Hartford Investment Management Co. Sells 1,022 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Hartford Investment Management Co. lowered its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 3.0% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 33,567 shares of the semiconductor company’s stock after selling 1,022 shares during the quarter. Hartford Investment Management Co.’s holdings in Microchip Technology were worth $2,695,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Commerzbank Aktiengesellschaft FI grew its stake in shares of Microchip Technology by 214.6% during the third quarter. Commerzbank Aktiengesellschaft FI now owns 10,917 shares of the semiconductor company’s stock valued at $877,000 after purchasing an additional 7,447 shares during the last quarter. Eastern Bank acquired a new position in Microchip Technology during the 3rd quarter worth $165,000. Sequoia Financial Advisors LLC boosted its position in Microchip Technology by 4.0% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 308,284 shares of the semiconductor company’s stock valued at $24,752,000 after buying an additional 11,897 shares during the last quarter. Argus Investors Counsel Inc. increased its stake in shares of Microchip Technology by 97.4% in the 3rd quarter. Argus Investors Counsel Inc. now owns 24,842 shares of the semiconductor company’s stock valued at $1,995,000 after buying an additional 12,257 shares during the period. Finally, Raleigh Capital Management Inc. raised its position in shares of Microchip Technology by 36.7% during the third quarter. Raleigh Capital Management Inc. now owns 1,664 shares of the semiconductor company’s stock worth $134,000 after acquiring an additional 447 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Insider Transactions at Microchip Technology

In other news, 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 value of $175,551.00. Following the sale, the chief financial officer now owns 33,257 shares of the company’s stock, valued at $2,710,445.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 2.07% of the company’s stock.

Analyst Ratings Changes

MCHP has been the topic of several recent research reports. Citigroup lowered their price objective on Microchip Technology from $104.00 to $92.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. StockNews.com upgraded shares of Microchip Technology from a “sell” rating to a “hold” rating in a research report on Thursday, October 17th. Bank of America lowered shares of Microchip Technology from a “buy” rating to a “neutral” rating and cut their price objective for the company from $110.00 to $90.00 in a report on Friday, August 2nd. B. Riley lowered their target price on shares of Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Finally, TD Cowen cut their price target on Microchip Technology from $90.00 to $80.00 and set a “hold” rating on the stock in a research note on Friday, August 2nd. Six investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $97.89.

Microchip Technology Stock Down 0.2 %

Shares of MCHP stock opened at $75.27 on Thursday. The company has a market capitalization of $40.38 billion, a price-to-earnings ratio of 21.69 and a beta of 1.52. Microchip Technology Incorporated has a 12-month low of $68.75 and a 12-month high of $100.57. The firm has a fifty day moving average of $78.13 and a 200-day moving average of $85.90. 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 (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 analysts’ consensus estimates of $0.52 by $0.01. The firm 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 company’s revenue was down 45.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.56 EPS. As a group, equities research analysts predict that Microchip Technology Incorporated will post 1.73 earnings per share 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 given a dividend of $0.454 per share. The ex-dividend date was Thursday, August 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 2.41%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. 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.