Compass Ion Advisors LLC Cuts Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Compass Ion Advisors LLC reduced its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 43.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,006 shares of the semiconductor company’s stock after selling 10,196 shares during the quarter. Compass Ion Advisors LLC’s holdings in Microchip Technology were worth $1,167,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of MCHP. BKM Wealth Management LLC bought a new position in shares of Microchip Technology during the 4th quarter valued at $27,000. Rakuten Securities Inc. purchased a new position in shares of Microchip Technology in the fourth quarter worth about $27,000. Rise Advisors LLC bought a new stake in shares of Microchip Technology in the 1st quarter valued at about $28,000. Fortitude Family Office LLC bought a new stake in shares of Microchip Technology in the 4th quarter valued at about $29,000. Finally, Pineridge Advisors LLC purchased a new stake in Microchip Technology during the 4th quarter valued at about $33,000. 91.51% of the stock is currently owned by institutional investors.

Microchip Technology Stock Up 2.3 %

Shares of Microchip Technology stock opened at $91.50 on Monday. Microchip Technology Incorporated has a twelve month low of $68.75 and a twelve month high of $100.57. The company has a quick ratio of 0.67, a current ratio of 1.20 and a debt-to-equity ratio of 0.75. The company’s 50 day moving average is $93.02 and its 200 day moving average is $89.10. The company has a market cap of $49.13 billion, a price-to-earnings ratio of 26.37 and a beta of 1.54.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Monday, May 6th. The semiconductor company reported $0.57 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.57. The business had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.33 billion. Microchip Technology had a net margin of 24.98% and a return on equity of 36.78%. The company’s quarterly revenue was down 40.6% compared to the same quarter last year. During the same period in the previous year, the business earned $1.56 EPS. Research analysts anticipate that Microchip Technology Incorporated will post 2.35 EPS for the current year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 5th. Shareholders of record on Wednesday, May 22nd were given a $0.452 dividend. This represents a $1.81 annualized dividend and a yield of 1.98%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date was Tuesday, May 21st. Microchip Technology’s dividend payout ratio (DPR) is presently 52.16%.

Wall Street Analyst Weigh In

MCHP has been the subject of several recent research reports. TD Cowen boosted their price objective on Microchip Technology from $80.00 to $90.00 and gave the company a “hold” rating in a research report on Tuesday, May 7th. B. Riley increased their price objective on Microchip Technology from $105.00 to $110.00 and gave the stock a “buy” rating in a report on Tuesday, May 7th. Citigroup lifted their price objective on Microchip Technology from $100.00 to $104.00 and gave the stock a “buy” rating in a research report on Tuesday, May 7th. Evercore ISI initiated coverage on shares of Microchip Technology in a research report on Tuesday, April 16th. They set an “outperform” rating and a $106.00 price objective on the stock. Finally, Mizuho raised shares of Microchip Technology from a “neutral” rating to a “buy” rating and raised their target price for the stock from $85.00 to $115.00 in a research report on Friday, May 24th. Five analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, Microchip Technology currently has an average rating of “Moderate Buy” and an average price target of $101.06.

Insider Buying and Selling at Microchip Technology

In other news, VP Stephen V. Drehobl sold 7,830 shares of Microchip Technology stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $95.06, for a total transaction of $744,319.80. Following the transaction, the vice president now owns 79,509 shares in the company, valued at approximately $7,558,125.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, VP Stephen V. Drehobl sold 7,830 shares of Microchip Technology stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $95.06, for a total transaction of $744,319.80. Following the transaction, the vice president now directly owns 79,509 shares of the company’s stock, valued at approximately $7,558,125.54. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Stephen V. Drehobl sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $90.88, for a total transaction of $908,800.00. Following the sale, the vice president now owns 82,203 shares in the company, valued at approximately $7,470,608.64. 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 three months. 2.07% of the stock is currently owned by company insiders.

About Microchip Technology

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.