Argus Investors Counsel Inc. Has $2 Million Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Argus Investors Counsel Inc. grew its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 97.4% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 24,842 shares of the semiconductor company’s stock after buying an additional 12,257 shares during the period. Microchip Technology makes up 1.3% of Argus Investors Counsel Inc.’s portfolio, making the stock its 24th largest position. Argus Investors Counsel Inc.’s holdings in Microchip Technology were worth $1,995,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in MCHP. Financial Counselors Inc. grew its stake in Microchip Technology by 1.1% in the 1st quarter. Financial Counselors Inc. now owns 10,689 shares of the semiconductor company’s stock valued at $959,000 after buying an additional 119 shares during the last quarter. SeaCrest Wealth Management LLC grew its position in shares of Microchip Technology by 3.3% during the 2nd quarter. SeaCrest Wealth Management LLC now owns 4,147 shares of the semiconductor company’s stock worth $379,000 after purchasing an additional 131 shares in the last quarter. Corundum Group Inc. grew its position in shares of Microchip Technology by 3.4% during the 3rd quarter. Corundum Group Inc. now owns 4,315 shares of the semiconductor company’s stock worth $346,000 after purchasing an additional 143 shares in the last quarter. Horizon Bancorp Inc. IN boosted 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 acquiring an additional 145 shares in the last quarter. Finally, Commerzbank Aktiengesellschaft FI boosted its position in shares of Microchip Technology by 4.5% during the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 3,470 shares of the semiconductor company’s stock worth $318,000 after acquiring an additional 148 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Trading Down 0.5 %

MCHP stock traded down $0.37 during midday trading on Tuesday, hitting $74.81. The stock had a trading volume of 683,672 shares, compared to its average volume of 5,943,556. The firm has a market cap of $40.14 billion, a P/E ratio of 21.44 and a beta of 1.52. The company has a current ratio of 1.94, a quick ratio of 1.08 and a debt-to-equity ratio of 0.96. Microchip Technology Incorporated has a 1-year low of $68.75 and a 1-year high of $100.57. The business has a fifty day moving average price of $78.26 and a two-hundred day moving average price of $86.06.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share (EPS) for the quarter, beating 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 business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same quarter in the previous year, the business earned $1.56 earnings per share. Microchip Technology’s revenue for the quarter was down 45.8% on a year-over-year basis. On average, sell-side analysts predict that Microchip Technology Incorporated will post 1.73 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd were paid a $0.454 dividend. 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 2.43%. The ex-dividend date was Thursday, August 22nd. Microchip Technology’s payout ratio is 52.16%.

Wall Street Analyst Weigh In

Several analysts recently issued reports on MCHP shares. Citigroup reduced their price target on shares of Microchip Technology from $104.00 to $92.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Piper Sandler upgraded shares of Microchip Technology from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $90.00 to $100.00 in a research report on Friday, August 16th. Truist Financial lowered shares of Microchip Technology from a “buy” rating to a “hold” rating and reduced their price target for the stock from $89.00 to $80.00 in a research report on Monday, September 23rd. JPMorgan Chase & Co. dropped their price objective on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Finally, Needham & Company LLC dropped their price objective on shares of Microchip Technology from $100.00 to $96.00 and set a “buy” rating for the company in a research note on Monday, August 5th. Six analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $97.89.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of Microchip Technology 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 completion of the sale, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at approximately $2,710,445.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 2.07% of the company’s stock.

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.