Chicago Capital LLC Reduces Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Chicago Capital LLC lessened its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 13.0% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 7,709 shares of the semiconductor company’s stock after selling 1,148 shares during the quarter. Chicago Capital LLC’s holdings in Microchip Technology were worth $705,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Gilbert & Cook Inc. increased its position in shares of Microchip Technology by 8.5% during the fourth quarter. Gilbert & Cook Inc. now owns 5,354 shares of the semiconductor company’s stock worth $483,000 after acquiring an additional 421 shares during the period. Fisher Asset Management LLC increased its holdings in Microchip Technology by 3,580.8% during the 4th quarter. Fisher Asset Management LLC now owns 2,687 shares of the semiconductor company’s stock worth $242,000 after purchasing an additional 2,614 shares during the period. Spire Wealth Management raised its position in Microchip Technology by 10.8% during the 4th quarter. Spire Wealth Management now owns 2,879 shares of the semiconductor company’s stock valued at $257,000 after purchasing an additional 281 shares in the last quarter. Wealthcare Advisory Partners LLC purchased a new stake in shares of Microchip Technology in the 4th quarter worth $212,000. Finally, Lincoln National Corp grew its position in shares of Microchip Technology by 5.0% during the 4th quarter. Lincoln National Corp now owns 5,542 shares of the semiconductor company’s stock worth $500,000 after buying an additional 264 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Down 3.5 %

Shares of MCHP stock opened at $74.09 on Friday. Microchip Technology Incorporated has a fifty-two week low of $68.75 and a fifty-two week high of $100.57. The firm has a market capitalization of $39.75 billion, a PE ratio of 21.35 and a beta of 1.53. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.08 and a current ratio of 1.94. The stock’s 50-day simple moving average is $84.38 and its 200-day simple moving average is $88.26.

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

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Thursday, August 22nd were given a dividend of $0.454 per share. The ex-dividend date was Thursday, August 22nd. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 dividend on an annualized basis and a yield of 2.45%. Microchip Technology’s payout ratio is currently 52.16%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on MCHP. Truist Financial decreased their price objective on Microchip Technology from $96.00 to $89.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Morgan Stanley lowered shares of Microchip Technology from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $102.00 to $100.00 in a report on Thursday, July 11th. 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 report on Friday, August 2nd. Susquehanna cut their target price on Microchip Technology from $115.00 to $105.00 and set a “positive” rating on the stock in a research note on Friday, August 2nd. Finally, Mizuho upgraded shares of Microchip Technology from a “neutral” rating to a “buy” rating and raised their price target for the company from $85.00 to $115.00 in a report on Friday, May 24th. Five investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to MarketBeat, Microchip Technology has a consensus rating of “Moderate Buy” and a consensus target price of $99.95.

Insider Buying and Selling at Microchip Technology

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

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.