Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Boltwood Capital Management

Boltwood Capital Management lowered its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 3.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 30,865 shares of the semiconductor company’s stock after selling 1,138 shares during the period. Boltwood Capital Management’s holdings in Microchip Technology were worth $1,770,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of MCHP. Larson Financial Group LLC lifted its stake in Microchip Technology by 98.0% in the second quarter. Larson Financial Group LLC now owns 1,885 shares of the semiconductor company’s stock worth $172,000 after acquiring an additional 933 shares during the last quarter. Victory Capital Management Inc. boosted its position in shares of Microchip Technology by 5.3% during the 2nd quarter. Victory Capital Management Inc. now owns 712,243 shares of the semiconductor company’s stock worth $65,170,000 after acquiring an additional 35,617 shares in the last quarter. Farmers & Merchants Investments Inc. increased its holdings in shares of Microchip Technology by 30.1% in the 2nd quarter. Farmers & Merchants Investments Inc. now owns 1,028 shares of the semiconductor company’s stock valued at $94,000 after acquiring an additional 238 shares during the last quarter. New York Life Investment Management LLC raised its position in shares of Microchip Technology by 0.5% during the 2nd quarter. New York Life Investment Management LLC now owns 74,367 shares of the semiconductor company’s stock worth $6,805,000 after acquiring an additional 376 shares in the last quarter. Finally, Candriam S.C.A. boosted its holdings in Microchip Technology by 15.7% in the second quarter. Candriam S.C.A. now owns 11,702 shares of the semiconductor company’s stock valued at $1,071,000 after purchasing an additional 1,584 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Microchip Technology Price Performance

Shares of NASDAQ:MCHP traded up $1.82 during trading on Monday, hitting $59.49. 1,467,819 shares of the stock were exchanged, compared to its average volume of 5,579,270. Microchip Technology Incorporated has a 12-month low of $55.27 and a 12-month high of $100.57. The company has a market cap of $31.95 billion, a PE ratio of 41.60 and a beta of 1.52. The company has a fifty day moving average price of $64.76 and a two-hundred day moving average price of $75.96. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. The business had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The business’s revenue for the quarter was down 48.4% on a year-over-year basis. During the same quarter last year, the business posted $1.54 earnings per share. On average, analysts forecast that Microchip Technology Incorporated will post 1.33 EPS for the current year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were given a dividend of $0.455 per share. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Friday, November 22nd. This represents a $1.82 annualized dividend and a yield of 3.06%. Microchip Technology’s dividend payout ratio (DPR) is presently 127.27%.

Analysts Set New Price Targets

Several brokerages recently commented on MCHP. Stifel Nicolaus cut their price target on shares of Microchip Technology from $90.00 to $87.00 and set a “buy” rating on the stock in a research note on Tuesday, December 3rd. TD Cowen decreased their target price on Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a research report on Wednesday, November 6th. Evercore ISI reaffirmed an “outperform” rating and set a $95.00 price target (down previously from $101.00) on shares of Microchip Technology in a research report on Wednesday, November 6th. Susquehanna decreased their price objective on Microchip Technology from $95.00 to $90.00 and set a “positive” rating for the company in a report on Wednesday, November 6th. Finally, Rosenblatt Securities restated a “buy” rating and set a $90.00 target price on shares of Microchip Technology in a research report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $89.63.

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.