Novare Capital Management LLC Has $9.62 Million Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Novare Capital Management LLC raised its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 0.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 119,783 shares of the semiconductor company’s stock after buying an additional 256 shares during the period. Novare Capital Management LLC’s holdings in Microchip Technology were worth $9,617,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of MCHP. Vanguard Group Inc. raised its holdings in Microchip Technology by 2.9% during the first quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company’s stock worth $6,152,646,000 after acquiring an additional 1,921,497 shares in the last quarter. Principal Financial Group Inc. raised its stake in shares of Microchip Technology by 0.4% during the 2nd quarter. Principal Financial Group Inc. now owns 9,246,403 shares of the semiconductor company’s stock worth $846,046,000 after purchasing an additional 33,603 shares in the last quarter. Boston Partners boosted its holdings in shares of Microchip Technology by 10.7% in the 1st quarter. Boston Partners now owns 7,591,471 shares of the semiconductor company’s stock valued at $681,838,000 after buying an additional 736,818 shares during the last quarter. Van ECK Associates Corp grew 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 buying an additional 295,626 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its holdings in Microchip Technology by 17.5% during 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 buying an additional 673,992 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,154 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total transaction of $175,551.00. Following the completion of the transaction, the chief financial officer now directly owns 33,257 shares in the company, valued at $2,710,445.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 2.07% of the company’s stock.

Microchip Technology Price Performance

NASDAQ:MCHP traded up $0.41 during trading hours on Monday, reaching $78.39. 749,353 shares of the company were exchanged, compared to its average volume of 5,976,643. The business has a 50 day moving average of $78.09 and a 200 day moving average of $86.57. Microchip Technology Incorporated has a 1-year low of $68.75 and a 1-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 company has a market capitalization of $42.06 billion, a P/E ratio of 22.47 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.01. The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. The business’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 posted $1.56 earnings per share. Research analysts forecast that Microchip Technology Incorporated will post 1.73 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Thursday, August 22nd were given a dividend of $0.454 per share. 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 2.32%. The ex-dividend date of this dividend was Thursday, August 22nd. Microchip Technology’s dividend payout ratio is currently 52.16%.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. StockNews.com cut shares of Microchip Technology from a “hold” rating to a “sell” rating in a research note on Tuesday, September 24th. Rosenblatt Securities reiterated a “buy” rating and set a $100.00 price target on shares of Microchip Technology in a report on Wednesday, July 31st. Piper Sandler upgraded Microchip Technology from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $90.00 to $100.00 in a research note on Friday, August 16th. JPMorgan Chase & Co. cut their price objective on Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Finally, Needham & Company LLC dropped their price target on Microchip Technology from $100.00 to $96.00 and set a “buy” rating on the stock in a research note on Monday, August 5th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, Microchip Technology has an average rating of “Moderate Buy” and an average 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.