Chapin Davis Inc. Trims Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Chapin Davis Inc. decreased its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 29.5% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 2,390 shares of the semiconductor company’s stock after selling 1,000 shares during the period. Chapin Davis Inc.’s holdings in Microchip Technology were worth $214,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. BKM Wealth Management LLC purchased a new position in shares of Microchip Technology during the fourth quarter valued at approximately $27,000. Rakuten Securities Inc. purchased a new position in shares of Microchip Technology during the fourth quarter valued at approximately $27,000. Rise Advisors LLC purchased a new position in Microchip Technology during the first quarter worth approximately $28,000. Fortitude Family Office LLC purchased a new position in Microchip Technology during the fourth quarter worth approximately $29,000. Finally, Pineridge Advisors LLC purchased a new position in Microchip Technology during the fourth quarter worth approximately $33,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on MCHP shares. The Goldman Sachs Group increased their price target on shares of Microchip Technology from $77.00 to $88.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 7th. Truist Financial raised their target price on shares of Microchip Technology from $93.00 to $96.00 and gave the company a “buy” rating in a research note on Tuesday, May 7th. Mizuho raised shares of Microchip Technology from a “neutral” rating to a “buy” rating and raised their target price for the company from $85.00 to $115.00 in a research note on Friday, May 24th. Evercore ISI initiated coverage on shares of Microchip Technology in a research note on Tuesday, April 16th. They issued an “outperform” rating and a $106.00 target price on the stock. Finally, UBS Group raised their target price on shares of Microchip Technology from $95.00 to $103.00 and gave the company a “buy” rating in a research note on Tuesday, May 7th. Five research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $101.06.

Microchip Technology Trading Up 0.1 %

Microchip Technology stock opened at $91.59 on Tuesday. The firm’s 50-day moving average is $93.02 and its 200-day moving average is $89.10. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.67 and a current ratio of 1.20. Microchip Technology Incorporated has a 1 year low of $68.75 and a 1 year high of $100.57. The company has a market cap of $49.17 billion, a P/E ratio of 26.39 and a beta of 1.54.

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

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 5th. Investors of record on Wednesday, May 22nd were given a $0.452 dividend. The ex-dividend date was Tuesday, May 21st. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.81 annualized dividend and a yield of 1.97%. Microchip Technology’s dividend payout ratio (DPR) is currently 52.16%.

Insiders Place Their Bets

In other Microchip Technology news, VP Stephen V. Drehobl sold 7,830 shares of the business’s stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $95.06, for a total transaction of $744,319.80. Following the sale, the vice president now directly owns 79,509 shares in the company, valued at approximately $7,558,125.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Matthew W. Chapman sold 2,748 shares of Microchip Technology stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $93.88, for a total value of $257,982.24. Following the transaction, the director now owns 35,682 shares of the company’s stock, valued at approximately $3,349,826.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Stephen V. Drehobl sold 7,830 shares of Microchip Technology stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $95.06, for a total transaction of $744,319.80. Following the completion of the transaction, the vice president now directly owns 79,509 shares in the company, valued at approximately $7,558,125.54. The disclosure for this sale can be found here. In the last three months, insiders have sold 23,993 shares of company stock worth $2,251,857. 2.07% of the stock is owned by corporate insiders.

Microchip Technology 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.