Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by ASB Consultores LLC

ASB Consultores LLC reduced its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 47.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,266 shares of the semiconductor company’s stock after selling 2,072 shares during the period. ASB Consultores LLC’s holdings in Microchip Technology were worth $207,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Rise Advisors LLC purchased a new stake in shares of Microchip Technology during the first quarter worth $28,000. Pineridge Advisors LLC bought a new position in shares of Microchip Technology in the 4th quarter valued at approximately $33,000. Steph & Co. lifted its stake in shares of Microchip Technology by 57.4% in the first quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock worth $37,000 after buying an additional 151 shares during the last quarter. Pathway Financial Advisers LLC acquired a new position in Microchip Technology during the 1st quarter worth $39,000. Finally, Richardson Capital Management LLC acquired a new position in shares of Microchip Technology during the 1st quarter worth about $45,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Down 2.3 %

MCHP stock opened at $77.01 on Friday. Microchip Technology Incorporated has a twelve month low of $68.75 and a twelve month high of $100.57. The company has a quick ratio of 1.08, a current ratio of 1.94 and a debt-to-equity ratio of 0.96. The business has a 50 day moving average price of $81.15 and a two-hundred day moving average price of $87.73. The company has a market cap of $41.32 billion, a price-to-earnings ratio of 22.19 and a beta of 1.53.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share (EPS) for the quarter, beating 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 company had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. During the same quarter in the previous year, the business posted $1.56 earnings per share. Microchip Technology’s quarterly revenue was down 45.8% on a year-over-year basis. Analysts anticipate that Microchip Technology Incorporated will post 1.74 EPS for the current fiscal year.

Microchip Technology Increases Dividend

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

Insider Buying and Selling at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,154 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total transaction of $175,551.00. Following the completion of the transaction, 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.07% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on MCHP. Bank of America downgraded shares of Microchip Technology from a “buy” rating to a “neutral” rating and reduced their price target for the company from $110.00 to $90.00 in a report on Friday, August 2nd. Truist Financial reduced their target price on shares of Microchip Technology from $96.00 to $89.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Piper Sandler upgraded Microchip Technology from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $90.00 to $100.00 in a research report on Friday, August 16th. Needham & Company LLC lowered their price objective on shares of Microchip Technology from $100.00 to $96.00 and set a “buy” rating for the company in a research report on Monday, August 5th. Finally, Morgan Stanley cut Microchip Technology from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $102.00 to $100.00 in a research note on Thursday, July 11th. 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 a consensus rating of “Moderate Buy” and an average target price of $99.95.

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.