Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Rathbones Group PLC

Rathbones Group PLC cut its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 3.4% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 51,546 shares of the semiconductor company’s stock after selling 1,820 shares during the quarter. Rathbones Group PLC’s holdings in Microchip Technology were worth $4,716,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Financial Counselors Inc. raised its holdings in shares of Microchip Technology by 1.1% in the 1st quarter. Financial Counselors Inc. now owns 10,689 shares of the semiconductor company’s stock valued at $959,000 after purchasing an additional 119 shares in the last quarter. SeaCrest Wealth Management LLC raised its stake in Microchip Technology by 3.3% in the second quarter. SeaCrest Wealth Management LLC now owns 4,147 shares of the semiconductor company’s stock valued at $379,000 after buying an additional 131 shares in the last quarter. Meridian Wealth Management LLC lifted its holdings in Microchip Technology by 5.1% during the 1st quarter. Meridian Wealth Management LLC now owns 2,810 shares of the semiconductor company’s stock worth $252,000 after buying an additional 137 shares during the last quarter. Horizon Bancorp Inc. IN boosted its position in shares of Microchip Technology by 11.8% during the 1st quarter. Horizon Bancorp Inc. IN now owns 1,370 shares of the semiconductor company’s stock worth $123,000 after acquiring an additional 145 shares in the last quarter. Finally, Commerzbank Aktiengesellschaft FI increased its holdings in shares of Microchip Technology by 4.5% in the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 3,470 shares of the semiconductor company’s stock valued at $318,000 after acquiring an additional 148 shares during the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Microchip Technology Price Performance

Microchip Technology stock opened at $77.62 on Monday. 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 business has a fifty day moving average of $82.75 and a two-hundred day moving average of $88.06. The company has a market cap of $41.64 billion, a P/E ratio of 22.37 and a beta of 1.53. Microchip Technology Incorporated has a one year low of $68.75 and a one year high of $100.57.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, beating 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 business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same quarter last year, the company earned $1.56 earnings per share. The business’s revenue for the quarter was down 45.8% compared to the same quarter last year. As a group, analysts predict that Microchip Technology Incorporated will post 1.74 earnings per share 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 2.34%. The ex-dividend date of this dividend was Thursday, August 22nd. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s payout ratio is currently 52.16%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Mizuho upgraded Microchip Technology from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $85.00 to $115.00 in a research note on Friday, May 24th. JPMorgan Chase & Co. reduced their price objective 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. Citigroup dropped their target price on shares of Microchip Technology from $104.00 to $92.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Rosenblatt Securities reissued a “buy” rating and issued a $100.00 price target on shares of Microchip Technology in a research report on Wednesday, July 31st. Finally, Truist Financial dropped their price objective on Microchip Technology from $96.00 to $89.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Five research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $99.95.

Insider Activity at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of Microchip Technology stock in a transaction that occurred 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 completion of the sale, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at approximately $2,710,445.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 2.07% of the company’s stock.

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.