Atticus Wealth Management LLC Sells 17,973 Shares of Microchip Technology Incorporated $MCHP

Key Points

• Atticus Wealth Management cut its Microchip Technology stake by 85.2%, selling 17,973 shares and retaining 3,126 shares valued at approximately $243,000. Institutional investors collectively own 91.51% of the company.
• Microchip reported quarterly earnings of $0.76 per share and revenue of $1.48 billion, exceeding analyst estimates, while revenue rose 38% year over year. The company pays a $0.455 quarterly dividend, yielding about 2.4% annually.
• Analyst sentiment remains moderately positive, with a consensus “Moderate Buy” rating and an average price target of $97.57, although several firms recently lowered their targets or maintained “Hold” ratings.

Atticus Wealth Management LLC decreased its stake in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 85.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,126 shares of the semiconductor company's stock after selling 17,973 shares during the quarter. Atticus Wealth Management LLC's holdings in Microchip Technology were worth $243,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. TOP Private Wealth LLC. purchased a new position in Microchip Technology in the 2nd quarter valued at about $29,000. Continuum Advisory LLC acquired a new position in shares of Microchip Technology during the second quarter valued at approximately $30,000. Johnson Financial Group Inc. acquired a new position in shares of Microchip Technology during the second quarter valued at approximately $31,000. Rakuten Securities Inc. acquired a new position in shares of Microchip Technology during the second quarter valued at approximately $34,000. Finally, GK Wealth Management LLC purchased a new position in shares of Microchip Technology in the third quarter valued at approximately $29,000. Hedge funds and other institutional investors own 91.51% of the company's stock.

Insider Activity

In related news, CFO James Bjornholt sold 4,112 shares of the firm's stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $75.32, for a total transaction of $309,715.84. Following the completion of the sale, the chief financial officer directly owned 28,573 shares in the company, valued at approximately $2,152,118.36. This trade represents a 12.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.79% of the company's stock.

Microchip Technology Price Performance

NASDAQ:MCHP opened at $75.85 on Wednesday. Microchip Technology Incorporated has a one year low of $48.52 and a one year high of $105.91. The stock has a market cap of $41.19 billion, a PE ratio of 113.21, a P/E/G ratio of 0.51 and a beta of 1.77. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.11 and a current ratio of 1.92. The stock has a 50 day moving average price of $75.30 and a 200 day moving average price of $82.74.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The semiconductor company reported $0.76 earnings per share for the quarter, topping analysts' consensus estimates of $0.70 by $0.06. Microchip Technology had a return on equity of 14.97% and a net margin of 9.34%. The company had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.46 billion. During the same quarter in the previous year, the company posted $0.27 earnings per share. The firm's revenue for the quarter was up 38.0% compared to the same quarter last year. Microchip Technology has set its Q2 2027 guidance at 0.910-0.950 EPS. Equities research analysts expect that Microchip Technology Incorporated will post 3.20 EPS for the current fiscal year.

Microchip Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 9th. Investors of record on Monday, August 24th were issued a $0.4550 dividend. The ex-dividend date of this dividend was Monday, August 24th. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.4%. Microchip Technology's dividend payout ratio is currently 271.64%.

Analyst Upgrades and Downgrades

MCHP has been the topic of a number of research analyst reports. Truist Financial lowered their price target on Microchip Technology from $105.00 to $90.00 and set a "hold" rating on the stock in a research note on Friday, August 7th. Zacks Research cut shares of Microchip Technology from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 17th. BMO Capital Markets initiated coverage on shares of Microchip Technology in a research note on Friday, August 21st. They set an "outperform" rating and a $95.00 target price on the stock. TD Cowen dropped their target price on shares of Microchip Technology from $90.00 to $75.00 and set a "hold" rating for the company in a report on Monday. Finally, Weiss Ratings upgraded shares of Microchip Technology from a "hold (c-)" rating to a "hold (c)" rating in a research report on Tuesday, August 11th. Three equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat, Microchip Technology currently has a consensus rating of "Moderate Buy" and an average price target of $97.57.

Microchip Technology Profile

Microchip Technology Incorporated NASDAQ: MCHP develops and manufactures semiconductor products used in embedded control and connected electronic systems. Its portfolio includes microcontrollers, microprocessors, analog and power-management devices, memory products, timing and connectivity components, security solutions, and field-programmable gate arrays. The company also provides development tools, software, evaluation kits, and technical support to help customers design and produce electronic equipment.

Microchip's products are used across a range of markets, including automotive, industrial, aerospace and defense, communications, consumer electronics, data centers, and medical applications.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.