Bleakley Financial Group LLC Sells 514 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Bleakley Financial Group LLC lessened its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 5.3% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,151 shares of the semiconductor company’s stock after selling 514 shares during the quarter. Bleakley Financial Group LLC’s holdings in Microchip Technology were worth $735,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of MCHP. Fisher Asset Management LLC increased its stake in Microchip Technology by 3,353.4% in the 4th quarter. Fisher Asset Management LLC now owns 2,521 shares of the semiconductor company’s stock valued at $227,000 after buying an additional 2,448 shares during the last quarter. Dynamic Advisor Solutions LLC lifted its holdings in Microchip Technology by 80.7% during the first quarter. Dynamic Advisor Solutions LLC now owns 23,194 shares of the semiconductor company’s stock worth $2,081,000 after acquiring an additional 10,358 shares during the period. First Financial Corp IN boosted its position in Microchip Technology by 46.7% in the first quarter. First Financial Corp IN now owns 1,058 shares of the semiconductor company’s stock worth $95,000 after purchasing an additional 337 shares during the last quarter. Sunbelt Securities Inc. grew its stake in Microchip Technology by 9.2% in the 1st quarter. Sunbelt Securities Inc. now owns 9,356 shares of the semiconductor company’s stock valued at $839,000 after purchasing an additional 791 shares during the period. Finally, RMR Wealth Builders increased its position in shares of Microchip Technology by 17.6% during the 1st quarter. RMR Wealth Builders now owns 8,903 shares of the semiconductor company’s stock valued at $799,000 after purchasing an additional 1,333 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Performance

Microchip Technology stock opened at $75.18 on Tuesday. Microchip Technology Incorporated has a 1-year low of $68.75 and a 1-year high of $100.57. The company has a current ratio of 1.94, a quick ratio of 1.08 and a debt-to-equity ratio of 0.96. The firm has a market capitalization of $40.33 billion, a PE ratio of 21.67 and a beta of 1.52. The firm’s 50 day simple moving average is $78.26 and its 200 day simple moving average is $86.06.

Microchip Technology (NASDAQ:MCHP) last released 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. The firm had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.24 billion. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. The business’s quarterly revenue was down 45.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.56 earnings per share. As a group, analysts expect that Microchip Technology Incorporated will post 1.73 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd were issued a dividend of $0.454 per share. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Thursday, August 22nd. This represents a $1.82 annualized dividend and a dividend yield of 2.42%. Microchip Technology’s payout ratio is presently 52.16%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Citigroup reduced their price target on shares of Microchip Technology from $104.00 to $92.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Rosenblatt Securities reissued a “buy” rating and set a $100.00 target price on shares of Microchip Technology in a research report on Wednesday, July 31st. JPMorgan Chase & Co. lowered their price target on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Susquehanna reduced their price objective on Microchip Technology from $105.00 to $95.00 and set a “positive” rating for the company in a report on Monday. Finally, Morgan Stanley lowered Microchip Technology from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $102.00 to $100.00 in a research note on Thursday, July 11th. Six equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Microchip Technology currently has an average rating of “Moderate Buy” and an average target price of $97.89.

Insider Buying and Selling

In other news, CFO James Eric Bjornholt sold 2,154 shares of the stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total value of $175,551.00. Following the transaction, the chief financial officer now owns 33,257 shares of the company’s stock, valued at $2,710,445.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 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.