Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Orleans Capital Management Corp LA

Orleans Capital Management Corp LA lowered its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 1.9% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 20,437 shares of the semiconductor company’s stock after selling 390 shares during the period. Orleans Capital Management Corp LA’s holdings in Microchip Technology were worth $1,870,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Rise Advisors LLC bought a new stake in Microchip Technology in the first quarter valued at about $28,000. Pineridge Advisors LLC bought a new stake in shares of Microchip Technology in the 4th quarter valued at approximately $33,000. Steph & Co. raised its position in shares of Microchip Technology by 57.4% during the 1st 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 acquired a new stake in shares of Microchip Technology during the 1st quarter valued at approximately $39,000. Finally, Richardson Capital Management LLC bought a new position in Microchip Technology during the first quarter worth $45,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Stock Performance

Shares of MCHP opened at $80.29 on Tuesday. Microchip Technology Incorporated has a 12-month low of $68.75 and a 12-month high of $100.57. The stock has a market capitalization of $43.08 billion, a P/E ratio of 23.14 and a beta of 1.53. The firm’s 50 day moving average is $79.55 and its 200-day moving average is $87.23. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.94 and a quick ratio of 1.08.

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

Microchip Technology Increases Dividend

The business also recently announced 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 represents a $1.82 annualized dividend and a dividend yield of 2.26%. 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 currently 52.16%.

Insider Activity at Microchip Technology

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

Wall Street Analysts Forecast Growth

MCHP has been the subject of several recent research reports. Bank of America lowered shares of Microchip Technology from a “buy” rating to a “neutral” rating and lowered their target price for the company from $110.00 to $90.00 in a research note on Friday, August 2nd. Citigroup dropped their price objective on shares of Microchip Technology from $104.00 to $92.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Morgan Stanley downgraded Microchip Technology from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $102.00 to $100.00 in a research note on Thursday, July 11th. Susquehanna lowered their target price on Microchip Technology from $115.00 to $105.00 and set a “positive” rating for the company in a report on Friday, August 2nd. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $100.00 price target on shares of Microchip Technology in a report on Wednesday, July 31st. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $99.47.

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.