Boomfish Wealth Group LLC Acquires 4,472 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Boomfish Wealth Group LLC increased its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 18.6% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 28,552 shares of the semiconductor company’s stock after purchasing an additional 4,472 shares during the quarter. Boomfish Wealth Group LLC’s holdings in Microchip Technology were worth $2,292,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the business. Iams Wealth Management LLC lifted its stake in shares of Microchip Technology by 16.7% in the 3rd quarter. Iams Wealth Management LLC now owns 18,856 shares of the semiconductor company’s stock valued at $1,514,000 after acquiring an additional 2,693 shares during the last quarter. Creative Planning increased its stake in Microchip Technology by 0.6% in the 3rd quarter. Creative Planning now owns 116,549 shares of the semiconductor company’s stock worth $9,358,000 after purchasing an additional 719 shares during the period. CX Institutional lifted its position in Microchip Technology by 6.4% in the third quarter. CX Institutional now owns 12,902 shares of the semiconductor company’s stock valued at $1,036,000 after purchasing an additional 776 shares during the last quarter. M. Kraus & Co boosted its stake in shares of Microchip Technology by 0.5% during the third quarter. M. Kraus & Co now owns 100,380 shares of the semiconductor company’s stock valued at $8,060,000 after purchasing an additional 452 shares during the period. Finally, Procyon Advisors LLC grew its holdings in shares of Microchip Technology by 1.8% in the third quarter. Procyon Advisors LLC now owns 15,547 shares of the semiconductor company’s stock worth $1,248,000 after purchasing an additional 278 shares during the last quarter. 91.51% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have weighed in on MCHP. TD Cowen dropped their price target on shares of Microchip Technology from $90.00 to $80.00 and set a “hold” rating for the company in a research report on Friday, August 2nd. JPMorgan Chase & Co. dropped their target price on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. StockNews.com downgraded Microchip Technology from a “hold” rating to a “sell” rating in a report on Tuesday, September 24th. Needham & Company LLC dropped their price objective on Microchip Technology from $100.00 to $96.00 and set a “buy” rating for the company in a report on Monday, August 5th. Finally, Truist Financial lowered Microchip Technology from a “buy” rating to a “hold” rating and cut their price objective for the stock from $89.00 to $80.00 in a research report on Monday, September 23rd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $99.47.

Microchip Technology Price Performance

Shares of NASDAQ MCHP opened at $78.99 on Tuesday. The company has a 50 day simple moving average of $78.19 and a two-hundred day simple moving average of $86.49. Microchip Technology Incorporated has a fifty-two week low of $68.75 and a fifty-two week high of $100.57. The company has a market capitalization of $42.38 billion, a price-to-earnings ratio of 22.76 and a beta of 1.52. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.08 and a current ratio of 1.94.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, topping the consensus estimate of $0.52 by $0.01. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. The business had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same period in the previous year, the company posted $1.56 earnings per share. The company’s revenue for the quarter was down 45.8% compared to the same quarter last year. Analysts expect that Microchip Technology Incorporated will post 1.73 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Thursday, August 22nd were paid a $0.454 dividend. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. 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 2.30%. Microchip Technology’s payout ratio is presently 52.16%.

Insider Activity at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,154 shares of the 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 sale, the chief financial officer now owns 33,257 shares in the company, valued at $2,710,445.50. This represents 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. 2.07% of the stock is currently owned by insiders.

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.