Concurrent Investment Advisors LLC Buys 5,406 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Concurrent Investment Advisors LLC increased its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 8.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 69,860 shares of the semiconductor company’s stock after acquiring an additional 5,406 shares during the quarter. Concurrent Investment Advisors LLC’s holdings in Microchip Technology were worth $5,609,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the stock. Pathway Financial Advisers LLC bought a new stake in shares of Microchip Technology during the first quarter valued at approximately $39,000. Versant Capital Management Inc increased its stake in Microchip Technology by 148.8% during the 2nd quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock valued at $48,000 after purchasing an additional 317 shares in the last quarter. Wolff Wiese Magana LLC lifted its stake in shares of 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 buying an additional 218 shares in the last quarter. CarsonAllaria Wealth Management Ltd. acquired a new position in shares of Microchip Technology during the first quarter valued at about $54,000. Finally, TruNorth Capital Management LLC bought a new stake in shares of Microchip Technology during the second quarter worth about $55,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $81.50, for a total transaction of $175,551.00. Following the sale, the chief financial officer now owns 33,257 shares in the company, valued at $2,710,445.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 2.10% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on MCHP shares. Morgan Stanley cut shares of Microchip Technology from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $102.00 to $100.00 in a research report on Thursday, July 11th. StockNews.com raised Microchip Technology from a “sell” rating to a “hold” rating in a research report on Thursday, October 17th. Susquehanna lowered their price target on Microchip Technology from $95.00 to $90.00 and set a “positive” rating for the company in a research report on Wednesday. Truist Financial lowered shares of 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 research note on Monday, September 23rd. Finally, Citigroup lowered their target price on shares of Microchip Technology from $92.00 to $82.00 and set a “buy” rating for the company in a report on Wednesday. Six research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, Microchip Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $92.00.

Microchip Technology Price Performance

NASDAQ MCHP opened at $73.75 on Thursday. The company has a quick ratio of 1.08, a current ratio of 1.94 and a debt-to-equity ratio of 0.96. The company has a market cap of $39.57 billion, a PE ratio of 51.57 and a beta of 1.53. Microchip Technology Incorporated has a 52 week low of $71.76 and a 52 week high of $100.57. The firm’s 50-day simple moving average is $77.05 and its two-hundred day simple moving average is $85.12.

Microchip Technology Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be paid a dividend of $0.455 per share. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.47%. The ex-dividend date of this dividend is Friday, November 22nd. Microchip Technology’s dividend payout ratio is presently 126.57%.

About Microchip Technology

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.