Wedmont Private Capital Sells 284 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Wedmont Private Capital lessened its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 4.8% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,651 shares of the semiconductor company’s stock after selling 284 shares during the quarter. Wedmont Private Capital’s holdings in Microchip Technology were worth $432,000 at the end of the most recent reporting period.

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

Microchip Technology Trading Up 0.8 %

MCHP stock opened at $77.98 on Friday. The company has a market capitalization of $41.84 billion, a PE ratio of 31.19 and a beta of 1.52. Microchip Technology Incorporated has a one year low of $68.75 and a one year high of $100.57. The company’s 50 day moving average price is $78.09 and its two-hundred day moving average price is $86.59. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.08 and a current ratio of 1.94.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $1.24 billion. During the same period in the previous year, the firm earned $1.56 earnings per share. The firm’s revenue for the quarter was down 45.8% on a year-over-year basis. As a group, analysts predict that Microchip Technology Incorporated will post 1.73 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Thursday, August 22nd were paid a $0.454 dividend. This represents a $1.82 annualized dividend and a dividend yield of 2.33%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date was Thursday, August 22nd. Microchip Technology’s payout ratio is presently 72.80%.

Insider Buying and Selling

In related news, CFO James Eric Bjornholt sold 2,154 shares of Microchip Technology 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 transaction, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at $2,710,445.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.10% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research firms have recently commented on MCHP. Truist Financial lowered shares of Microchip Technology from a “buy” rating to a “hold” rating and cut their price objective for the company from $89.00 to $80.00 in a research report on Monday, September 23rd. Rosenblatt Securities restated a “buy” rating and issued a $100.00 price objective on shares of Microchip Technology in a research report on Wednesday, July 31st. Piper Sandler upgraded 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 report on Friday, August 16th. Bank of America lowered shares of Microchip Technology from a “buy” rating to a “neutral” rating and cut their price objective for the company from $110.00 to $90.00 in a research report on Friday, August 2nd. Finally, Susquehanna cut their price objective on shares of Microchip Technology from $115.00 to $105.00 and set a “positive” rating for the company in a research report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $99.47.

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.