Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Moors & Cabot Inc.

Moors & Cabot Inc. trimmed its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 4.6% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 13,122 shares of the semiconductor company’s stock after selling 627 shares during the period. Moors & Cabot Inc.’s holdings in Microchip Technology were worth $1,201,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Rise Advisors LLC bought a new stake in shares of Microchip Technology during the 1st quarter worth $28,000. Pineridge Advisors LLC acquired a new position in shares of Microchip Technology in the 4th quarter valued at $33,000. Steph & Co. increased its stake in Microchip Technology by 57.4% in the 1st quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock worth $37,000 after purchasing an additional 151 shares in the last quarter. Pathway Financial Advisers LLC acquired a new stake in Microchip Technology during the 1st quarter worth about $39,000. Finally, Richardson Capital Management LLC purchased a new stake in Microchip Technology during the first quarter valued at about $45,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Stock Performance

Shares of MCHP opened at $76.36 on Thursday. Microchip Technology Incorporated has a 12 month low of $68.75 and a 12 month high of $100.57. The firm has a market cap of $40.97 billion, a price-to-earnings ratio of 22.01 and a beta of 1.53. The company’s fifty day moving average is $81.73 and its 200-day moving average is $87.86. The company has a quick ratio of 1.08, a current ratio of 1.94 and a debt-to-equity ratio of 0.96.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, beating the consensus estimate of $0.52 by $0.01. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. The business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same quarter in the previous year, the firm earned $1.56 EPS. Microchip Technology’s quarterly revenue was down 45.8% on a year-over-year basis. Equities analysts expect that Microchip Technology Incorporated will post 1.74 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Thursday, August 22nd were given a dividend of $0.454 per share. The ex-dividend date was Thursday, August 22nd. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.38%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio (DPR) is 52.16%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on MCHP shares. B. Riley cut their price target on shares of Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Needham & Company LLC reduced their target price on Microchip Technology from $100.00 to $96.00 and set a “buy” rating for the company in a report on Monday, August 5th. Bank of America downgraded Microchip Technology from a “buy” rating to a “neutral” rating and lowered their price target for the company from $110.00 to $90.00 in a report on Friday, August 2nd. Mizuho raised Microchip Technology from a “neutral” rating to a “buy” rating and upped their price target for the company from $85.00 to $115.00 in a research report on Friday, May 24th. Finally, TD Cowen decreased their price objective on Microchip Technology from $90.00 to $80.00 and set a “hold” rating for the company in a research report on Friday, August 2nd. Five equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $99.95.

Insider Activity at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $81.50, for a total transaction of $175,551.00. Following the sale, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at $2,710,445.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 2.07% of the stock is currently owned by insiders.

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.