Jones Financial Companies Lllp Buys 2,226 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Jones Financial Companies Lllp boosted its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 15.7% during the 4th quarter, HoldingsChannel reports. The fund owned 16,418 shares of the semiconductor company’s stock after acquiring an additional 2,226 shares during the quarter. Jones Financial Companies Lllp’s holdings in Microchip Technology were worth $942,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Metis Global Partners LLC boosted its stake in Microchip Technology by 1.0% in the 3rd quarter. Metis Global Partners LLC now owns 17,161 shares of the semiconductor company’s stock worth $1,378,000 after purchasing an additional 172 shares during the period. Plato Investment Management Ltd boosted its stake in Microchip Technology by 5.8% in the 3rd quarter. Plato Investment Management Ltd now owns 3,499 shares of the semiconductor company’s stock worth $281,000 after purchasing an additional 191 shares during the period. Summit Global Investments boosted its stake in Microchip Technology by 2.5% in the 3rd quarter. Summit Global Investments now owns 8,463 shares of the semiconductor company’s stock worth $679,000 after purchasing an additional 207 shares during the period. Apollon Wealth Management LLC boosted its stake in Microchip Technology by 0.8% in the 3rd quarter. Apollon Wealth Management LLC now owns 26,475 shares of the semiconductor company’s stock worth $2,126,000 after purchasing an additional 218 shares during the period. Finally, Empower Advisory Group LLC boosted its stake in Microchip Technology by 7.3% in the 3rd quarter. Empower Advisory Group LLC now owns 3,470 shares of the semiconductor company’s stock worth $279,000 after purchasing an additional 237 shares during the period. 91.51% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Microchip Technology

In other news, CFO James Eric Bjornholt sold 3,724 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total transaction of $226,717.12. Following the transaction, the chief financial officer now directly owns 33,272 shares of the company’s stock, valued at approximately $2,025,599.36. This trade represents a 10.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 2.10% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on MCHP. Morgan Stanley reduced their target price on shares of Microchip Technology from $71.00 to $58.00 and set an “equal weight” rating for the company in a research note on Tuesday, February 4th. Piper Sandler restated an “overweight” rating and set a $65.00 price objective (down from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. KeyCorp reduced their price objective on shares of Microchip Technology from $70.00 to $60.00 and set an “overweight” rating for the company in a research note on Friday, February 7th. B. Riley restated a “buy” rating and set a $75.00 price objective (down from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Finally, TD Cowen increased their price objective on shares of Microchip Technology from $50.00 to $60.00 and gave the stock a “hold” rating in a research note on Tuesday, March 4th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Microchip Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $74.37.

Microchip Technology Stock Up 2.6 %

Microchip Technology stock opened at $59.77 on Friday. The stock has a market cap of $32.15 billion, a P/E ratio of 106.73 and a beta of 1.52. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12. Microchip Technology Incorporated has a twelve month low of $50.21 and a twelve month high of $100.57. The company’s 50-day moving average price is $56.98 and its two-hundred day moving average price is $66.68.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. As a group, analysts expect that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Monday, February 24th were issued a $0.455 dividend. The ex-dividend date was Monday, February 24th. This represents a $1.82 annualized dividend and a yield of 3.05%. Microchip Technology’s dividend payout ratio is currently 325.00%.

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.