Rhumbline Advisers Reduces Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Rhumbline Advisers reduced its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 9.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,007,805 shares of the semiconductor company’s stock after selling 110,620 shares during the quarter. Rhumbline Advisers owned about 0.19% of Microchip Technology worth $92,214,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Rise Advisors LLC purchased a new position in Microchip Technology in the 1st quarter valued at about $28,000. Pineridge Advisors LLC acquired a new stake in Microchip Technology during the fourth quarter worth approximately $33,000. Steph & Co. boosted its position in Microchip Technology by 57.4% during the first quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock worth $37,000 after acquiring an additional 151 shares during the last quarter. Pathway Financial Advisers LLC acquired a new position in Microchip Technology in the 1st quarter valued at $39,000. Finally, Richardson Capital Management LLC purchased a new position in shares of Microchip Technology during the 1st quarter worth $45,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Insider Activity

In related news, Director Matthew W. Chapman sold 2,748 shares of the company’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $93.88, for a total value of $257,982.24. Following the completion of the sale, the director now owns 35,682 shares of the company’s stock, valued at $3,349,826.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Matthew W. Chapman sold 2,748 shares of the business’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $93.88, for a total transaction of $257,982.24. Following the sale, the director now owns 35,682 shares of the company’s stock, valued at $3,349,826.16. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO James Eric Bjornholt sold 2,154 shares of the stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total value of $175,551.00. Following the transaction, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at $2,710,445.50. The disclosure for this sale can be found here. Corporate insiders own 2.07% of the company’s stock.

Microchip Technology Price Performance

MCHP opened at $76.40 on Wednesday. The company has a current ratio of 1.94, a quick ratio of 1.08 and a debt-to-equity ratio of 0.96. The company has a fifty day simple moving average of $85.24 and a 200 day simple moving average of $88.43. The firm has a market cap of $40.99 billion, a price-to-earnings ratio of 22.02 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.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, topping the consensus estimate of $0.52 by $0.01. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. The business had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.24 billion. During the same quarter in the previous year, the firm posted $1.56 earnings per share. The company’s revenue was down 45.8% compared to the same quarter last year. Equities research analysts expect that Microchip Technology Incorporated will post 1.74 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd will be paid a $0.454 dividend. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Thursday, August 22nd. This represents a $1.82 annualized dividend and a dividend yield of 2.38%. Microchip Technology’s dividend payout ratio is presently 52.16%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. KeyCorp upped their target price on Microchip Technology from $90.00 to $110.00 and gave the company an “overweight” rating in a research note on Tuesday, May 7th. Morgan Stanley downgraded shares of Microchip Technology from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $102.00 to $100.00 in a research note on Thursday, July 11th. Mizuho raised shares of Microchip Technology from a “neutral” rating to a “buy” rating and raised their target price for the stock from $85.00 to $115.00 in a research report on Friday, May 24th. Piper Sandler raised shares of Microchip Technology from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $90.00 to $100.00 in a research note on Friday, August 16th. Finally, Jefferies Financial Group started coverage on Microchip Technology in a research report on Monday, May 13th. They set a “buy” rating and a $115.00 price target for the company. Five equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat, Microchip Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $99.95.

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.