Twelve Points Wealth Management LLC Buys 676 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Twelve Points Wealth Management LLC increased its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 5.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 13,425 shares of the semiconductor company’s stock after purchasing an additional 676 shares during the quarter. Twelve Points Wealth Management LLC’s holdings in Microchip Technology were worth $1,078,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of MCHP. Wolff Wiese Magana LLC increased its stake in Microchip Technology by 55.2% in the third quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock valued at $49,000 after acquiring an additional 218 shares during the last quarter. Indiana Trust & Investment Management Co raised its stake in Microchip Technology by 25.0% during the third quarter. Indiana Trust & Investment Management Co now owns 1,249 shares of the semiconductor company’s stock worth $100,000 after acquiring an additional 250 shares in the last quarter. Vontobel Holding Ltd. lifted its holdings in shares of Microchip Technology by 24.4% in the third quarter. Vontobel Holding Ltd. now owns 67,532 shares of the semiconductor company’s stock worth $5,422,000 after acquiring an additional 13,245 shares during the last quarter. Swedbank AB grew its holdings in shares of Microchip Technology by 62.3% during the 3rd quarter. Swedbank AB now owns 34,885 shares of the semiconductor company’s stock valued at $2,801,000 after purchasing an additional 13,392 shares during the last quarter. Finally, Boomfish Wealth Group LLC increased its position in Microchip Technology by 18.6% during the 3rd quarter. Boomfish Wealth Group LLC now owns 28,552 shares of the semiconductor company’s stock worth $2,292,000 after purchasing an additional 4,472 shares in the last quarter. 91.51% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Bank of America cut shares of Microchip Technology from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $110.00 to $90.00 in a research note on Friday, August 2nd. StockNews.com lowered Microchip Technology from a “hold” rating to a “sell” rating in a research report on Tuesday, September 24th. Truist Financial downgraded Microchip Technology from a “buy” rating to a “hold” rating and dropped their target price for the company from $89.00 to $80.00 in a research report on Monday, September 23rd. JPMorgan Chase & Co. lowered their price objective on Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Finally, Citigroup cut their target price on shares of Microchip Technology from $104.00 to $92.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, Microchip Technology presently has an average rating of “Moderate Buy” and a consensus target price of $99.47.

Microchip Technology Trading Up 0.9 %

NASDAQ MCHP opened at $75.89 on Thursday. Microchip Technology Incorporated has a 12 month low of $68.75 and a 12 month high of $100.57. The company has a current ratio of 1.94, a quick ratio of 1.08 and a debt-to-equity ratio of 0.96. The firm has a market capitalization of $40.72 billion, a P/E ratio of 21.87 and a beta of 1.52. The business has a fifty day simple moving average of $78.28 and a 200 day simple moving average of $86.32.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.01. The business had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.24 billion. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. The firm’s revenue for the quarter was down 45.8% compared to the same quarter last year. During the same period in the previous year, the company earned $1.56 earnings per share. On average, analysts predict that Microchip Technology Incorporated will post 1.73 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd were paid a dividend of $0.454 per share. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.39%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Thursday, August 22nd. Microchip Technology’s payout ratio is presently 52.16%.

Insider Buying and Selling

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of the firm’s stock in a transaction on 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 sale, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at $2,710,445.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 2.07% of the stock is currently owned by corporate insiders.

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.