Moors & Cabot Inc. Has $1.20 Million Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Moors & Cabot Inc. cut its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 4.6% in the second quarter, HoldingsChannel reports. The fund owned 13,122 shares of the semiconductor company’s stock after selling 627 shares during the period. Moors & Cabot Inc.’s holdings in Microchip Technology were worth $1,201,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of MCHP. Rise Advisors LLC bought a new position in Microchip Technology in the 1st quarter worth approximately $28,000. Pineridge Advisors LLC bought a new stake in shares of Microchip Technology during the fourth quarter worth $33,000. Steph & Co. lifted its stake in shares of 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 acquiring an additional 151 shares during the period. Pathway Financial Advisers LLC bought a new position in Microchip Technology in the first quarter valued at about $39,000. Finally, Richardson Capital Management LLC bought a new position in Microchip Technology in the first quarter valued at about $45,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,154 shares of the firm’s stock in a transaction dated 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 approximately $2,710,445.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.07% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have issued reports on MCHP shares. Bank of America downgraded shares of Microchip Technology from a “buy” rating to a “neutral” rating and cut their target price for the company from $110.00 to $90.00 in a research report on Friday, August 2nd. Piper Sandler raised shares of Microchip Technology from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $90.00 to $100.00 in a research note on Friday, August 16th. JPMorgan Chase & Co. dropped their target price on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. B. Riley reduced their price target on Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Finally, TD Cowen decreased their price objective on Microchip Technology from $90.00 to $80.00 and set a “hold” rating for the company in a research note on Friday, August 2nd. Five analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $99.95.

Microchip Technology Price Performance

NASDAQ:MCHP opened at $76.36 on Thursday. The stock’s 50-day simple moving average is $81.73 and its 200 day simple moving average is $87.86. 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 company has a market cap of $40.97 billion, a P/E ratio of 22.01 and a beta of 1.53.

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

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd were given a $0.454 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.38%. The ex-dividend date was Thursday, August 22nd. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio (DPR) is 52.16%.

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.