Simplicity Wealth LLC Sells 9,199 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Simplicity Wealth LLC reduced its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 50.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,872 shares of the semiconductor company’s stock after selling 9,199 shares during the quarter. Simplicity Wealth LLC’s holdings in Microchip Technology were worth $712,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Rise Advisors LLC bought a new position in shares of Microchip Technology during the first quarter valued at about $28,000. Pineridge Advisors LLC bought a new position in shares of Microchip Technology during the fourth quarter valued at about $33,000. Steph & Co. grew its stake in shares of Microchip Technology by 57.4% during the first quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock valued at $37,000 after buying an additional 151 shares during the last quarter. Pathway Financial Advisers LLC bought a new position in shares of Microchip Technology during the first quarter valued at about $39,000. Finally, Richardson Capital Management LLC bought a new position in shares of Microchip Technology during the first quarter valued at about $45,000. 91.51% of the stock is owned by institutional investors.

Insider Activity

In other news, CFO James Eric Bjornholt sold 2,154 shares of the business’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. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 2.10% of the company’s stock.

Microchip Technology Price Performance

Shares of NASDAQ MCHP opened at $77.98 on Friday. Microchip Technology Incorporated has a twelve month low of $68.75 and a twelve month high of $100.57. The firm has a market cap of $41.84 billion, a P/E ratio of 31.19 and a beta of 1.52. The company has a 50 day moving average of $78.09 and a 200 day moving average of $86.59. The company has a quick ratio of 1.08, a current ratio of 1.94 and a debt-to-equity ratio of 0.96.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates 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 period in the previous year, the business earned $1.56 EPS. The firm’s revenue for the quarter was down 45.8% on a year-over-year basis. As a group, research analysts expect that Microchip Technology Incorporated will post 1.73 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd were given a dividend of $0.454 per share. This is an increase 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 payout ratio is presently 72.80%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on MCHP. StockNews.com cut Microchip Technology from a “hold” rating to a “sell” rating in a research note on Tuesday, September 24th. B. Riley cut their target price on Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. TD Cowen cut their target price on Microchip Technology from $90.00 to $80.00 and set a “hold” rating on the stock in a research note on Friday, August 2nd. Susquehanna cut their target price on Microchip Technology from $115.00 to $105.00 and set a “positive” rating on the stock in a research note on Friday, August 2nd. Finally, Citigroup cut their target price on Microchip Technology from $104.00 to $92.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Microchip Technology has a consensus rating of “Moderate Buy” and a consensus target price of $99.47.

About Microchip Technology

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.