Nisa Investment Advisors LLC Cuts Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Nisa Investment Advisors LLC reduced its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 4.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 210,071 shares of the semiconductor company’s stock after selling 10,120 shares during the period. Nisa Investment Advisors LLC’s holdings in Microchip Technology were worth $16,867,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Swedbank AB purchased a new stake in Microchip Technology during the 1st quarter worth approximately $1,079,000. Mirae Asset Global Investments Co. Ltd. increased its stake in Microchip Technology by 12.0% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 870,072 shares of the semiconductor company’s stock worth $69,355,000 after buying an additional 93,464 shares in the last quarter. SageView Advisory Group LLC grew its position in shares of Microchip Technology by 507.5% in the first quarter. SageView Advisory Group LLC now owns 17,307 shares of the semiconductor company’s stock valued at $1,553,000 after purchasing an additional 14,458 shares in the last quarter. Janney Montgomery Scott LLC grew its position in shares of Microchip Technology by 6.3% in the first quarter. Janney Montgomery Scott LLC now owns 225,633 shares of the semiconductor company’s stock valued at $20,242,000 after purchasing an additional 13,304 shares in the last quarter. Finally, Zurich Insurance Group Ltd FI purchased a new stake in shares of Microchip Technology in the second quarter valued at approximately $42,538,000. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

MCHP has been the subject of a number of analyst reports. Needham & Company LLC dropped their price target on Microchip Technology from $100.00 to $96.00 and set a “buy” rating for the company in a research report on Monday, August 5th. Truist Financial lowered Microchip Technology from a “buy” rating to a “hold” rating and dropped their price target for the company from $89.00 to $80.00 in a research report on Monday, September 23rd. Bank of America lowered Microchip Technology from a “buy” rating to a “neutral” rating and dropped their price target for the company from $110.00 to $90.00 in a research report on Friday, August 2nd. Piper Sandler upgraded Microchip Technology from a “neutral” rating to an “overweight” rating and upped their price target for the company from $90.00 to $100.00 in a research report on Friday, August 16th. Finally, StockNews.com upgraded Microchip Technology from a “sell” rating to a “hold” rating in a research report on Thursday, October 17th. Six investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $97.89.

Insider Transactions at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,154 shares of the firm’s stock in a transaction 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. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 2.07% of the company’s stock.

Microchip Technology Trading Up 2.4 %

MCHP opened at $79.05 on Wednesday. Microchip Technology Incorporated has a 52 week low of $68.75 and a 52 week high of $100.57. The business has a fifty day simple moving average of $77.81 and a 200-day simple moving average of $85.55. The firm has a market cap of $42.41 billion, a P/E ratio of 22.78 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.

Microchip Technology (NASDAQ:MCHP) last released its quarterly 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 return on equity of 28.33% and a net margin of 20.80%. The business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same period last year, the business posted $1.56 earnings per share. The company’s quarterly revenue was down 45.8% on a year-over-year basis. On average, equities analysts expect that Microchip Technology Incorporated will post 1.73 earnings per share for the current year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd were given a dividend of $0.454 per share. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a dividend yield of 2.30%. The ex-dividend date of this dividend was Thursday, August 22nd. Microchip Technology’s dividend payout ratio (DPR) is currently 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.