Baker Tilly Wealth Management LLC Has $308,000 Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Baker Tilly Wealth Management LLC grew its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 27.9% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,836 shares of the semiconductor company’s stock after purchasing an additional 836 shares during the period. Baker Tilly Wealth Management LLC’s holdings in Microchip Technology were worth $308,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Pathway Financial Advisers LLC bought a new stake in shares of Microchip Technology during the first quarter worth $39,000. Versant Capital Management Inc grew its position in Microchip Technology by 148.8% during the 2nd quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock worth $48,000 after acquiring an additional 317 shares during the last quarter. Wolff Wiese Magana LLC increased its holdings in Microchip Technology by 55.2% in the 3rd quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock worth $49,000 after purchasing an additional 218 shares in the last quarter. CarsonAllaria Wealth Management Ltd. bought a new position in Microchip Technology in the first quarter valued at about $54,000. Finally, TruNorth Capital Management LLC acquired a new stake in shares of Microchip Technology during the second quarter valued at about $55,000. 91.51% of the stock is owned by institutional investors.

Microchip Technology Trading Up 1.2 %

Shares of Microchip Technology stock opened at $77.20 on Tuesday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.08 and a current ratio of 1.94. Microchip Technology Incorporated has a 52 week low of $68.75 and a 52 week high of $100.57. The stock has a 50 day moving average price of $77.84 and a two-hundred day moving average price of $85.60. The stock has a market capitalization of $41.42 billion, a PE ratio of 22.25 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results 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 business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same quarter in the previous year, the business posted $1.56 EPS. Microchip Technology’s quarterly revenue was down 45.8% on a year-over-year basis. As a group, equities analysts anticipate 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. Stockholders of record on Thursday, August 22nd were issued a $0.454 dividend. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.35%. The ex-dividend date of this dividend was Thursday, August 22nd. Microchip Technology’s dividend payout ratio (DPR) is presently 52.16%.

Insider Activity

In related news, CFO James Eric Bjornholt sold 2,154 shares of the stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $81.50, for a total transaction of $175,551.00. Following the sale, the chief financial officer now owns 33,257 shares of the company’s stock, valued at approximately $2,710,445.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 2.07% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on MCHP. Rosenblatt Securities reaffirmed a “buy” rating and issued a $100.00 price objective on shares of Microchip Technology in a research note on Wednesday, July 31st. Needham & Company LLC reduced their price objective on shares of Microchip Technology from $100.00 to $96.00 and set a “buy” rating on the stock in a research note on Monday, August 5th. JPMorgan Chase & Co. lowered their target price on Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Bank of America lowered Microchip Technology from a “buy” rating to a “neutral” rating and reduced their price target for the company from $110.00 to $90.00 in a research report on Friday, August 2nd. Finally, B. Riley cut their price objective on Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Six investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $97.89.

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.