Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Strategy Asset Managers LLC

Strategy Asset Managers LLC cut its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 17.1% in the third quarter, HoldingsChannel reports. The institutional investor owned 83,007 shares of the semiconductor company’s stock after selling 17,134 shares during the period. Microchip Technology makes up 1.3% of Strategy Asset Managers LLC’s portfolio, making the stock its 25th biggest holding. Strategy Asset Managers LLC’s holdings in Microchip Technology were worth $6,665,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of MCHP. Prospera Private Wealth LLC acquired a new position in Microchip Technology in the 3rd quarter valued at about $29,000. Peterson Financial Group Inc. purchased a new stake in Microchip Technology during the 3rd quarter worth approximately $34,000. Pathway Financial Advisers LLC acquired a new stake in Microchip Technology during the 1st quarter worth approximately $39,000. Versant Capital Management Inc boosted its position in Microchip Technology by 148.8% in the 2nd quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock valued at $48,000 after buying an additional 317 shares during the period. Finally, Wolff Wiese Magana LLC grew its stake in shares of Microchip Technology by 55.2% in the third quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock worth $49,000 after acquiring an additional 218 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Insiders Place Their Bets

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of Microchip Technology stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $81.50, for a total value of $175,551.00. Following the completion of the sale, the chief financial officer now owns 33,257 shares in the company, valued at $2,710,445.50. The trade was a 6.08 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 2.10% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. Piper Sandler reduced their price objective on Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 6th. Mizuho set a $95.00 price objective on Microchip Technology in a research report on Friday, October 18th. TD Cowen lowered their price target on shares of Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a report on Wednesday, November 6th. Citigroup reduced their price objective on shares of Microchip Technology from $92.00 to $82.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Finally, B. Riley dropped their target price on Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. One analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $92.00.

Microchip Technology Trading Down 0.6 %

NASDAQ:MCHP opened at $64.88 on Wednesday. The company has a market capitalization of $34.84 billion, a PE ratio of 45.37 and a beta of 1.53. Microchip Technology Incorporated has a 52-week low of $62.63 and a 52-week high of $100.57. The stock has a fifty day simple moving average of $75.24 and a 200-day simple moving average of $83.67. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71.

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

Microchip Technology Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be issued a $0.455 dividend. The ex-dividend date is Friday, November 22nd. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a yield of 2.81%. Microchip Technology’s payout ratio is 127.27%.

Microchip Technology Company 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.