Simplicity Wealth LLC Sells 9,199 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Simplicity Wealth LLC lowered its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 50.9% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 8,872 shares of the semiconductor company’s stock after selling 9,199 shares during the quarter. Simplicity Wealth LLC’s holdings in Microchip Technology were worth $712,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Swedbank AB bought a new position in Microchip Technology in the 1st quarter worth $1,079,000. SageView Advisory Group LLC lifted its stake in Microchip Technology by 507.5% in the 1st quarter. SageView Advisory Group LLC now owns 17,307 shares of the semiconductor company’s stock worth $1,553,000 after purchasing an additional 14,458 shares in the last quarter. RFG Advisory LLC lifted its stake in Microchip Technology by 228.4% in the 1st quarter. RFG Advisory LLC now owns 12,841 shares of the semiconductor company’s stock worth $1,152,000 after purchasing an additional 8,931 shares in the last quarter. Hennessy Advisors Inc. lifted its stake in Microchip Technology by 2,194.5% in the 1st quarter. Hennessy Advisors Inc. now owns 33,454 shares of the semiconductor company’s stock worth $3,001,000 after purchasing an additional 31,996 shares in the last quarter. Finally, Janney Montgomery Scott LLC lifted its stake in Microchip Technology by 6.3% in the 1st quarter. Janney Montgomery Scott LLC now owns 225,633 shares of the semiconductor company’s stock worth $20,242,000 after purchasing an additional 13,304 shares in the last quarter. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Performance

Microchip Technology stock opened at $77.98 on Friday. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.94 and a quick ratio of 1.08. The firm has a market capitalization of $41.84 billion, a P/E ratio of 31.19 and a beta of 1.52. The company’s 50-day moving average is $78.09 and its 200 day moving average is $86.59. Microchip Technology Incorporated has a 1-year low of $68.75 and a 1-year high of $100.57.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.01. The business had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. The company’s revenue for the quarter was down 45.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.56 EPS. Research analysts forecast that Microchip Technology Incorporated will post 1.73 EPS for the current year.

Microchip Technology Increases Dividend

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

Insiders Place Their Bets

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of the company’s stock in a transaction dated 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 in the company, valued at $2,710,445.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 2.10% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have commented on MCHP shares. Needham & Company LLC decreased their price target on shares of Microchip Technology from $100.00 to $96.00 and set a “buy” rating on the stock in a research note on Monday, August 5th. Truist Financial cut shares of Microchip Technology from a “buy” rating to a “hold” rating and decreased their price target for the stock from $89.00 to $80.00 in a research note on Monday, September 23rd. JPMorgan Chase & Co. decreased their price target on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Bank of America cut shares of Microchip Technology from a “buy” rating to a “neutral” rating and decreased their target price for the company from $110.00 to $90.00 in a research report on Friday, August 2nd. Finally, StockNews.com cut shares of Microchip Technology from a “hold” rating to a “sell” rating in a research report on Tuesday, September 24th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price 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.