company has a market capitalization of $33.76 billion, a PE ratio of 43.96 and a beta of 1.53. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88. The company has a fifty day moving average of $75.65 and a 200-day moving average of $84.03.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The business had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same quarter in the prior year, the firm earned $1.54 EPS. The business’s revenue for the quarter was down 48.4% compared to the same quarter last year. On average, equities analysts predict that Microchip Technology Incorporated will post 1.38 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be issued a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a yield of 2.90%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Friday, November 22nd. Microchip Technology’s payout ratio is presently 127.27%.

Wall Street Analysts Forecast Growth

MCHP has been the subject of several recent research reports. Evercore ISI reiterated an “outperform” rating and issued a $95.00 price target (down from $101.00) on shares of Microchip Technology in a research note on Wednesday, November 6th. Truist Financial lowered Microchip Technology from a “buy” rating to a “hold” rating and reduced their target price for the stock from $89.00 to $80.00 in a report on Monday, September 23rd. TD Cowen decreased their price target on Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a research report on Wednesday, November 6th. 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. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $90.00 target price on shares of Microchip Technology in a report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $92.00.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of the company’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 sale, the chief financial officer now owns 33,257 shares in the company, valued at approximately $2,710,445.50. The trade was a 6.08 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 2.10% of the company’s stock.

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.