Janney Montgomery Scott LLC Purchases 6,857 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Janney Montgomery Scott LLC grew its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 7.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 102,491 shares of the semiconductor company's stock after purchasing an additional 6,857 shares during the quarter. Janney Montgomery Scott LLC's holdings in Microchip Technology were worth $4,962,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the company. Norges Bank bought a new position in Microchip Technology during the 4th quarter worth approximately $452,627,000. Barrow Hanley Mewhinney & Strauss LLC grew its position in Microchip Technology by 273.2% during the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,345,096 shares of the semiconductor company's stock worth $306,541,000 after acquiring an additional 3,912,895 shares during the last quarter. Franklin Resources Inc. grew its position in Microchip Technology by 90.0% during the 4th quarter. Franklin Resources Inc. now owns 6,360,805 shares of the semiconductor company's stock worth $364,792,000 after acquiring an additional 3,013,162 shares during the last quarter. Meritage Group LP bought a new position in Microchip Technology during the 4th quarter worth approximately $145,033,000. Finally, Fiduciary Management Inc. WI bought a new position in Microchip Technology during the 4th quarter worth approximately $119,431,000. 91.51% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on MCHP. Raymond James Financial lifted their price objective on Microchip Technology from $60.00 to $65.00 and gave the stock a "strong-buy" rating in a research report on Friday, May 9th. Truist Financial lifted their price objective on Microchip Technology from $52.00 to $64.00 and gave the stock a "hold" rating in a research report on Wednesday, June 18th. Cantor Fitzgerald began coverage on Microchip Technology in a research report on Wednesday, June 18th. They issued a "neutral" rating and a $70.00 price objective on the stock. Bank of America upgraded Microchip Technology from an "underperform" rating to a "neutral" rating and set a $56.00 price objective on the stock in a research report on Friday, May 9th. Finally, Mizuho lifted their price objective on Microchip Technology from $68.00 to $78.00 and gave the stock an "outperform" rating in a research report on Thursday, June 12th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $70.15.

Microchip Technology Trading Up 1.4%

MCHP opened at $68.97 on Monday. The stock has a market cap of $37.20 billion, a PE ratio of -6,897.00, a PEG ratio of 2.05 and a beta of 1.48. The company has a quick ratio of 1.47, a current ratio of 2.59 and a debt-to-equity ratio of 0.80. The business has a 50 day moving average of $55.54 and a 200-day moving average of $54.93. Microchip Technology Incorporated has a 52 week low of $34.13 and a 52 week high of $96.98.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its earnings results on Thursday, May 8th. The semiconductor company reported $0.11 EPS for the quarter, beating analysts' consensus estimates of $0.10 by $0.01. The company had revenue of $970.50 million during the quarter, compared to analysts' expectations of $962.86 million. Microchip Technology had a positive return on equity of 8.55% and a negative net margin of 0.01%. The firm's revenue for the quarter was down 26.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.57 EPS. Equities research analysts predict that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Thursday, May 22nd were paid a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a yield of 2.64%. The ex-dividend date was Thursday, May 22nd. Microchip Technology's payout ratio is -18,200.00%.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,015 shares of Microchip Technology stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $55.78, for a total transaction of $112,396.70. Following the completion of the transaction, the chief financial officer now owns 34,313 shares in the company, valued at approximately $1,913,979.14. The trade was a 5.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Karlton D. Johnson sold 494 shares of Microchip Technology stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total value of $29,980.86. Following the transaction, the director now owns 3,468 shares of the company's stock, valued at $210,472.92. The trade was a 12.47% decrease in their position. The disclosure for this sale can be found here. 2.10% of the stock is owned by company insiders.

Microchip Technology Company 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.

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