Apollon Wealth Management LLC Raises Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Apollon Wealth Management LLC raised its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 7.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 26,257 shares of the semiconductor company’s stock after purchasing an additional 1,880 shares during the quarter. Apollon Wealth Management LLC’s holdings in Microchip Technology were worth $2,403,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of MCHP. Vanguard Group Inc. lifted its stake in Microchip Technology by 2.9% in 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 during the period. Principal Financial Group Inc. increased its holdings in shares of Microchip Technology by 0.9% during the fourth quarter. Principal Financial Group Inc. now owns 9,279,166 shares of the semiconductor company’s stock valued at $836,795,000 after acquiring an additional 87,203 shares in the last quarter. Boston Partners increased its holdings in shares of Microchip Technology by 10.7% during the first quarter. Boston Partners now owns 7,591,471 shares of the semiconductor company’s stock valued at $681,838,000 after acquiring an additional 736,818 shares in the last quarter. Norges Bank acquired a new position in shares of Microchip Technology during the fourth quarter valued at about $672,196,000. Finally, Van ECK Associates Corp increased its holdings in Microchip Technology by 17.2% in the 1st quarter. Van ECK Associates Corp now owns 6,068,311 shares of the semiconductor company’s stock worth $544,388,000 after buying an additional 891,297 shares during the period. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Up 1.5 %

Shares of MCHP traded up $1.18 during midday trading on Monday, hitting $82.03. The stock had a trading volume of 5,534,368 shares, compared to its average volume of 6,037,358. The firm has a market cap of $44.01 billion, a price-to-earnings ratio of 23.64 and a beta of 1.54. The company has a 50 day simple moving average of $87.93 and a two-hundred day simple moving average of $88.66. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.20 and a quick ratio of 0.67. Microchip Technology Incorporated has a twelve month low of $68.75 and a twelve month high of $100.57.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly 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. The business had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. Microchip Technology had a return on equity of 27.82% and a net margin of 20.80%. The firm’s revenue for the quarter was down 45.8% compared to the same quarter last year. During the same period in the previous year, the company posted $1.56 earnings per share. On average, analysts anticipate that Microchip Technology Incorporated will post 2.35 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Thursday, August 22nd will be paid a $0.454 dividend. This represents a $1.82 dividend on an annualized basis and a yield of 2.21%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date is Thursday, August 22nd. Microchip Technology’s payout ratio is currently 52.16%.

Insider Buying and Selling at Microchip Technology

In other news, CFO James Eric Bjornholt sold 3,188 shares of the company’s stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $99.98, for a total value of $318,736.24. Following the transaction, the chief financial officer now owns 33,257 shares in the company, valued at $3,325,034.86. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Microchip Technology news, CFO James Eric Bjornholt sold 3,188 shares of the stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $99.98, for a total transaction of $318,736.24. Following the completion of the transaction, the chief financial officer now owns 33,257 shares in the company, valued at $3,325,034.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Matthew W. Chapman sold 2,748 shares of Microchip Technology stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $93.88, for a total transaction of $257,982.24. Following the sale, the director now owns 35,682 shares of the company’s stock, valued at approximately $3,349,826.16. The disclosure for this sale can be found here. Insiders sold a total of 6,163 shares of company stock valued at $598,737 in the last three months. Company insiders own 2.07% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on MCHP shares. Needham & Company LLC lowered their price objective on Microchip Technology from $100.00 to $96.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. KeyCorp boosted their price objective on shares of Microchip Technology from $90.00 to $110.00 and gave the company an “overweight” rating in a report on Tuesday, May 7th. Susquehanna cut their price target on shares of Microchip Technology from $115.00 to $105.00 and set a “positive” rating on the stock in a research note on Friday, August 2nd. Mizuho raised Microchip Technology from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $85.00 to $115.00 in a research report on Friday, May 24th. Finally, UBS Group upped their price target on Microchip Technology from $95.00 to $103.00 and gave the company a “buy” rating in a report on Tuesday, May 7th. Five research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $99.95.

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.