Lebenthal Global Advisors LLC Sells 130 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Lebenthal Global Advisors LLC reduced its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 3.5% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,549 shares of the semiconductor company’s stock after selling 130 shares during the period. Lebenthal Global Advisors LLC’s holdings in Microchip Technology were worth $325,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Rise Advisors LLC acquired a new stake in Microchip Technology in the first quarter valued at approximately $28,000. Pineridge Advisors LLC bought a new position in shares of Microchip Technology in the 4th quarter valued at $33,000. Steph & Co. boosted its holdings in shares of Microchip Technology by 57.4% during the 1st quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock valued at $37,000 after acquiring an additional 151 shares in the last quarter. Pathway Financial Advisers LLC bought a new stake in Microchip Technology during the 1st quarter worth $39,000. Finally, Bfsg LLC acquired a new position in Microchip Technology in the 4th quarter worth about $45,000. 91.51% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on MCHP shares. JPMorgan Chase & Co. cut their price target on Microchip Technology from $110.00 to $100.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. B. Riley reduced their target price on shares of Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Truist Financial decreased their price target on shares of Microchip Technology from $96.00 to $89.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. The Goldman Sachs Group lifted their price target on shares of Microchip Technology from $77.00 to $88.00 and gave the stock a “neutral” rating in a report on Tuesday, May 7th. Finally, Bank of America downgraded Microchip Technology from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $110.00 to $90.00 in a report on Friday, August 2nd. Five investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $99.95.

Microchip Technology Trading Up 2.5 %

MCHP traded up $2.01 during trading on Friday, hitting $81.79. The company’s stock had a trading volume of 4,242,619 shares, compared to its average volume of 6,031,359. The firm has a market capitalization of $43.88 billion, a P/E ratio of 23.57 and a beta of 1.54. Microchip Technology Incorporated has a twelve month low of $68.75 and a twelve month high of $100.57. The stock’s fifty day moving average price is $86.73 and its 200-day moving average price is $88.48. The company has a quick ratio of 0.67, a current ratio of 1.20 and a debt-to-equity ratio of 0.75.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.01. The company had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. Microchip Technology had a net margin of 20.80% and a return on equity of 27.82%. Microchip Technology’s revenue for the quarter was down 45.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.56 EPS. Analysts anticipate that Microchip Technology Incorporated will post 2.35 EPS for the current year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd will be given a dividend of $0.454 per share. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date of this dividend is Thursday, August 22nd. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio is 52.16%.

Insider Activity

In related news, Director Matthew W. Chapman sold 2,748 shares of the company’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $93.88, for a total transaction of $257,982.24. Following the transaction, the director now directly owns 35,682 shares of the company’s stock, valued at approximately $3,349,826.16. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 2.07% of the stock is currently owned by company insiders.

Microchip Technology 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.