FORA Capital LLC Sells 26,518 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

FORA Capital LLC lowered its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 33.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 52,735 shares of the semiconductor company’s stock after selling 26,518 shares during the quarter. FORA Capital LLC’s holdings in Microchip Technology were worth $4,234,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in the business. Prospera Private Wealth LLC purchased a new stake in Microchip Technology in the 3rd quarter worth $29,000. Peterson Financial Group Inc. bought a new stake in shares of Microchip Technology in the third quarter worth about $34,000. Truvestments Capital LLC purchased a new stake in shares of Microchip Technology in the third quarter worth about $34,000. Pathway Financial Advisers LLC bought a new position in Microchip Technology during the first quarter valued at approximately $39,000. Finally, Versant Capital Management Inc boosted its stake in Microchip Technology by 148.8% during the second quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock valued at $48,000 after buying an additional 317 shares during the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Microchip Technology Trading Down 1.6 %

MCHP stock traded down $1.07 during trading on Wednesday, hitting $67.34. The company had a trading volume of 319,051 shares, compared to its average volume of 6,055,275. Microchip Technology Incorporated has a 52-week low of $62.63 and a 52-week high of $100.57. The company has a 50 day simple moving average of $74.27 and a 200-day simple moving average of $82.80. The firm has a market capitalization of $36.16 billion, a P/E ratio of 47.84 and a beta of 1.53. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The company’s quarterly revenue was down 48.4% compared to the same quarter last year. During the same period last year, the company posted $1.54 earnings per share. As a group, research analysts forecast that Microchip Technology Incorporated will post 1.38 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be given a dividend of $0.455 per share. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.70%. Microchip Technology’s dividend payout ratio is presently 127.27%.

Analyst Ratings Changes

Several analysts have recently issued reports on the company. Piper Sandler decreased their price objective on Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a report on Wednesday, November 6th. Citigroup dropped their price objective on shares of Microchip Technology from $92.00 to $82.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Jefferies Financial Group decreased their target price on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. B. Riley dropped their price target on Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Finally, StockNews.com downgraded Microchip Technology from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $92.00.

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.