Concurrent Investment Advisors LLC Grows Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Concurrent Investment Advisors LLC raised its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 8.4% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 69,860 shares of the semiconductor company’s stock after acquiring an additional 5,406 shares during the period. Concurrent Investment Advisors LLC’s holdings in Microchip Technology were worth $5,609,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Pinnacle Associates Ltd. lifted its stake in Microchip Technology by 50.0% during the third quarter. Pinnacle Associates Ltd. now owns 105,694 shares of the semiconductor company’s stock worth $8,486,000 after purchasing an additional 35,213 shares during the last quarter. Swedbank AB purchased a new stake in shares of Microchip Technology in the 1st quarter valued at $1,079,000. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Microchip Technology by 12.0% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 870,072 shares of the semiconductor company’s stock valued at $69,355,000 after purchasing an additional 93,464 shares during the last quarter. SageView Advisory Group LLC raised its position in Microchip Technology by 507.5% in the 1st quarter. SageView Advisory Group LLC now owns 17,307 shares of the semiconductor company’s stock worth $1,553,000 after purchasing an additional 14,458 shares during the period. Finally, Zurich Insurance Group Ltd FI bought a new stake in Microchip Technology in the second quarter worth $42,538,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have recently commented on MCHP shares. Needham & Company LLC decreased their price objective on Microchip Technology from $96.00 to $85.00 and set a “buy” rating on the stock in a report on Wednesday. JPMorgan Chase & Co. dropped their price objective on Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Evercore ISI restated an “outperform” rating and issued a $95.00 target price (down previously from $101.00) on shares of Microchip Technology in a report on Wednesday. Susquehanna lowered their price target on shares of Microchip Technology from $95.00 to $90.00 and set a “positive” rating for the company in a report on Wednesday. Finally, B. Riley cut their price target on shares of Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Six equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, Microchip Technology currently has an average rating of “Moderate Buy” and a consensus target price of $92.00.

Insider Activity at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,154 shares of Microchip Technology stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $81.50, for a total value of $175,551.00. Following the completion of the transaction, the chief financial officer now owns 33,257 shares of the company’s stock, valued at $2,710,445.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.10% of the stock is owned by corporate insiders.

Microchip Technology Stock Down 1.8 %

Shares of Microchip Technology stock opened at $73.75 on Thursday. Microchip Technology Incorporated has a 1 year low of $71.76 and a 1 year high of $100.57. The firm has a market cap of $39.57 billion, a price-to-earnings ratio of 51.57 and a beta of 1.53. The company has a 50-day moving average of $77.05 and a 200 day moving average of $85.12. 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 Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be paid a $0.455 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $1.82 annualized dividend and a dividend yield of 2.47%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio is presently 126.57%.

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.