Allworth Financial LP Trims Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Allworth Financial LP lessened its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 4.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,202 shares of the semiconductor company’s stock after selling 247 shares during the period. Allworth Financial LP’s holdings in Microchip Technology were worth $418,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Pathway Financial Advisers LLC purchased a new position in Microchip Technology in the 1st quarter worth about $39,000. Versant Capital Management Inc increased its position in Microchip Technology by 148.8% during the 2nd quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock valued at $48,000 after purchasing an additional 317 shares during the period. CarsonAllaria Wealth Management Ltd. purchased a new position in Microchip Technology during the 1st quarter valued at about $54,000. TruNorth Capital Management LLC purchased a new position in Microchip Technology during the 2nd quarter valued at about $55,000. Finally, Wolff Wiese Magana LLC increased its position in Microchip Technology by 55.2% during the 3rd quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock valued at $49,000 after purchasing an additional 218 shares during the period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Up 2.4 %

MCHP stock opened at $79.05 on Wednesday. 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 52 week low of $68.75 and a 52 week high of $100.57. The firm has a 50 day moving average of $77.81 and a 200 day moving average of $85.55. The stock has a market capitalization of $42.41 billion, a PE ratio of 22.78 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, beating 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 business had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. During the same period in the previous year, the business posted $1.56 EPS. The business’s quarterly revenue was down 45.8% compared to the same quarter last year. Sell-side analysts forecast that Microchip Technology Incorporated will post 1.73 earnings per share for the current year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd were paid a dividend of $0.454 per share. This represents a $1.82 annualized dividend and a yield of 2.30%. 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 payout ratio is presently 52.16%.

Analyst Upgrades and Downgrades

A number of research firms have commented on MCHP. Needham & Company LLC cut their target price on shares of Microchip Technology from $100.00 to $96.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. Rosenblatt Securities reissued a “buy” rating and set a $100.00 target price on shares of Microchip Technology in a research report on Wednesday, July 31st. B. Riley cut their target price on shares of Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. TD Cowen cut their target price on shares of Microchip Technology from $90.00 to $80.00 and set a “hold” rating on the stock in a research report on Friday, August 2nd. Finally, JPMorgan Chase & Co. lowered their price target on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Six research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $97.89.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of Microchip Technology stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 33,257 shares in the company, valued at approximately $2,710,445.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 2.07% of the company’s stock.

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.