Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by New England Research & Management Inc.

New England Research & Management Inc. lowered its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 9.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,950 shares of the semiconductor company’s stock after selling 300 shares during the period. New England Research & Management Inc.’s holdings in Microchip Technology were worth $270,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Bleakley Financial Group LLC lifted its holdings in shares of Microchip Technology by 1.3% during the fourth quarter. Bleakley Financial Group LLC now owns 9,415 shares of the semiconductor company’s stock worth $849,000 after purchasing an additional 119 shares during the period. Financial Counselors Inc. lifted its stake in shares of Microchip Technology by 1.1% in the 1st quarter. Financial Counselors Inc. now owns 10,689 shares of the semiconductor company’s stock worth $959,000 after acquiring an additional 119 shares during the period. RFG Advisory LLC increased its stake in shares of Microchip Technology by 3.2% during the fourth quarter. RFG Advisory LLC now owns 3,910 shares of the semiconductor company’s stock worth $353,000 after acquiring an additional 123 shares during the period. Meridian Wealth Management LLC increased its stake in shares of Microchip Technology by 5.1% during the first quarter. Meridian Wealth Management LLC now owns 2,810 shares of the semiconductor company’s stock worth $252,000 after acquiring an additional 137 shares during the period. Finally, Horizon Bancorp Inc. IN raised its holdings in Microchip Technology by 11.8% during the first quarter. Horizon Bancorp Inc. IN now owns 1,370 shares of the semiconductor company’s stock worth $123,000 after purchasing an additional 145 shares in the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Microchip Technology Trading Up 1.1 %

Shares of Microchip Technology stock traded up $0.81 during trading hours on Tuesday, hitting $74.67. The company’s stock had a trading volume of 9,485,282 shares, compared to its average volume of 6,001,438. The company has a quick ratio of 0.67, a current ratio of 1.20 and a debt-to-equity ratio of 0.75. The company has a market capitalization of $40.06 billion, a PE ratio of 21.52 and a beta of 1.54. The business has a fifty day moving average of $91.17 and a 200 day moving average of $89.38. Microchip Technology Incorporated has a 1-year low of $68.75 and a 1-year high of $100.57.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, topping the consensus estimate of $0.52 by $0.01. Microchip Technology had a return on equity of 27.82% and a net margin of 20.80%. The firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same period in the previous year, the company posted $1.56 EPS. Microchip Technology’s revenue for the quarter was down 45.8% on a year-over-year basis. As a group, equities analysts forecast that Microchip Technology Incorporated will post 2.35 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd will be paid a dividend of $0.454 per share. This represents a $1.82 dividend on an annualized basis and a yield of 2.43%. The ex-dividend date of this dividend is Thursday, August 22nd. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio (DPR) is 52.16%.

Analysts Set New Price Targets

Several equities research analysts have commented on MCHP shares. Mizuho upgraded shares of Microchip Technology from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $85.00 to $115.00 in a research report on Friday, May 24th. Bank of America lowered shares of Microchip Technology from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $110.00 to $90.00 in a research report on Friday. Morgan Stanley downgraded shares of Microchip Technology from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $102.00 to $100.00 in a research report on Thursday, July 11th. KeyCorp upped their price target on Microchip Technology from $90.00 to $110.00 and gave the stock an “overweight” rating in a report on Tuesday, May 7th. Finally, B. Riley reduced their price objective on Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a report on Friday. Six research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $99.42.

Insiders Place Their Bets

In related news, VP Stephen V. Drehobl sold 10,000 shares of Microchip Technology stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $90.88, for a total value of $908,800.00. Following the completion of the sale, the vice president now owns 82,203 shares in the company, valued at $7,470,608.64. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, VP Stephen V. Drehobl sold 7,830 shares of the business’s stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $95.06, for a total value of $744,319.80. Following the completion of the sale, the vice president now directly owns 79,509 shares in the company, valued at approximately $7,558,125.54. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Stephen V. Drehobl sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $90.88, for a total value of $908,800.00. Following the sale, the vice president now directly owns 82,203 shares in the company, valued at $7,470,608.64. The disclosure for this sale can be found here. Insiders have sold 23,993 shares of company stock worth $2,251,857 in the last three months. 2.07% of the stock is owned by insiders.

Microchip Technology Company Profile

Microchip Technology Incorporated develops, manufactures, and sells 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 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.