Microchip Technology Incorporated (NASDAQ:MCHP) Position Reduced by Commonwealth Equity Services LLC

Commonwealth Equity Services LLC reduced its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 4.5% in the fourth quarter, HoldingsChannel.com reports. The firm owned 79,834 shares of the semiconductor company’s stock after selling 3,794 shares during the period. Commonwealth Equity Services LLC’s holdings in Microchip Technology were worth $4,578,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Pallas Capital Advisors LLC bought a new position in Microchip Technology during the fourth quarter valued at about $5,917,000. Consolidated Planning Corp bought a new position in shares of Microchip Technology during the 4th quarter valued at about $308,000. Quadrature Capital Ltd acquired a new position in shares of Microchip Technology in the 3rd quarter worth approximately $3,312,000. Symphony Financial Ltd. Co. acquired a new position in shares of Microchip Technology in the 4th quarter worth approximately $520,000. Finally, Benjamin Edwards Inc. raised its holdings in shares of Microchip Technology by 5,185.4% in the 3rd quarter. Benjamin Edwards Inc. now owns 9,408 shares of the semiconductor company’s stock worth $755,000 after purchasing an additional 9,230 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Microchip Technology Trading Up 1.4 %

NASDAQ MCHP opened at $51.72 on Monday. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12. Microchip Technology Incorporated has a 1-year low of $49.92 and a 1-year high of $100.57. The firm’s fifty day simple moving average is $56.17 and its 200-day simple moving average is $64.66. The company has a market capitalization of $27.82 billion, a PE ratio of 92.36 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.15). Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. As a group, sell-side analysts anticipate that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Monday, February 24th were paid a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a yield of 3.52%. The ex-dividend date of this dividend was Monday, February 24th. Microchip Technology’s dividend payout ratio (DPR) is presently 325.00%.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. Morgan Stanley decreased their price target on shares of Microchip Technology from $71.00 to $58.00 and set an “equal weight” rating on the stock in a research report on Tuesday, February 4th. TD Cowen boosted their target price on Microchip Technology from $50.00 to $60.00 and gave the stock a “hold” rating in a research report on Tuesday, March 4th. Bank of America downgraded Microchip Technology from a “neutral” rating to an “underperform” rating and reduced their target price for the company from $80.00 to $65.00 in a report on Monday, December 16th. Mizuho lifted their price target on Microchip Technology from $58.00 to $68.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 4th. Finally, KeyCorp reduced their price objective on shares of Microchip Technology from $70.00 to $60.00 and set an “overweight” rating for the company in a research note on Friday, February 7th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $74.37.

Insider Buying and Selling at Microchip Technology

In other news, CFO James Eric Bjornholt sold 3,724 shares of the firm’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total transaction of $226,717.12. Following the transaction, the chief financial officer now owns 33,272 shares in the company, valued at approximately $2,025,599.36. This trade represents a 10.07 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 2.10% of the company’s stock.

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.