Microchip Technology Incorporated (NASDAQ:MCHP) Holdings Lowered by Compass Wealth Management LLC

Compass Wealth Management LLC trimmed its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 70.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,026 shares of the semiconductor company’s stock after selling 7,358 shares during the quarter. Compass Wealth Management LLC’s holdings in Microchip Technology were worth $271,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. BKM Wealth Management LLC bought a new stake in shares of Microchip Technology in the 4th quarter worth approximately $27,000. Rakuten Securities Inc. bought a new stake in shares of Microchip Technology in the 4th quarter worth approximately $27,000. Fortitude Family Office LLC bought a new stake in shares of Microchip Technology in the 4th quarter worth approximately $29,000. Pineridge Advisors LLC bought a new stake in shares of Microchip Technology in the 4th quarter worth approximately $33,000. Finally, Operose Advisors LLC raised its holdings in shares of Microchip Technology by 79.3% in the 3rd quarter. Operose Advisors LLC now owns 502 shares of the semiconductor company’s stock worth $39,000 after purchasing an additional 222 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. KeyCorp lifted their target price on shares of Microchip Technology from $90.00 to $110.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 7th. B. Riley lifted their target price on shares of Microchip Technology from $105.00 to $110.00 and gave the stock a “buy” rating in a research report on Tuesday, May 7th. Mizuho raised shares of Microchip Technology from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $85.00 to $115.00 in a research report on Friday, May 24th. Citigroup lifted their target price on shares of Microchip Technology from $100.00 to $104.00 and gave the stock a “buy” rating in a research report on Tuesday, May 7th. Finally, The Goldman Sachs Group lifted their target price on shares of Microchip Technology from $77.00 to $88.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 7th. Five investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $101.06.

Microchip Technology Price Performance

Shares of Microchip Technology stock opened at $93.45 on Thursday. The firm has a fifty day simple moving average of $92.37 and a 200-day simple moving average of $88.91. The company has a current ratio of 1.20, a quick ratio of 0.67 and a debt-to-equity ratio of 0.75. Microchip Technology Incorporated has a 1-year low of $68.75 and a 1-year high of $100.57. The stock has a market capitalization of $50.17 billion, a price-to-earnings ratio of 26.93 and a beta of 1.55.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Monday, May 6th. The semiconductor company reported $0.57 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.57. The business had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.33 billion. Microchip Technology had a net margin of 24.98% and a return on equity of 36.78%. Microchip Technology’s revenue for the quarter was down 40.6% on a year-over-year basis. During the same period in the previous year, the company earned $1.56 earnings per share. On average, sell-side analysts expect that Microchip Technology Incorporated will post 2.35 earnings per share for the current year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 5th. Investors of record on Wednesday, May 22nd were paid a dividend of $0.452 per share. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.81 annualized dividend and a yield of 1.93%. The ex-dividend date was Tuesday, May 21st. Microchip Technology’s dividend payout ratio is presently 52.16%.

Insider Activity at Microchip Technology

In related news, CFO James Eric Bjornholt sold 3,188 shares of the company’s stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $99.98, for a total transaction of $318,736.24. Following the completion of the transaction, the chief financial officer now directly owns 33,257 shares in the company, valued at approximately $3,325,034.86. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Microchip Technology news, VP Stephen V. Drehobl sold 10,000 shares of the business’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $90.88, for a total value of $908,800.00. Following the sale, the vice president now owns 82,203 shares of the company’s stock, valued at approximately $7,470,608.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO James Eric Bjornholt sold 3,188 shares of the business’s stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $99.98, for a total transaction of $318,736.24. Following the completion of the sale, the chief financial officer now directly owns 33,257 shares in the company, valued at approximately $3,325,034.86. The disclosure for this sale can be found here. Insiders sold a total of 23,993 shares of company stock worth $2,251,857 in the last ninety days. 2.07% of the stock is currently owned by insiders.

Microchip Technology Company Profile

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.