Valley National Advisers Inc. Has $248,000 Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Valley National Advisers Inc. reduced its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 72.4% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 3,108 shares of the semiconductor company’s stock after selling 8,147 shares during the quarter. Valley National Advisers Inc.’s holdings in Microchip Technology were worth $248,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Pathway Financial Advisers LLC bought a new stake in shares of Microchip Technology during the 1st quarter worth $39,000. Versant Capital Management Inc grew its position in shares of Microchip Technology by 148.8% in the second 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 during the last quarter. Wolff Wiese Magana LLC increased 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 worth $49,000 after purchasing an additional 218 shares during the period. CarsonAllaria Wealth Management Ltd. acquired a new position in shares of Microchip Technology during the 1st quarter worth about $54,000. Finally, TruNorth Capital Management LLC bought a new stake in Microchip Technology during the 2nd quarter valued at approximately $55,000. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Trading Up 0.6 %

Shares of Microchip Technology stock opened at $76.29 on Monday. Microchip Technology Incorporated has a 12-month low of $68.75 and a 12-month high of $100.57. The stock has a market capitalization of $40.93 billion, a P/E ratio of 21.99 and a beta of 1.52. The company has a 50-day simple moving average of $77.93 and a 200 day simple moving average of $85.68. The company has a quick ratio of 1.08, a current ratio of 1.94 and a debt-to-equity ratio of 0.96.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data 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. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. The firm had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.24 billion. During the same period in the prior year, the firm earned $1.56 earnings per share. The company’s quarterly revenue was down 45.8% compared to the same quarter last year. Research analysts expect that Microchip Technology Incorporated will post 1.73 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd were paid a $0.454 dividend. The ex-dividend date of this dividend was Thursday, August 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 2.38%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s payout ratio is currently 52.16%.

Insider Transactions at Microchip Technology

In related 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 value of $175,551.00. Following the completion of the transaction, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at $2,710,445.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 2.07% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on MCHP shares. Piper Sandler raised 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 research report on Friday, August 16th. Citigroup cut their target price on shares of Microchip Technology from $104.00 to $92.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Bank of America lowered shares of Microchip Technology from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $110.00 to $90.00 in a research report on Friday, August 2nd. Susquehanna cut their price objective on shares of Microchip Technology from $105.00 to $95.00 and set a “positive” rating for the company in a research report on Monday, October 21st. Finally, Morgan Stanley downgraded Microchip Technology from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $102.00 to $100.00 in a research report on Thursday, July 11th. Six analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Microchip Technology presently has a consensus rating of “Moderate Buy” and an average target price of $97.89.

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.