Baker Tilly Wealth Management LLC Trims Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Baker Tilly Wealth Management LLC decreased its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 27.3% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,000 shares of the semiconductor company’s stock after selling 1,125 shares during the period. Baker Tilly Wealth Management LLC’s holdings in Microchip Technology were worth $274,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Rakuten Securities Inc. bought a new position in shares of Microchip Technology during the 4th quarter worth $27,000. Rise Advisors LLC bought a new position in shares of Microchip Technology during the 1st quarter worth $28,000. Pineridge Advisors LLC bought a new position in shares of Microchip Technology during the 4th quarter worth $33,000. Steph & Co. grew 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 worth $37,000 after buying an additional 151 shares in the last quarter. Finally, Pathway Financial Advisers LLC bought a new position in shares of Microchip Technology during the 1st quarter worth $39,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Insider Buying and Selling at Microchip Technology

In other news, CFO James Eric Bjornholt sold 3,188 shares of the firm’s stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $99.98, for a total transaction of $318,736.24. Following the sale, the chief financial officer now owns 33,257 shares of the company’s stock, valued at approximately $3,325,034.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO James Eric Bjornholt sold 3,188 shares of the stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $99.98, for a total transaction of $318,736.24. Following the sale, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at $3,325,034.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Matthew W. Chapman sold 2,748 shares of Microchip Technology stock in a transaction on Monday, June 10th. The shares were sold at an average price of $93.88, for a total transaction of $257,982.24. Following the completion of the transaction, the director now directly owns 35,682 shares of the company’s stock, valued at approximately $3,349,826.16. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 6,163 shares of company stock valued at $598,737. 2.07% of the stock is owned by company insiders.

Microchip Technology Stock Performance

Shares of NASDAQ:MCHP traded down $0.45 during trading on Friday, hitting $80.85. The stock had a trading volume of 4,192,121 shares, compared to its average volume of 6,040,539. 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 $43.38 billion, a price-to-earnings ratio of 23.30 and a beta of 1.54. 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 stock has a 50-day simple moving average of $87.93 and a two-hundred day simple moving average of $88.62.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data 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 return on equity of 27.82% and a net margin of 20.80%. The firm had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. During the same period last year, the business posted $1.56 earnings per share. The company’s revenue for the quarter was down 45.8% compared to the same quarter last year. On average, equities research analysts expect that Microchip Technology Incorporated will post 2.35 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Thursday, August 22nd will be given a dividend of $0.454 per share. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a yield of 2.25%. The ex-dividend date of this dividend is Thursday, August 22nd. Microchip Technology’s dividend payout ratio (DPR) is currently 52.16%.

Analyst Ratings Changes

A number of research firms have recently issued reports on MCHP. Stifel Nicolaus increased their price target on Microchip Technology from $98.00 to $102.00 and gave the stock a “buy” rating in a research report on Wednesday, May 1st. Citigroup dropped their price objective on Microchip Technology from $104.00 to $92.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. The Goldman Sachs Group raised their price objective on Microchip Technology from $77.00 to $88.00 and gave the company a “neutral” rating in a research report on Tuesday, May 7th. Morgan Stanley downgraded Microchip Technology from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $102.00 to $100.00 in a research report on Thursday, July 11th. Finally, B. Riley dropped their price objective on Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Five research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus 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.