Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Evernest Financial Advisors LLC

Evernest Financial Advisors LLC decreased its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 4.6% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 9,316 shares of the semiconductor company’s stock after selling 453 shares during the quarter. Evernest Financial Advisors LLC’s holdings in Microchip Technology were worth $748,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of MCHP. Northwest Investment Counselors LLC increased its stake in Microchip Technology by 4.2% during the 3rd quarter. Northwest Investment Counselors LLC now owns 41,300 shares of the semiconductor company’s stock valued at $3,316,000 after buying an additional 1,657 shares during the period. Corundum Group Inc. raised its holdings in Microchip Technology by 3.4% during the third quarter. Corundum Group Inc. now owns 4,315 shares of the semiconductor company’s stock worth $346,000 after purchasing an additional 143 shares in the last quarter. Godsey & Gibb Inc. lifted its position in Microchip Technology by 2.1% in the third quarter. Godsey & Gibb Inc. now owns 250,381 shares of the semiconductor company’s stock worth $20,103,000 after purchasing an additional 5,234 shares during the period. Compass Ion Advisors LLC boosted its stake in Microchip Technology by 4.2% during the 3rd quarter. Compass Ion Advisors LLC now owns 13,554 shares of the semiconductor company’s stock valued at $1,088,000 after purchasing an additional 548 shares in the last quarter. Finally, Vest Financial LLC increased its position in shares of Microchip Technology by 85.3% during the 3rd quarter. Vest Financial LLC now owns 7,178 shares of the semiconductor company’s stock valued at $576,000 after purchasing an additional 3,304 shares during the period. 91.51% of the stock is currently owned by institutional investors.

Insider Activity

In related news, CFO James Eric Bjornholt sold 2,154 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $81.50, for a total transaction of $175,551.00. Following the completion of the sale, the chief financial officer now owns 33,257 shares in the company, valued at $2,710,445.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.07% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on MCHP shares. Rosenblatt Securities restated a “buy” rating and issued a $100.00 price objective on shares of Microchip Technology in a report on Wednesday, July 31st. Susquehanna lowered their price objective on shares of Microchip Technology from $105.00 to $95.00 and set a “positive” rating on the stock in a research note on Monday. TD Cowen reduced their target price on shares of Microchip Technology from $90.00 to $80.00 and set a “hold” rating for the company in a report on Friday, August 2nd. Bank of America cut Microchip Technology from a “buy” rating to a “neutral” rating and dropped their price target for the company from $110.00 to $90.00 in a report on Friday, August 2nd. Finally, B. Riley reduced their target price on Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Six equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, Microchip Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $97.89.

Microchip Technology Trading Down 2.8 %

Microchip Technology stock opened at $75.18 on Tuesday. The company has a quick ratio of 1.08, a current ratio of 1.94 and a debt-to-equity ratio of 0.96. Microchip Technology Incorporated has a 12 month low of $68.75 and a 12 month high of $100.57. The company’s fifty day simple moving average is $78.26 and its 200-day simple moving average is $86.06. The stock has a market cap of $40.33 billion, a P/E ratio of 21.67 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, beating the consensus estimate of $0.52 by $0.01. The business had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. The firm’s quarterly revenue was down 45.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.56 EPS. As a group, sell-side analysts forecast that Microchip Technology Incorporated will post 1.73 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd were issued a dividend of $0.454 per share. This represents a $1.82 dividend on an annualized basis and a yield of 2.42%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date was Thursday, August 22nd. Microchip Technology’s dividend payout ratio is 52.16%.

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.