Procyon Advisors LLC Has $1.31 Million Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Procyon Advisors LLC lifted its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 4.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,557 shares of the semiconductor company’s stock after purchasing an additional 635 shares during the quarter. Procyon Advisors LLC’s holdings in Microchip Technology were worth $1,313,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. Norges Bank acquired a new stake in Microchip Technology in the 4th quarter valued at approximately $412,120,000. Mizuho Markets Americas LLC bought a new position in shares of Microchip Technology during the 3rd quarter worth approximately $225,800,000. Prudential Financial Inc. boosted its stake in shares of Microchip Technology by 98.5% during the 1st quarter. Prudential Financial Inc. now owns 2,056,405 shares of the semiconductor company’s stock worth $154,518,000 after acquiring an additional 1,020,624 shares during the period. Qube Research & Technologies Ltd boosted its stake in shares of Microchip Technology by 122.1% during the 3rd quarter. Qube Research & Technologies Ltd now owns 1,529,186 shares of the semiconductor company’s stock worth $119,353,000 after acquiring an additional 840,526 shares during the period. Finally, Virginia Retirement Systems ET AL bought a new stake in Microchip Technology in the 2nd quarter valued at $69,092,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Insider Activity

In related news, Director Karlton D. Johnson sold 370 shares of the business’s stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total transaction of $31,080.00. Following the completion of the transaction, the director now directly owns 1,789 shares in the company, valued at $150,276. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Microchip Technology news, CFO James Eric Bjornholt sold 1,970 shares of the company’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total transaction of $165,283.00. Following the completion of the transaction, the chief financial officer now owns 32,893 shares of the company’s stock, valued at approximately $2,759,722.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Karlton D. Johnson sold 370 shares of the company’s stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $84.00, for a total value of $31,080.00. Following the transaction, the director now directly owns 1,789 shares of the company’s stock, valued at approximately $150,276. The disclosure for this sale can be found here. 2.07% of the stock is owned by company insiders.

Microchip Technology Stock Performance

Microchip Technology stock traded up $0.14 during mid-day trading on Thursday, reaching $89.33. 363,607 shares of the company’s stock were exchanged, compared to its average volume of 5,734,537. The firm has a market capitalization of $48.27 billion, a PE ratio of 20.84, a P/E/G ratio of 1.54 and a beta of 1.65. The business’s fifty day simple moving average is $86.19 and its 200 day simple moving average is $83.13. The company has a quick ratio of 0.58, a current ratio of 0.98 and a debt-to-equity ratio of 0.57. Microchip Technology Incorporated has a one year low of $68.75 and a one year high of $94.30.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.04 by $0.04. The firm had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.77 billion. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The business’s revenue was down 18.6% on a year-over-year basis. During the same period in the previous year, the company posted $1.48 earnings per share. On average, sell-side analysts expect that Microchip Technology Incorporated will post 4.64 earnings per share for the current year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 23rd were given a $0.45 dividend. The ex-dividend date of this dividend was Thursday, February 22nd. This is a boost from Microchip Technology’s previous quarterly dividend of $0.44. This represents a $1.80 annualized dividend and a dividend yield of 2.02%. Microchip Technology’s payout ratio is 42.06%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on MCHP. Susquehanna reduced their price target on Microchip Technology from $105.00 to $100.00 and set a “positive” rating for the company in a research note on Friday, February 2nd. UBS Group dropped their price objective on Microchip Technology from $105.00 to $95.00 and set a “buy” rating for the company in a report on Friday, February 2nd. Truist Financial dropped their price objective on Microchip Technology from $97.00 to $93.00 and set a “buy” rating for the company in a report on Tuesday, January 9th. Piper Sandler cut Microchip Technology from an “overweight” rating to a “neutral” rating and set a $80.00 price objective for the company. in a report on Thursday, January 4th. Finally, Wolfe Research raised Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 price objective for the company in a report on Thursday, January 18th. Six analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $91.33.

About Microchip Technology

Microchip Technology Incorporated develops, manufactures, and sells 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 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.