O Brien Greene & Co. Inc Buys New Position in Microchip Technology Incorporated (NASDAQ:MCHP)

O Brien Greene & Co. Inc purchased a new position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) in the second quarter, HoldingsChannel reports. The fund purchased 2,813 shares of the semiconductor company’s stock, valued at approximately $257,000.

Other hedge funds also recently made changes to their positions in the company. Financial Counselors Inc. increased its holdings in shares of Microchip Technology by 1.1% during the first quarter. Financial Counselors Inc. now owns 10,689 shares of the semiconductor company’s stock worth $959,000 after purchasing an additional 119 shares during the period. SeaCrest Wealth Management LLC grew its holdings 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. Meridian Wealth Management LLC increased its position in shares of Microchip Technology by 5.1% in the first quarter. Meridian Wealth Management LLC now owns 2,810 shares of the semiconductor company’s stock worth $252,000 after purchasing an additional 137 shares during the period. Horizon Bancorp Inc. IN raised its stake in Microchip Technology by 11.8% in the first quarter. Horizon Bancorp Inc. IN now owns 1,370 shares of the semiconductor company’s stock valued at $123,000 after purchasing an additional 145 shares in the last quarter. Finally, Commerzbank Aktiengesellschaft FI lifted its position in Microchip Technology by 4.5% during the second quarter. Commerzbank Aktiengesellschaft FI now owns 3,470 shares of the semiconductor company’s stock worth $318,000 after purchasing an additional 148 shares during the period. 91.51% of the stock is owned by institutional investors.

Microchip Technology Stock Performance

Shares of MCHP stock opened at $77.00 on Wednesday. The stock has a market capitalization of $41.31 billion, a PE ratio of 22.19 and a beta of 1.53. The business’s 50 day simple moving average is $82.12 and its 200 day simple moving average is $87.94. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.94 and a quick ratio of 1.08. Microchip Technology Incorporated has a one year low of $68.75 and a one year high of $100.57.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.01. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. The company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same period in the prior year, the firm posted $1.56 EPS. The company’s quarterly revenue was down 45.8% on a year-over-year basis. As a group, research analysts forecast that Microchip Technology Incorporated will post 1.74 earnings per share for the current year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd were given a $0.454 dividend. The ex-dividend date was Thursday, August 22nd. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a dividend yield of 2.36%. Microchip Technology’s dividend payout ratio (DPR) is 52.16%.

Analyst Ratings Changes

Several equities analysts have recently commented on MCHP shares. Bank of America cut shares of Microchip Technology from a “buy” rating to a “neutral” rating and dropped their target price for the company from $110.00 to $90.00 in a research report on Friday, August 2nd. B. Riley lowered their price objective on shares of Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Mizuho raised Microchip Technology from a “neutral” rating to a “buy” rating and raised their target price for the company from $85.00 to $115.00 in a report on Friday, May 24th. TD Cowen decreased their price target on Microchip Technology from $90.00 to $80.00 and set a “hold” rating on the stock in a research note on Friday, August 2nd. Finally, Citigroup reduced their price objective on Microchip Technology from $104.00 to $92.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Five investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $99.95.

Insider Activity

In related news, CFO James Eric Bjornholt sold 2,154 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $81.50, for a total transaction of $175,551.00. Following the completion of the sale, the chief financial officer now owns 33,257 shares of the company’s stock, valued at $2,710,445.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.07% of the stock is owned by company insiders.

About Microchip Technology

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.