Chapin Davis Inc. Sells 1,000 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Chapin Davis Inc. decreased its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 29.5% during the 1st quarter, Holdings Channel reports. The institutional investor owned 2,390 shares of the semiconductor company’s stock after selling 1,000 shares during the period. Chapin Davis Inc.’s holdings in Microchip Technology were worth $214,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Horizon Bancorp Inc. IN acquired a new position in Microchip Technology during the 4th quarter worth about $110,000. Rockline Wealth Management LLC acquired a new position in Microchip Technology during the 4th quarter valued at about $4,449,000. Caxton Associates LP lifted its position in Microchip Technology by 4,511.5% during the 4th quarter. Caxton Associates LP now owns 400,000 shares of the semiconductor company’s stock valued at $36,072,000 after purchasing an additional 391,326 shares during the period. RFG Advisory LLC lifted its position in Microchip Technology by 228.4% during the 1st quarter. RFG Advisory LLC now owns 12,841 shares of the semiconductor company’s stock valued at $1,152,000 after purchasing an additional 8,931 shares during the period. Finally, 17 Capital Partners LLC acquired a new position in Microchip Technology during the 4th quarter valued at about $1,827,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Insider Activity

In other news, VP Stephen V. Drehobl sold 10,000 shares of the stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $90.88, for a total value of $908,800.00. Following the completion of the sale, the vice president now owns 82,203 shares of the company’s stock, valued at approximately $7,470,608.64. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Microchip Technology news, VP Stephen V. Drehobl sold 7,830 shares of the firm’s stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $95.06, for a total transaction of $744,319.80. Following the completion of the sale, the vice president now owns 79,509 shares of the company’s stock, valued at approximately $7,558,125.54. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Stephen V. Drehobl sold 10,000 shares of the firm’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $90.88, for a total value of $908,800.00. Following the sale, the vice president now directly owns 82,203 shares of the company’s stock, valued at approximately $7,470,608.64. The disclosure for this sale can be found here. In the last 90 days, insiders sold 23,993 shares of company stock valued at $2,251,857. 2.07% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on MCHP shares. Stifel Nicolaus upped their target price on shares of Microchip Technology from $98.00 to $102.00 and gave the company a “buy” rating in a research report on Wednesday, May 1st. B. Riley increased their price target on shares of Microchip Technology from $105.00 to $110.00 and gave the company a “buy” rating in a research report on Tuesday, May 7th. Truist Financial increased their price target on shares of Microchip Technology from $93.00 to $96.00 and gave the company a “buy” rating in a research report on Tuesday, May 7th. Susquehanna increased their price target on shares of Microchip Technology from $100.00 to $105.00 and gave the company a “positive” rating in a research report on Tuesday, May 7th. Finally, Jefferies Financial Group began coverage on shares of Microchip Technology in a research report on Monday, May 13th. They issued a “buy” rating and a $115.00 price target on the stock. Five research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, Microchip Technology has a consensus rating of “Moderate Buy” and an average price target of $101.06.

Microchip Technology Price Performance

Shares of MCHP opened at $91.59 on Tuesday. The stock has a market capitalization of $49.17 billion, a P/E ratio of 26.39 and a beta of 1.54. Microchip Technology Incorporated has a twelve month low of $68.75 and a twelve month high of $100.57. The company has a 50 day moving average of $93.02 and a 200-day moving average of $89.10. The company has a quick ratio of 0.67, a current ratio of 1.20 and a debt-to-equity ratio of 0.75.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Monday, May 6th. The semiconductor company reported $0.57 earnings per share for the quarter, hitting the consensus estimate of $0.57. The company had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.33 billion. Microchip Technology had a net margin of 24.98% and a return on equity of 36.78%. The business’s quarterly revenue was down 40.6% on a year-over-year basis. During the same period last year, the business earned $1.56 EPS. As a group, equities research analysts forecast that Microchip Technology Incorporated will post 2.35 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 5th. Stockholders of record on Wednesday, May 22nd were issued a $0.452 dividend. This represents a $1.81 annualized dividend and a dividend yield of 1.97%. The ex-dividend date was Tuesday, May 21st. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio is presently 52.16%.

Microchip Technology Company Profile

Microchip Technology Incorporated develops, manufactures, and sells 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 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.