New England Research & Management Inc. Sells 450 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

New England Research & Management Inc. decreased its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 15.3% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,500 shares of the semiconductor company’s stock after selling 450 shares during the period. New England Research & Management Inc.’s holdings in Microchip Technology were worth $201,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Rise Advisors LLC bought a new position in shares of Microchip Technology in the first quarter worth about $28,000. Pineridge Advisors LLC bought a new position in shares of Microchip Technology in the fourth quarter worth about $33,000. Steph & Co. boosted its stake in shares of Microchip Technology by 57.4% in the first quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock worth $37,000 after acquiring an additional 151 shares during the period. Pathway Financial Advisers LLC bought a new position in shares of Microchip Technology in the first quarter worth about $39,000. Finally, Richardson Capital Management LLC bought a new position in shares of Microchip Technology in the first quarter worth about $45,000. Institutional investors own 91.51% of the company’s stock.

Analysts Set New Price Targets

MCHP has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. dropped their price objective on Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. StockNews.com lowered Microchip Technology from a “hold” rating to a “sell” rating in a research note on Tuesday, September 24th. Piper Sandler raised Microchip Technology from a “neutral” rating to an “overweight” rating and increased their price target for the company from $90.00 to $100.00 in a research note on Friday, August 16th. Truist Financial lowered Microchip Technology from a “buy” rating to a “hold” rating and dropped their price target for the company from $89.00 to $80.00 in a research note on Monday, September 23rd. Finally, B. Riley dropped their price target on Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $99.47.

Insider Transactions at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was 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 $2,710,445.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 2.07% of the company’s stock.

Microchip Technology Trading Down 1.6 %

Shares of NASDAQ MCHP opened at $76.45 on Tuesday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.08 and a current ratio of 1.94. The business’s 50 day moving average price is $78.80 and its 200-day moving average price is $86.94. Microchip Technology Incorporated has a fifty-two week low of $68.75 and a fifty-two week high of $100.57. The company has a market cap of $41.02 billion, a price-to-earnings ratio of 22.03 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share for the quarter, topping 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 firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same period in the prior year, the business posted $1.56 earnings per share. The company’s revenue for the quarter was down 45.8% on a year-over-year basis. On average, sell-side analysts expect that Microchip Technology Incorporated will post 1.74 earnings per share for the current year.

Microchip Technology Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd were issued a $0.454 dividend. This represents a $1.82 annualized dividend and a dividend yield of 2.38%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Thursday, August 22nd. Microchip Technology’s dividend payout ratio is presently 52.16%.

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.