Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Federated Hermes Inc.

Federated Hermes Inc. lessened its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 16.5% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 72,183 shares of the semiconductor company’s stock after selling 14,276 shares during the quarter. Federated Hermes Inc.’s holdings in Microchip Technology were worth $6,605,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Rise Advisors LLC acquired a new position in shares of Microchip Technology in the first quarter worth about $28,000. Pineridge Advisors LLC acquired a new stake in Microchip Technology during the fourth quarter valued at approximately $33,000. Steph & Co. raised its stake in Microchip Technology by 57.4% during the first quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock valued at $37,000 after buying an additional 151 shares in the last quarter. Pathway Financial Advisers LLC bought a new position in shares of Microchip Technology during the first quarter valued at approximately $39,000. Finally, Richardson Capital Management LLC bought a new position in shares of Microchip Technology during the first quarter valued at approximately $45,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Insider Buying and Selling 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 completion of the sale, the chief financial officer now directly owns 33,257 shares in the company, valued at $2,710,445.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 2.07% of the company’s stock.

Wall Street Analyst Weigh In

MCHP has been the subject of several recent research reports. Citigroup lowered their target price on Microchip Technology from $104.00 to $92.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Truist Financial lowered their target price on Microchip Technology from $96.00 to $89.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Needham & Company LLC decreased their price objective on Microchip Technology from $100.00 to $96.00 and set a “buy” rating for the company in a report on Monday, August 5th. Susquehanna decreased their price target on Microchip Technology from $115.00 to $105.00 and set a “positive” rating for the company in a research note on Friday, August 2nd. Finally, Mizuho raised Microchip Technology from a “neutral” rating to a “buy” rating and increased their price target for the company from $85.00 to $115.00 in a research note on Friday, May 24th. Five equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $99.95.

Microchip Technology Price Performance

Shares of MCHP opened at $77.00 on Wednesday. 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 firm has a market cap of $41.31 billion, a PE ratio of 22.19 and a beta of 1.53. Microchip Technology Incorporated has a twelve month low of $68.75 and a twelve month high of $100.57. The firm’s 50 day moving average price is $82.12 and its 200 day moving average price is $87.94.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data 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. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. The firm had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. During the same period in the prior year, the company posted $1.56 earnings per share. Microchip Technology’s revenue for the quarter was down 45.8% on a year-over-year basis. As a group, research analysts expect that Microchip Technology Incorporated will post 1.74 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Thursday, August 22nd were issued a $0.454 dividend. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a yield of 2.36%. The ex-dividend date was Thursday, August 22nd. Microchip Technology’s payout ratio is 52.16%.

Microchip Technology Company 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.