Wrapmanager Inc. Sells 446 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Wrapmanager Inc. lowered its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 9.1% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,471 shares of the semiconductor company’s stock after selling 446 shares during the quarter. Wrapmanager Inc.’s holdings in Microchip Technology were worth $359,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. SeaCrest Wealth Management LLC boosted its holdings in Microchip Technology by 3.3% in the 2nd quarter. SeaCrest Wealth Management LLC now owns 4,147 shares of the semiconductor company’s stock worth $379,000 after buying an additional 131 shares during the period. Corundum Group Inc. boosted its stake in shares of Microchip Technology by 3.4% in the third quarter. Corundum Group Inc. now owns 4,315 shares of the semiconductor company’s stock worth $346,000 after acquiring an additional 143 shares during the period. Commerzbank Aktiengesellschaft FI grew its position in shares of Microchip Technology by 4.5% during the second quarter. Commerzbank Aktiengesellschaft FI now owns 3,470 shares of the semiconductor company’s stock worth $318,000 after purchasing an additional 148 shares in the last quarter. Busey Bank raised its stake in Microchip Technology by 2.6% during the 2nd quarter. Busey Bank now owns 6,006 shares of the semiconductor company’s stock valued at $550,000 after purchasing an additional 155 shares during the period. Finally, Financial Advocates Investment Management lifted its holdings in Microchip Technology by 1.5% in the 3rd quarter. Financial Advocates Investment Management now owns 10,795 shares of the semiconductor company’s stock worth $867,000 after purchasing an additional 158 shares in the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on MCHP shares. Needham & Company LLC reduced their price objective on shares of Microchip Technology from $96.00 to $85.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. TD Cowen cut their target price on shares of Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a research note on Wednesday, November 6th. KeyCorp decreased their price target on shares of Microchip Technology from $100.00 to $95.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 6th. Citigroup cut their price objective on Microchip Technology from $92.00 to $82.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. Finally, Truist Financial downgraded Microchip Technology from a “buy” rating to a “hold” rating and decreased their target price for the stock from $89.00 to $80.00 in a research report on Monday, September 23rd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $92.00.

Microchip Technology Stock Down 0.6 %

Shares of NASDAQ:MCHP opened at $64.88 on Wednesday. The firm has a market capitalization of $34.84 billion, a PE ratio of 45.37 and a beta of 1.53. The business has a 50 day simple moving average of $75.24 and a two-hundred day simple moving average of $83.67. Microchip Technology Incorporated has a 1 year low of $62.63 and a 1 year high of $100.57. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.88 and a quick ratio of 0.48.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The company had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same quarter in the previous year, the business earned $1.54 EPS. Microchip Technology’s revenue was down 48.4% compared to the same quarter last year. On average, equities analysts predict that Microchip Technology Incorporated will post 1.38 EPS for the current year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be issued a dividend of $0.455 per share. This is a positive change 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 yield of 2.81%. Microchip Technology’s dividend payout ratio (DPR) is presently 127.27%.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $81.50, for a total transaction 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 trade represents a 6.08 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 2.10% of the stock is owned by corporate insiders.

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.