Wealth Advisors of Tampa Bay LLC trimmed its position in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 49.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 32,763 shares of the semiconductor company's stock after selling 32,463 shares during the period. Wealth Advisors of Tampa Bay LLC's holdings in Microchip Technology were worth $2,955,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Halpern Financial Inc. lifted its holdings in shares of Microchip Technology by 83.5% during the 2nd quarter. Halpern Financial Inc. now owns 290 shares of the semiconductor company's stock worth $26,000 after acquiring an additional 132 shares during the period. BKM Wealth Management LLC purchased a new position in shares of Microchip Technology during the 4th quarter worth about $27,000. Fortitude Family Office LLC purchased a new position in shares of Microchip Technology during the 4th quarter worth about $29,000. OFI Invest Asset Management purchased a new position in shares of Microchip Technology during the 3rd quarter worth about $26,000. Finally, VitalStone Financial LLC purchased a new position in shares of Microchip Technology during the 1st quarter worth about $38,000. 91.51% of the stock is currently owned by hedge funds and other institutional investors.
Microchip Technology Stock Up 1.5 %
Shares of Microchip Technology stock traded up $1.31 on Friday, hitting $87.57. 3,583,943 shares of the company's stock traded hands, compared to its average volume of 5,007,051. The stock has a market cap of $47.32 billion, a P/E ratio of 20.46, a PEG ratio of 2.63 and a beta of 1.65. The company has a quick ratio of 0.58, a current ratio of 0.98 and a debt-to-equity ratio of 0.57. The firm's 50-day moving average is $86.18 and its 200 day moving average is $83.62. Microchip Technology Incorporated has a 52-week low of $68.75 and a 52-week high of $94.30.
Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its earnings results on Thursday, February 1st. The semiconductor company reported $1.08 EPS for the quarter, beating the consensus estimate of $1.04 by $0.04. The company had revenue of $1.77 billion during the quarter, compared to analysts' expectations of $1.77 billion. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The business's revenue was down 18.6% on a year-over-year basis. During the same period in the prior year, the business posted $1.48 EPS. Equities analysts anticipate that Microchip Technology Incorporated will post 4.64 earnings per share for the current year.
Microchip Technology Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 23rd were paid a dividend of $0.45 per share. The ex-dividend date was Thursday, February 22nd. This is a boost from Microchip Technology's previous quarterly dividend of $0.44. This represents a $1.80 annualized dividend and a yield of 2.06%. Microchip Technology's dividend payout ratio (DPR) is 42.06%.
Wall Street Analyst Weigh In
MCHP has been the topic of several recent analyst reports. StockNews.com lowered shares of Microchip Technology from a "buy" rating to a "hold" rating in a report on Friday, December 29th. Truist Financial dropped their target price on shares of Microchip Technology from $97.00 to $93.00 and set a "buy" rating for the company in a research report on Tuesday, January 9th. The Goldman Sachs Group dropped their target price on shares of Microchip Technology from $87.00 to $77.00 and set a "neutral" rating for the company in a research report on Friday, February 2nd. Wolfe Research raised shares of Microchip Technology from a "peer perform" rating to an "outperform" rating and set a $105.00 target price for the company in a research report on Thursday, January 18th. Finally, UBS Group dropped their target price on shares of Microchip Technology from $105.00 to $95.00 and set a "buy" rating for the company in a research report on Friday, February 2nd. Six analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Microchip Technology has an average rating of "Moderate Buy" and an average target price of $91.33.
Check Out Our Latest Report on MCHP
Insider Buying and Selling
In related news, CFO James Eric Bjornholt sold 1,970 shares of the firm's stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total transaction of $165,283.00. Following the transaction, the chief financial officer now directly owns 32,893 shares in the company, valued at $2,759,722.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO James Eric Bjornholt sold 1,970 shares of the firm's stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total transaction of $165,283.00. Following the transaction, the chief financial officer now directly owns 32,893 shares in the company, valued at $2,759,722.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Karlton D. Johnson sold 370 shares of the firm's stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total value of $31,080.00. Following the transaction, the director now owns 1,789 shares in the company, valued at $150,276. The disclosure for this sale can be found here. 2.07% of the stock is currently owned by company insiders.
About Microchip Technology
(
Free Report)
Microchip Technology Incorporated develops, manufactures, and sells 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 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.
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