NorthRock Partners LLC Reduces Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

NorthRock Partners LLC lessened its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 53.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,877 shares of the semiconductor company’s stock after selling 4,428 shares during the period. NorthRock Partners LLC’s holdings in Microchip Technology were worth $311,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of MCHP. Pathway Financial Advisers LLC purchased a new stake in shares of Microchip Technology in the 1st quarter worth about $39,000. Versant Capital Management Inc boosted its position in Microchip Technology by 148.8% during the 2nd quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock valued at $48,000 after acquiring an additional 317 shares in the last quarter. Wolff Wiese Magana LLC grew its holdings in shares of Microchip Technology by 55.2% during the 3rd quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock worth $49,000 after acquiring an additional 218 shares during the period. CarsonAllaria Wealth Management Ltd. bought a new position in shares of Microchip Technology in the 1st quarter worth approximately $54,000. Finally, TruNorth Capital Management LLC bought a new position in shares of Microchip Technology in the 2nd quarter worth approximately $55,000. Institutional investors own 91.51% of the company’s stock.

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 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 completion of the sale, the chief financial officer now directly owns 33,257 shares in the company, valued at approximately $2,710,445.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.10% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. KeyCorp dropped their price target on Microchip Technology from $100.00 to $95.00 and set an “overweight” rating on the stock in a research report on Wednesday. TD Cowen dropped their target price on shares of Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a report on Wednesday. JPMorgan Chase & Co. decreased their price target on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Jefferies Financial Group dropped their price objective on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a research note on Wednesday. Finally, StockNews.com raised shares of Microchip Technology from a “sell” rating to a “hold” rating in a research note on Thursday, October 17th. Six analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $92.00.

Microchip Technology Price Performance

NASDAQ MCHP opened at $73.75 on Thursday. Microchip Technology Incorporated has a one year low of $71.76 and a one year high of $100.57. The stock has a 50-day moving average of $77.05 and a 200 day moving average of $85.12. 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 company has a market capitalization of $39.57 billion, a price-to-earnings ratio of 29.50 and a beta of 1.53.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be issued a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a dividend yield of 2.47%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date is Friday, November 22nd. Microchip Technology’s payout ratio is presently 72.80%.

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.