Cahaba Wealth Management Inc. Has $329,000 Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Cahaba Wealth Management Inc. decreased its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 5.3% during the 3rd quarter, Holdings Channel.com reports. The firm owned 4,092 shares of the semiconductor company’s stock after selling 228 shares during the period. Cahaba Wealth Management Inc.’s holdings in Microchip Technology were worth $329,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Swedbank AB acquired a new position in shares of Microchip Technology in the first quarter valued at approximately $1,079,000. SageView Advisory Group LLC grew its position in shares of Microchip Technology by 507.5% in the first quarter. SageView Advisory Group LLC now owns 17,307 shares of the semiconductor company’s stock valued at $1,553,000 after purchasing an additional 14,458 shares during the last quarter. RFG Advisory LLC boosted its stake in shares of Microchip Technology by 228.4% in the first quarter. RFG Advisory LLC now owns 12,841 shares of the semiconductor company’s stock valued at $1,152,000 after buying an additional 8,931 shares during the period. Hennessy Advisors Inc. boosted its stake in shares of Microchip Technology by 2,194.5% in the first quarter. Hennessy Advisors Inc. now owns 33,454 shares of the semiconductor company’s stock valued at $3,001,000 after buying an additional 31,996 shares during the period. Finally, Janney Montgomery Scott LLC boosted its stake in shares of Microchip Technology by 6.3% in the first quarter. Janney Montgomery Scott LLC now owns 225,633 shares of the semiconductor company’s stock valued at $20,242,000 after buying an additional 13,304 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on MCHP shares. Morgan Stanley cut Microchip Technology from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $102.00 to $100.00 in a research note on Thursday, July 11th. Truist Financial cut 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 research note on Monday, September 23rd. Susquehanna cut their price target on Microchip Technology from $115.00 to $105.00 and set a “positive” rating for the company in a research note on Friday, August 2nd. Piper Sandler upgraded Microchip Technology from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $90.00 to $100.00 in a research note on Friday, August 16th. Finally, TD Cowen cut their price target on Microchip Technology from $90.00 to $80.00 and set a “hold” rating for the company in a research note on Friday, August 2nd. Six research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $98.42.

Insider Activity at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,154 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $81.50, for a total value of $175,551.00. Following the completion of the sale, the chief financial officer now directly 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 document filed with the SEC, which is available at this hyperlink. 2.07% of the stock is currently owned by company insiders.

Microchip Technology Price Performance

Shares of MCHP traded up $0.76 during trading hours on Friday, reaching $77.34. The stock had a trading volume of 3,542,186 shares, compared to its average volume of 5,975,565. 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 $41.49 billion, a PE ratio of 22.29 and a beta of 1.52. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.08 and a current ratio of 1.94. The company’s 50-day moving average is $78.29 and its two-hundred day moving average is $86.17.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.01. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. The company had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. During the same period in the prior year, the company earned $1.56 EPS. Microchip Technology’s revenue was down 45.8% compared to the same quarter last year. Research analysts expect that Microchip Technology Incorporated will post 1.73 EPS for the current year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Thursday, August 22nd were issued a $0.454 dividend. This represents a $1.82 dividend on an annualized basis and a yield of 2.35%. This is an increase 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 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.