O Brien Greene & Co. Inc Takes Position in Microchip Technology Incorporated (NASDAQ:MCHP)

O Brien Greene & Co. Inc acquired a new position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 2,813 shares of the semiconductor company’s stock, valued at approximately $257,000.

Several other large investors have also made changes to their positions in MCHP. Vanguard Group Inc. boosted its position in shares of Microchip Technology by 2.9% in the first quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company’s stock valued at $6,152,646,000 after acquiring an additional 1,921,497 shares during the period. Principal Financial Group Inc. increased its stake in Microchip Technology by 0.4% during 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. Boston Partners grew its holdings in shares of Microchip Technology by 10.7% during the 1st quarter. Boston Partners now owns 7,591,471 shares of the semiconductor company’s stock worth $681,838,000 after purchasing an additional 736,818 shares in the last quarter. Van ECK Associates Corp raised its stake in shares of Microchip Technology by 4.9% in the second quarter. Van ECK Associates Corp now owns 6,363,937 shares of the semiconductor company’s stock valued at $582,301,000 after purchasing an additional 295,626 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its position in Microchip Technology by 17.5% in the first 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 during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on MCHP. Piper Sandler raised shares of Microchip Technology from a “neutral” rating to an “overweight” rating and upped their target price for the company from $90.00 to $100.00 in a research note on Friday, August 16th. TD Cowen cut their target price on Microchip Technology from $90.00 to $80.00 and set a “hold” rating for the company in a research report on Friday, August 2nd. Truist Financial dropped their price objective on Microchip Technology from $96.00 to $89.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Rosenblatt Securities reaffirmed a “buy” rating and issued a $100.00 target price on shares of Microchip Technology in a report on Wednesday, July 31st. Finally, Mizuho raised shares of Microchip Technology from a “neutral” rating to a “buy” rating and lifted their price target for the company from $85.00 to $115.00 in a report on Friday, May 24th. Five equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat, Microchip Technology presently has an average rating of “Moderate Buy” and an average price target of $99.95.

Microchip Technology Stock Performance

Shares of MCHP stock opened at $77.00 on Wednesday. The stock has a 50-day moving average of $82.12 and a 200-day moving average of $87.94. Microchip Technology Incorporated has a one year low of $68.75 and a one year high of $100.57. The stock has a market cap of $41.31 billion, a PE ratio of 22.19 and a beta of 1.53. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.94 and a quick ratio of 1.08.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.01. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. The company had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.24 billion. During the same period last year, the firm posted $1.56 earnings per share. The business’s quarterly revenue was down 45.8% compared to the same quarter last year. As a group, sell-side analysts expect that Microchip Technology Incorporated will post 1.74 earnings per share 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 issued a $0.454 dividend. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a dividend yield of 2.36%. The ex-dividend date of this dividend was Thursday, August 22nd. Microchip Technology’s dividend payout ratio is 52.16%.

Insider Activity

In related news, CFO James Eric Bjornholt sold 2,154 shares of the stock in a transaction that occurred 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 completion of the sale, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at approximately $2,710,445.50. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 2.07% of the stock is currently owned by company 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.