Probity Advisors Inc. Sells 406 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Probity Advisors Inc. decreased its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 1.0% during the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 40,559 shares of the semiconductor company’s stock after selling 406 shares during the quarter. Probity Advisors Inc.’s holdings in Microchip Technology were worth $3,257,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in the stock. Rise Advisors LLC acquired a new stake in Microchip Technology during the first quarter worth $28,000. Steph & Co. increased its stake in Microchip Technology by 57.4% in the first quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock valued at $37,000 after acquiring an additional 151 shares during the period. Pathway Financial Advisers LLC bought a new stake in Microchip Technology in the first quarter valued at about $39,000. Richardson Capital Management LLC acquired a new position in Microchip Technology in the first quarter worth about $45,000. Finally, SOA Wealth Advisors LLC. lifted its stake in Microchip Technology by 90.0% during the first quarter. SOA Wealth Advisors LLC. now owns 530 shares of the semiconductor company’s stock worth $48,000 after purchasing an additional 251 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

Analysts Set New Price Targets

MCHP has been the subject of a number of recent research reports. Bank of America cut Microchip Technology from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $110.00 to $90.00 in a report on Friday, August 2nd. Morgan Stanley lowered Microchip Technology from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $102.00 to $100.00 in a research note on Thursday, July 11th. Citigroup reduced their target price 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. JPMorgan Chase & Co. dropped their target price on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Finally, Truist Financial downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating and cut their price target for the company from $89.00 to $80.00 in a report on Monday, September 23rd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, Microchip Technology currently has an average rating of “Moderate Buy” and an average target price of $99.47.

Insiders Place Their Bets

In other news, CFO James Eric Bjornholt sold 2,154 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total value of $175,551.00. Following the completion of the transaction, the chief financial officer now owns 33,257 shares in the company, valued at $2,710,445.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 2.07% of the company’s stock.

Microchip Technology Stock Performance

Shares of NASDAQ:MCHP opened at $78.09 on Thursday. The firm’s 50 day simple moving average is $78.28 and its 200 day simple moving average is $86.32. Microchip Technology Incorporated has a fifty-two week low of $68.75 and a fifty-two week high of $100.57. The company has a market capitalization of $41.90 billion, a price-to-earnings ratio of 21.87 and a beta of 1.52. 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 earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share 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 company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same period last year, the business posted $1.56 earnings per share. The business’s revenue for the quarter was down 45.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Microchip Technology Incorporated will post 1.73 earnings per share for the current year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Thursday, August 22nd were paid a dividend of $0.454 per share. This represents a $1.82 dividend on an annualized basis and a yield of 2.33%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date was Thursday, August 22nd. Microchip Technology’s dividend payout ratio is presently 52.16%.

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.