Seaport Global Advisors LLC Reduces Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Seaport Global Advisors LLC trimmed its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 31.7% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 4,794 shares of the semiconductor company’s stock after selling 2,221 shares during the period. Seaport Global Advisors LLC’s holdings in Microchip Technology were worth $439,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Clearbridge Investments LLC grew its stake in shares of Microchip Technology by 18,944.8% in the first quarter. Clearbridge Investments LLC now owns 1,973,045 shares of the semiconductor company’s stock worth $177,002,000 after acquiring an additional 1,962,685 shares during the period. Vanguard Group Inc. boosted its holdings in Microchip Technology by 2.9% in the first quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company’s stock worth $6,152,646,000 after purchasing an additional 1,921,497 shares during the last quarter. Canada Pension Plan Investment Board grew its position in Microchip Technology by 425.3% in the 1st quarter. Canada Pension Plan Investment Board now owns 1,377,099 shares of the semiconductor company’s stock worth $123,540,000 after purchasing an additional 1,114,962 shares during the period. The Manufacturers Life Insurance Company raised its stake in Microchip Technology by 78.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,189,390 shares of the semiconductor company’s stock valued at $200,329,000 after buying an additional 961,801 shares during the last quarter. Finally, Van ECK Associates Corp lifted its holdings in shares of Microchip Technology by 17.2% during the 1st quarter. Van ECK Associates Corp now owns 6,068,311 shares of the semiconductor company’s stock valued at $544,388,000 after buying an additional 891,297 shares during the period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Insider Buying and Selling

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of Microchip Technology 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 sale, the chief financial officer now directly owns 33,257 shares in the company, valued at approximately $2,710,445.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 2.07% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several analysts recently commented on MCHP shares. Citigroup cut their price objective on Microchip Technology from $104.00 to $92.00 and set a “buy” rating for the company in a report on Friday, August 2nd. TD Cowen cut their price target on Microchip Technology from $90.00 to $80.00 and set a “hold” rating for the company in a research note on Friday, August 2nd. Bank of America cut shares of Microchip Technology from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $110.00 to $90.00 in a research note on Friday, August 2nd. Piper Sandler upgraded shares of Microchip Technology from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $90.00 to $100.00 in a research report on Friday, August 16th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $100.00 target price on shares of Microchip Technology in a report on Wednesday, July 31st. One analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $99.47.

Microchip Technology Trading Up 0.3 %

Shares of MCHP stock opened at $80.59 on Monday. The stock has a fifty day simple moving average of $79.81 and a two-hundred day simple moving average of $87.30. Microchip Technology Incorporated has a 52-week low of $68.75 and a 52-week high of $100.57. The firm has a market capitalization of $43.24 billion, a PE ratio of 23.22 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.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share (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 firm had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. During the same quarter last year, the business posted $1.56 earnings per share. The firm’s revenue was down 45.8% on a year-over-year basis. On average, analysts predict that Microchip Technology Incorporated will post 1.74 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd were issued a $0.454 dividend. This represents a $1.82 annualized dividend and a dividend yield of 2.25%. The ex-dividend date was Thursday, August 22nd. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s payout ratio is 52.16%.

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.