Cable Hill Partners LLC cut its stake in Microchip Technology Inc. (NASDAQ:MCHP) by 4.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,755 shares of the semiconductor company’s stock after selling 340 shares during the period. Cable Hill Partners LLC’s holdings in Microchip Technology were worth $586,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently bought and sold shares of MCHP. Osborn Williams & Donohoe LLC acquired a new stake in shares of Microchip Technology during the first quarter worth $31,000. Meeder Asset Management Inc. acquired a new stake in shares of Microchip Technology during the second quarter worth $37,000. Parkside Financial Bank & Trust raised its holdings in shares of Microchip Technology by 65.3% during the first quarter. Parkside Financial Bank & Trust now owns 433 shares of the semiconductor company’s stock worth $36,000 after purchasing an additional 171 shares during the period. Spectrum Management Group Inc. raised its holdings in shares of Microchip Technology by 127.1% during the second quarter. Spectrum Management Group Inc. now owns 452 shares of the semiconductor company’s stock worth $39,000 after purchasing an additional 253 shares during the period. Finally, Oakworth Capital Inc. acquired a new stake in shares of Microchip Technology during the second quarter worth $40,000.
In other Microchip Technology news, CFO James Eric Bjornholt sold 1,937 shares of the company’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $88.60, for a total value of $171,618.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Richard J. Simoncic sold 3,437 shares of the company’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $88.60, for a total transaction of $304,518.20. Following the completion of the sale, the vice president now directly owns 18,178 shares of the company’s stock, valued at $1,610,570.80. The disclosure for this sale can be found here. Corporate insiders own 2.21% of the company’s stock.
Shares of MCHP opened at $95.00 on Friday. The firm has a 50-day moving average price of $89.41 and a 200 day moving average price of $88.71. The firm has a market capitalization of $22.73 billion, a PE ratio of 15.63, a P/E/G ratio of 1.42 and a beta of 1.41. The company has a quick ratio of 0.63, a current ratio of 0.93 and a debt-to-equity ratio of 1.65. Microchip Technology Inc. has a 52-week low of $60.70 and a 52-week high of $101.35.
Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Tuesday, August 6th. The semiconductor company reported $1.41 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.25 by $0.16. The firm had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.33 billion. Microchip Technology had a net margin of 6.79% and a return on equity of 27.79%. Microchip Technology’s revenue was up 9.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.61 EPS. On average, equities analysts expect that Microchip Technology Inc. will post 5.27 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, September 4th. Investors of record on Wednesday, August 21st were given a $0.366 dividend. This represents a $1.46 dividend on an annualized basis and a yield of 1.54%. The ex-dividend date was Tuesday, August 20th. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.37. Microchip Technology’s dividend payout ratio is currently 24.01%.
A number of analysts have weighed in on the stock. Zacks Investment Research cut shares of Microchip Technology from a “hold” rating to a “sell” rating and set a $105.00 target price on the stock. in a report on Thursday, July 25th. B. Riley set a $120.00 price target on shares of Microchip Technology and gave the stock a “buy” rating in a research report on Wednesday, September 4th. ValuEngine lowered shares of Microchip Technology from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Longbow Research initiated coverage on shares of Microchip Technology in a research report on Tuesday, July 9th. They set a “neutral” rating and a $87.93 price target for the company. Finally, Wells Fargo & Co upped their price target on shares of Microchip Technology from $105.00 to $115.00 and gave the stock an “outperform” rating in a research report on Monday, July 29th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $100.88.
About Microchip Technology
Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit microprocessors; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.
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