Buck Wealth Strategies LLC Invests $6.56 Million in Microchip Technology Incorporated (NASDAQ:MCHP)

Buck Wealth Strategies LLC bought a new position in Microchip Technology Incorporated (NASDAQ:MCHP) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 71,675 shares of the semiconductor company’s stock, valued at approximately $6,558,000.

Several other institutional investors and hedge funds have also made changes to their positions in MCHP. Financial Counselors Inc. grew its holdings in Microchip Technology by 1.1% during the first quarter. Financial Counselors Inc. now owns 10,689 shares of the semiconductor company’s stock worth $959,000 after acquiring an additional 119 shares during the period. SeaCrest Wealth Management LLC raised its stake in shares of Microchip Technology by 3.3% in the second 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 in the last quarter. Meridian Wealth Management LLC boosted its holdings in Microchip Technology by 5.1% during the first quarter. Meridian Wealth Management LLC now owns 2,810 shares of the semiconductor company’s stock valued at $252,000 after purchasing an additional 137 shares in the last quarter. Horizon Bancorp Inc. IN lifted its position in shares of Microchip Technology by 11.8% during the 1st quarter. Horizon Bancorp Inc. IN now owns 1,370 shares of the semiconductor company’s stock worth $123,000 after buying an additional 145 shares during the period. Finally, Commerzbank Aktiengesellschaft FI boosted its stake in shares of Microchip Technology by 4.5% in 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 in the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,154 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total value of $175,551.00. Following the sale, the chief financial officer now owns 33,257 shares of the company’s stock, valued at $2,710,445.50. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 2.07% of the company’s stock.

Microchip Technology Trading Up 0.3 %

Shares of Microchip Technology stock opened at $80.59 on Friday. 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 capitalization of $43.24 billion, a price-to-earnings ratio of 23.22 and a beta of 1.53. The firm’s 50-day moving average price is $79.81 and its two-hundred day moving average price is $87.32. Microchip Technology Incorporated has a 12-month low of $68.75 and a 12-month high of $100.57.

Microchip Technology (NASDAQ:MCHP) last announced 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. The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. Microchip Technology’s revenue for the quarter was down 45.8% on a year-over-year basis. During the same period in the prior year, the company earned $1.56 EPS. On average, analysts forecast that Microchip Technology Incorporated will post 1.74 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd were given a $0.454 dividend. The ex-dividend date was Thursday, August 22nd. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a yield of 2.25%. Microchip Technology’s dividend payout ratio (DPR) is currently 52.45%.

Analyst Upgrades and Downgrades

MCHP has been the subject of several recent analyst reports. Piper Sandler raised shares of Microchip Technology from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $90.00 to $100.00 in a report on Friday, August 16th. Bank of America cut Microchip Technology from a “buy” rating to a “neutral” rating and decreased their price target for the company from $110.00 to $90.00 in a report on Friday, August 2nd. Needham & Company LLC reduced their target price on shares of Microchip Technology from $100.00 to $96.00 and set a “buy” rating on the stock in a research note on Monday, August 5th. Citigroup dropped their price target 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. Finally, Susquehanna dropped their target price on shares of Microchip Technology from $115.00 to $105.00 and set a “positive” rating for the company in a research report on Friday, August 2nd. One analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $99.47.

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.