Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by ASB Consultores LLC

ASB Consultores LLC trimmed its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 47.8% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,266 shares of the semiconductor company’s stock after selling 2,072 shares during the quarter. ASB Consultores LLC’s holdings in Microchip Technology were worth $207,000 as of its most recent SEC filing.

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

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on MCHP. JPMorgan Chase & Co. decreased their target price on Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Truist Financial lowered their target price on shares of Microchip Technology from $96.00 to $89.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. TD Cowen reduced their price target on shares of Microchip Technology from $90.00 to $80.00 and set a “hold” rating for the company in a research report on Friday, August 2nd. Rosenblatt Securities reiterated a “buy” rating and set a $100.00 price target on shares of Microchip Technology in a research note on Wednesday, July 31st. Finally, Bank of America lowered shares of Microchip Technology from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $110.00 to $90.00 in a research note on Friday, August 2nd. Five equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $99.95.

Microchip Technology Trading Down 2.3 %

Microchip Technology stock opened at $77.01 on Friday. The stock has a 50-day moving average price of $81.15 and a 200 day moving average price of $87.73. Microchip Technology Incorporated has a 52 week low of $68.75 and a 52 week high of $100.57. The stock has a market cap of $41.32 billion, a PE ratio of 22.19 and a beta of 1.53. The company has a current ratio of 1.94, a quick ratio of 1.08 and a debt-to-equity ratio of 0.96.

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

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Thursday, August 22nd were paid a $0.454 dividend. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a yield of 2.36%. The ex-dividend date was Thursday, August 22nd. Microchip Technology’s dividend payout ratio is presently 52.16%.

Insider Buying and Selling at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,154 shares of the 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 transaction, the chief financial officer now directly owns 33,257 shares in the company, valued at approximately $2,710,445.50. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 2.07% of the stock is owned by company insiders.

Microchip Technology 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.