Microchip Technology Incorporated (NASDAQ:MCHP) Stake Trimmed by Chicago Capital LLC

Chicago Capital LLC lowered its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 14.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,619 shares of the semiconductor company’s stock after selling 1,090 shares during the quarter. Chicago Capital LLC’s holdings in Microchip Technology were worth $531,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the stock. First Citizens Bank & Trust Co. increased its stake in Microchip Technology by 14.8% in the 3rd quarter. First Citizens Bank & Trust Co. now owns 12,010 shares of the semiconductor company’s stock worth $964,000 after purchasing an additional 1,549 shares in the last quarter. Chronos Wealth Management LLC grew its stake in Microchip Technology by 7.7% during the 3rd quarter. Chronos Wealth Management LLC now owns 8,392 shares of the semiconductor company’s stock valued at $674,000 after acquiring an additional 600 shares in the last quarter. Blue Trust Inc. grew its stake in Microchip Technology by 21.9% during the 3rd quarter. Blue Trust Inc. now owns 10,533 shares of the semiconductor company’s stock valued at $846,000 after acquiring an additional 1,891 shares in the last quarter. Claro Advisors LLC grew its stake in Microchip Technology by 254.2% during the 3rd quarter. Claro Advisors LLC now owns 16,966 shares of the semiconductor company’s stock valued at $1,362,000 after acquiring an additional 12,176 shares in the last quarter. Finally, V Square Quantitative Management LLC grew its stake in Microchip Technology by 50.9% during the 3rd quarter. V Square Quantitative Management LLC now owns 3,930 shares of the semiconductor company’s stock valued at $316,000 after acquiring an additional 1,326 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Insider Transactions at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,154 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was 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 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 can be accessed through the SEC website. Corporate insiders own 2.07% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. StockNews.com raised Microchip Technology from a “sell” rating to a “hold” rating in a research note on Thursday. B. Riley lowered their target price on Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Needham & Company LLC lowered their target price on Microchip Technology from $100.00 to $96.00 and set a “buy” rating on the stock in a research note on Monday, August 5th. Susquehanna lowered their target price on Microchip Technology from $115.00 to $105.00 and set a “positive” rating on the stock in a research note on Friday, August 2nd. Finally, Piper Sandler raised Microchip Technology from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $90.00 to $100.00 in a research note on Friday, August 16th. Six research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $98.42.

Microchip Technology Stock Up 1.0 %

Shares of Microchip Technology stock opened at $77.34 on Monday. The stock has a market capitalization of $41.49 billion, a P/E ratio of 22.29 and a beta of 1.52. 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 stock has a 50 day moving average price of $78.29 and a two-hundred day moving average price of $86.14. Microchip Technology Incorporated has a 12-month low of $68.75 and a 12-month high of $100.57.

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, topping analysts’ consensus estimates of $0.52 by $0.01. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. The firm had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. During the same quarter in the prior year, the business earned $1.56 earnings per share. The company’s revenue was down 45.8% on a year-over-year basis. Equities analysts expect that Microchip Technology Incorporated will post 1.73 earnings per share for the current 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 issued a dividend of $0.454 per share. The ex-dividend date was Thursday, August 22nd. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.35%. Microchip Technology’s payout ratio is 52.16%.

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.