Merit Financial Group LLC Has $1.18 Million Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Merit Financial Group LLC grew its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 17.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 24,384 shares of the semiconductor company’s stock after acquiring an additional 3,701 shares during the period. Merit Financial Group LLC’s holdings in Microchip Technology were worth $1,180,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Consolidated Planning Corp acquired a new stake in shares of Microchip Technology in the 4th quarter valued at about $308,000. one8zero8 LLC acquired a new stake in shares of Microchip Technology in the 4th quarter valued at about $384,000. Truist Financial Corp grew its stake in shares of Microchip Technology by 5.8% in the 4th quarter. Truist Financial Corp now owns 959,439 shares of the semiconductor company’s stock valued at $55,024,000 after buying an additional 52,222 shares during the period. Vanguard Group Inc. grew its stake in shares of Microchip Technology by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 68,912,345 shares of the semiconductor company’s stock valued at $3,952,123,000 after buying an additional 569,699 shares during the period. Finally, Franklin Resources Inc. grew its stake in shares of Microchip Technology by 90.0% in the 4th quarter. Franklin Resources Inc. now owns 6,360,805 shares of the semiconductor company’s stock valued at $364,792,000 after buying an additional 3,013,162 shares during the period. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently commented on MCHP. Bank of America upgraded Microchip Technology from an “underperform” rating to a “neutral” rating and set a $56.00 target price for the company in a research note on Friday, May 9th. Mizuho lifted their price target on Microchip Technology from $58.00 to $68.00 and gave the company an “outperform” rating in a research note on Tuesday, March 4th. Stifel Nicolaus increased their price objective on Microchip Technology from $60.00 to $70.00 and gave the stock a “buy” rating in a research note on Friday, May 9th. Needham & Company LLC restated a “buy” rating and set a $66.00 price objective on shares of Microchip Technology in a research note on Friday, May 9th. Finally, Evercore ISI raised their price target on shares of Microchip Technology from $65.00 to $71.00 and gave the company an “outperform” rating in a research report on Tuesday, March 4th. One research analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $67.68.

Insider Transactions at Microchip Technology

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

Microchip Technology Stock Performance

Shares of MCHP stock opened at $65.25 on Friday. The firm has a market cap of $35.20 billion, a price-to-earnings ratio of 116.52 and a beta of 1.48. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.23 and a current ratio of 2.25. Microchip Technology Incorporated has a 52 week low of $34.13 and a 52 week high of $96.98. The firm’s 50-day simple moving average is $49.94 and its two-hundred day simple moving average is $54.89.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Thursday, May 8th. The semiconductor company reported $0.11 EPS for the quarter, topping the consensus estimate of $0.10 by $0.01. The business had revenue of $970.50 million for the quarter, compared to analyst estimates of $962.86 million. Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. The company’s revenue for the quarter was down 26.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.57 earnings per share. As a group, equities analysts forecast that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd were paid a $0.455 dividend. The ex-dividend date was Thursday, May 22nd. This represents a $1.82 annualized dividend and a dividend yield of 2.79%. Microchip Technology’s payout ratio is -18,200.00%.

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.