Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Westwood Holdings Group Inc.

Westwood Holdings Group Inc. cut its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 5.6% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 848,272 shares of the semiconductor company’s stock after selling 50,749 shares during the quarter. Westwood Holdings Group Inc. owned 0.16% of Microchip Technology worth $77,617,000 as of its most recent filing with the Securities and Exchange Commission.

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

Microchip Technology Stock Down 2.3 %

MCHP opened at $77.01 on Friday. Microchip Technology Incorporated has a one year low of $68.75 and a one year high of $100.57. The company has a market cap of $41.32 billion, a price-to-earnings ratio of 22.19 and a beta of 1.53. The business’s fifty day moving average is $81.15 and its two-hundred day moving average is $87.73. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.08 and a current ratio of 1.94.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, beating analysts’ consensus estimates 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 firm’s revenue was down 45.8% on a year-over-year basis. During the same period in the prior year, the company earned $1.56 EPS. Analysts anticipate that Microchip Technology Incorporated will post 1.74 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd were given a $0.454 dividend. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a dividend yield of 2.36%. The ex-dividend date was Thursday, August 22nd. Microchip Technology’s dividend payout ratio is currently 52.16%.

Insider Buying and Selling

In related news, CFO James Eric Bjornholt sold 2,154 shares of the company’s stock in a transaction that occurred on 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 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 accessible through this link. 2.07% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of analysts have weighed in on MCHP shares. TD Cowen cut their price objective on shares of Microchip Technology from $90.00 to $80.00 and set a “hold” rating on the stock in a report on Friday, August 2nd. JPMorgan Chase & Co. reduced 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. B. Riley lowered their target price on shares of Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Susquehanna decreased their price target on shares of Microchip Technology from $115.00 to $105.00 and set a “positive” rating for the company in a research note on Friday, August 2nd. Finally, Bank of America cut Microchip Technology from a “buy” rating to a “neutral” rating and dropped their price target for the company from $110.00 to $90.00 in a research report on Friday, August 2nd. Five investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $99.95.

Microchip Technology Company 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.