Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Inspire Investing LLC

Inspire Investing LLC cut its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 5.9% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 51,658 shares of the semiconductor company’s stock after selling 3,247 shares during the period. Inspire Investing LLC’s holdings in Microchip Technology were worth $4,148,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of MCHP. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in Microchip Technology by 2,390.5% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,291,290 shares of the semiconductor company’s stock worth $209,653,000 after purchasing an additional 2,199,290 shares in the last quarter. Clearbridge Investments LLC boosted its stake in Microchip Technology by 18,944.8% in the 1st quarter. Clearbridge Investments LLC now owns 1,973,045 shares of the semiconductor company’s stock worth $177,002,000 after purchasing an additional 1,962,685 shares in the last quarter. Vanguard Group Inc. lifted its stake in Microchip Technology by 2.9% during the 1st quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company’s stock valued at $6,152,646,000 after acquiring an additional 1,921,497 shares during the period. Canada Pension Plan Investment Board lifted its stake in Microchip Technology by 425.3% during the 1st quarter. Canada Pension Plan Investment Board now owns 1,377,099 shares of the semiconductor company’s stock valued at $123,540,000 after acquiring an additional 1,114,962 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its stake in Microchip Technology by 78.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,189,390 shares of the semiconductor company’s stock valued at $200,329,000 after acquiring an additional 961,801 shares during the period. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Microchip Technology Price Performance

Shares of NASDAQ MCHP opened at $77.98 on Friday. The firm has a market cap of $41.84 billion, a PE ratio of 31.19 and a beta of 1.52. The firm has a fifty day moving average of $78.09 and a 200 day moving average of $86.59. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.08 and a current ratio of 1.94. Microchip Technology Incorporated has a one year low of $68.75 and a one year high of $100.57.

Microchip Technology (NASDAQ:MCHP) last issued 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 net margin of 20.80% and a return on equity of 28.33%. The company had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same quarter in the previous year, the firm earned $1.56 EPS. The firm’s revenue was down 45.8% compared to the same quarter last year. As a group, research analysts predict that Microchip Technology Incorporated will post 1.73 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd were issued a dividend of $0.454 per share. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date was Thursday, August 22nd. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.33%. Microchip Technology’s dividend payout ratio is presently 72.80%.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Piper Sandler upgraded shares of Microchip Technology from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $90.00 to $100.00 in a research note on Friday, August 16th. Citigroup decreased their price objective on shares of Microchip Technology from $104.00 to $92.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Susquehanna decreased their price objective on shares of Microchip Technology from $115.00 to $105.00 and set a “positive” rating for the company in a research note on Friday, August 2nd. Needham & Company LLC decreased their price objective on shares of Microchip Technology from $100.00 to $96.00 and set a “buy” rating for the company in a research note on Monday, August 5th. Finally, Morgan Stanley cut shares of Microchip Technology from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $102.00 to $100.00 in a research note on Thursday, July 11th. One analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $99.47.

Insider Transactions at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,154 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total transaction of $175,551.00. Following the completion of the sale, the chief financial officer now owns 33,257 shares of the company’s stock, 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 this hyperlink. Insiders own 2.10% of the company’s stock.

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.