Iams Wealth Management LLC Purchases 2,693 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Iams Wealth Management LLC boosted its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 16.7% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,856 shares of the semiconductor company’s stock after buying an additional 2,693 shares during the period. Iams Wealth Management LLC’s holdings in Microchip Technology were worth $1,514,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Financial Counselors Inc. increased its position in Microchip Technology by 1.1% in the 1st quarter. Financial Counselors Inc. now owns 10,689 shares of the semiconductor company’s stock valued at $959,000 after buying an additional 119 shares in the last quarter. SeaCrest Wealth Management LLC boosted its stake in Microchip Technology by 3.3% during the 2nd quarter. SeaCrest Wealth Management LLC now owns 4,147 shares of the semiconductor company’s stock valued at $379,000 after purchasing an additional 131 shares during the last quarter. Horizon Bancorp Inc. IN boosted its stake in Microchip Technology by 11.8% during the 1st quarter. Horizon Bancorp Inc. IN now owns 1,370 shares of the semiconductor company’s stock valued at $123,000 after purchasing an additional 145 shares during the last quarter. Commerzbank Aktiengesellschaft FI boosted its stake in Microchip Technology by 4.5% during the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 3,470 shares of the semiconductor company’s stock valued at $318,000 after purchasing an additional 148 shares during the last quarter. Finally, Steph & Co. boosted its stake in Microchip Technology by 57.4% during the 1st quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock valued at $37,000 after purchasing an additional 151 shares during the last quarter. 91.51% of the stock is owned by institutional investors.

Insider Transactions at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,154 shares of Microchip Technology stock in a transaction dated 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 owns 33,257 shares in the company, valued at approximately $2,710,445.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 2.07% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on MCHP shares. Susquehanna cut their price target on Microchip Technology from $115.00 to $105.00 and set a “positive” rating for the company in a research note on Friday, August 2nd. JPMorgan Chase & Co. cut their price target 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. StockNews.com downgraded Microchip Technology from a “hold” rating to a “sell” rating in a research note on Tuesday, September 24th. Rosenblatt Securities reaffirmed a “buy” rating and set a $100.00 price target on shares of Microchip Technology in a research report on Wednesday, July 31st. Finally, Piper Sandler upgraded Microchip Technology from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $90.00 to $100.00 in a report on Friday, August 16th. 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 company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $99.47.

Microchip Technology Price Performance

Microchip Technology stock opened at $78.99 on Tuesday. The firm has a market capitalization of $42.38 billion, a P/E ratio of 22.76 and a beta of 1.52. Microchip Technology Incorporated has a one year low of $68.75 and a one year high of $100.57. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.94 and a quick ratio of 1.08. The business has a fifty day moving average price of $78.19 and a 200-day moving average price of $86.49.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.01. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. The company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same period in the previous year, the company posted $1.56 EPS. The firm’s revenue for the quarter was down 45.8% compared to the same quarter last year. As a group, equities research analysts forecast that Microchip Technology Incorporated will post 1.73 EPS for the current year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd were given a dividend of $0.454 per share. This is a positive change 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 2.30%. The ex-dividend date was Thursday, August 22nd. Microchip Technology’s payout ratio is 52.16%.

Microchip Technology Company 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.