Checchi Capital Advisers LLC Sells 828 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Checchi Capital Advisers LLC decreased its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 10.3% in the 4th quarter, Holdings Channel.com reports. The firm owned 7,181 shares of the semiconductor company’s stock after selling 828 shares during the period. Checchi Capital Advisers LLC’s holdings in Microchip Technology were worth $412,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Financial Advocates Investment Management increased its stake in Microchip Technology by 1.5% during the 3rd quarter. Financial Advocates Investment Management now owns 10,795 shares of the semiconductor company’s stock worth $867,000 after acquiring an additional 158 shares during the period. Metis Global Partners LLC raised its holdings in shares of Microchip Technology by 1.0% during the 3rd quarter. Metis Global Partners LLC now owns 17,161 shares of the semiconductor company’s stock worth $1,378,000 after buying an additional 172 shares in the last quarter. Americana Partners LLC lifted its holdings in shares of Microchip Technology by 5.5% in the third quarter. Americana Partners LLC now owns 3,441 shares of the semiconductor company’s stock worth $276,000 after acquiring an additional 179 shares during the last quarter. Plato Investment Management Ltd boosted its position in Microchip Technology by 5.8% in the third quarter. Plato Investment Management Ltd now owns 3,499 shares of the semiconductor company’s stock valued at $281,000 after buying an additional 191 shares in the last quarter. Finally, Summit Global Investments grew its stake in shares of Microchip Technology by 2.5% during the third quarter. Summit Global Investments now owns 8,463 shares of the semiconductor company’s stock worth $679,000 after buying an additional 207 shares during the last quarter. Institutional investors own 91.51% of the company’s stock.

Insider Buying and Selling

In other news, CFO James Eric Bjornholt sold 3,724 shares of the stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total transaction of $226,717.12. Following the completion of the transaction, the chief financial officer now directly owns 33,272 shares of the company’s stock, valued at $2,025,599.36. This represents a 10.07 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.10% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Stifel Nicolaus lowered their price objective on Microchip Technology from $90.00 to $87.00 and set a “buy” rating for the company in a research note on Tuesday, December 3rd. Needham & Company LLC cut their price target on shares of Microchip Technology from $85.00 to $60.00 and set a “buy” rating on the stock in a research report on Friday, February 7th. Piper Sandler reissued an “overweight” rating and issued a $65.00 price target (down from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Jefferies Financial Group lowered their price objective on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Finally, Raymond James reiterated a “strong-buy” rating and set a $60.00 price objective (down previously from $95.00) on shares of Microchip Technology in a report on Friday, February 7th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Microchip Technology has a consensus rating of “Moderate Buy” and a consensus target price of $77.11.

Microchip Technology Price Performance

MCHP opened at $57.12 on Friday. Microchip Technology Incorporated has a 1 year low of $50.21 and a 1 year high of $100.57. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23. The company has a market capitalization of $30.72 billion, a price-to-earnings ratio of 102.00 and a beta of 1.50. The firm’s fifty day moving average price is $56.87 and its two-hundred day moving average price is $67.64.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.15). Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. As a group, analysts anticipate that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Monday, February 24th will be given a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.19%. The ex-dividend date of this dividend is Monday, February 24th. Microchip Technology’s payout ratio is 325.00%.

About Microchip Technology

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.