B. Riley Wealth Advisors Inc. Sells 1,220 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

B. Riley Wealth Advisors Inc. decreased its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 15.7% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 6,554 shares of the semiconductor company’s stock after selling 1,220 shares during the quarter. B. Riley Wealth Advisors Inc.’s holdings in Microchip Technology were worth $520,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in shares of Microchip Technology by 2,390.5% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,291,290 shares of the semiconductor company’s stock worth $209,653,000 after acquiring an additional 2,199,290 shares during the last quarter. Van ECK Associates Corp raised its holdings in Microchip Technology by 25.1% in the 3rd quarter. Van ECK Associates Corp now owns 7,961,200 shares of the semiconductor company’s stock worth $599,239,000 after purchasing an additional 1,597,263 shares during the period. The Manufacturers Life Insurance Company lifted its position in Microchip Technology by 78.3% during the second quarter. The Manufacturers Life Insurance Company now owns 2,189,390 shares of the semiconductor company’s stock valued at $200,329,000 after purchasing an additional 961,801 shares in the last quarter. Franklin Resources Inc. grew its holdings in Microchip Technology by 30.2% during the third quarter. Franklin Resources Inc. now owns 3,347,643 shares of the semiconductor company’s stock valued at $264,430,000 after purchasing an additional 776,408 shares during the period. Finally, National Bank of Canada FI increased its position in Microchip Technology by 234.1% in the second quarter. National Bank of Canada FI now owns 899,561 shares of the semiconductor company’s stock worth $82,391,000 after buying an additional 630,285 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

MCHP has been the subject of a number of recent research reports. TD Cowen cut their price objective on Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a research note on Wednesday, November 6th. Piper Sandler dropped their price target on shares of Microchip Technology from $100.00 to $85.00 and set an “overweight” rating for the company in a research report on Wednesday, November 6th. KeyCorp decreased their price objective on shares of Microchip Technology from $95.00 to $90.00 and set an “overweight” rating on the stock in a research report on Tuesday, December 3rd. Bank of America downgraded shares of Microchip Technology from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $80.00 to $65.00 in a report on Monday. Finally, Jefferies Financial Group decreased their price target on Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, Microchip Technology has an average rating of “Moderate Buy” and an average target price of $89.63.

Microchip Technology Trading Down 0.3 %

Shares of MCHP opened at $55.99 on Friday. The stock has a market capitalization of $30.07 billion, a PE ratio of 39.15 and a beta of 1.50. The company’s fifty day moving average is $68.89 and its 200 day moving average is $78.94. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88. Microchip Technology Incorporated has a fifty-two week low of $55.90 and a fifty-two week high of $100.57.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The firm had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.15 billion. During the same period in the previous year, the firm posted $1.54 EPS. The business’s quarterly revenue was down 48.4% on a year-over-year basis. Sell-side analysts expect that Microchip Technology Incorporated will post 1.33 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 22nd were paid a $0.455 dividend. This represents a $1.82 annualized dividend and a dividend yield of 3.25%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date was Friday, November 22nd. Microchip Technology’s dividend payout ratio (DPR) is presently 127.27%.

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.