Pinnacle Associates Ltd. Has $6.45 Million Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Pinnacle Associates Ltd. cut its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 32.3% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 70,481 shares of the semiconductor company’s stock after selling 33,618 shares during the period. Pinnacle Associates Ltd.’s holdings in Microchip Technology were worth $6,449,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in MCHP. Rise Advisors LLC bought a new stake in shares of Microchip Technology in the 1st quarter valued at $28,000. Pineridge Advisors LLC bought a new stake in Microchip Technology during the fourth quarter valued at $33,000. Steph & Co. grew its holdings in Microchip Technology by 57.4% during the 1st quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock worth $37,000 after acquiring an additional 151 shares during the period. Pathway Financial Advisers LLC bought a new position in shares of Microchip Technology in the 1st quarter worth about $39,000. Finally, Richardson Capital Management LLC acquired a new position in shares of Microchip Technology in the 1st quarter valued at about $45,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Insider Activity

In related news, Director Matthew W. Chapman sold 2,748 shares of Microchip Technology stock in a transaction on Monday, June 10th. The stock was sold at an average price of $93.88, for a total transaction of $257,982.24. Following the sale, the director now directly owns 35,682 shares in the company, valued at $3,349,826.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Microchip Technology news, Director Matthew W. Chapman sold 2,748 shares of the company’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $93.88, for a total value of $257,982.24. Following the completion of the transaction, the director now owns 35,682 shares in the company, valued at approximately $3,349,826.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO James Eric Bjornholt sold 2,154 shares of Microchip Technology stock in a transaction on Friday, August 23rd. The stock was 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 in the company, valued at $2,710,445.50. The disclosure for this sale can be found here. 2.07% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

MCHP has been the subject of several recent analyst reports. Needham & Company LLC decreased their target price on Microchip Technology from $100.00 to $96.00 and set a “buy” rating for the company in a research note on Monday, August 5th. Jefferies Financial Group initiated coverage on shares of Microchip Technology in a research note on Monday, May 13th. They issued a “buy” rating and a $115.00 price objective for the company. B. Riley dropped 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. Piper Sandler upgraded shares of Microchip Technology from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $90.00 to $100.00 in a report on Friday, August 16th. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $100.00 price objective on shares of Microchip Technology in a report on Wednesday, July 31st. Five research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $99.95.

Microchip Technology Stock Performance

Shares of MCHP opened at $82.16 on Friday. Microchip Technology Incorporated has a 52 week low of $68.75 and a 52 week high of $100.57. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.08 and a current ratio of 1.94. The stock has a 50 day moving average price of $85.64 and a two-hundred day moving average price of $88.36. The firm has a market capitalization of $44.08 billion, a P/E ratio of 23.68 and a beta of 1.54.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.01. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter in the prior year, the company posted $1.56 earnings per share. Microchip Technology’s revenue was down 45.8% compared to the same quarter last year. Equities analysts forecast that Microchip Technology Incorporated will post 1.74 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd will be given a dividend of $0.454 per share. The ex-dividend date is Thursday, August 22nd. This represents a $1.82 annualized dividend and a dividend yield of 2.21%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio (DPR) is currently 52.45%.

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.