Jensen Investment Management Inc. Sells 2,580 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Jensen Investment Management Inc. cut its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 5.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 46,850 shares of the semiconductor company’s stock after selling 2,580 shares during the period. Jensen Investment Management Inc.’s holdings in Microchip Technology were worth $3,762,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of MCHP. Crossmark Global Holdings Inc. grew its holdings in Microchip Technology by 5.3% during the third quarter. Crossmark Global Holdings Inc. now owns 331,752 shares of the semiconductor company’s stock valued at $26,636,000 after purchasing an additional 16,649 shares during the period. Westchester Capital Management Inc. grew its holdings in Microchip Technology by 2.1% during the third quarter. Westchester Capital Management Inc. now owns 194,952 shares of the semiconductor company’s stock valued at $15,653,000 after purchasing an additional 4,029 shares during the period. Verdence Capital Advisors LLC bought a new position in Microchip Technology during the third quarter valued at $449,000. Beta Wealth Group Inc. grew its holdings in Microchip Technology by 12.7% during the third quarter. Beta Wealth Group Inc. now owns 7,115 shares of the semiconductor company’s stock valued at $571,000 after purchasing an additional 804 shares during the period. Finally, Rovin Capital UT ADV grew its holdings in Microchip Technology by 25.4% during the third quarter. Rovin Capital UT ADV now owns 4,857 shares of the semiconductor company’s stock valued at $390,000 after purchasing an additional 983 shares during the period. 91.51% of the stock is owned by institutional investors.

Insider Activity at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,154 shares of the business’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $81.50, for a total transaction of $175,551.00. Following the transaction, the chief financial officer now owns 33,257 shares in the company, valued at $2,710,445.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.10% of the stock is owned by company insiders.

Microchip Technology Price Performance

NASDAQ MCHP traded down $1.47 during trading hours on Friday, reaching $72.87. 6,290,308 shares of the stock traded hands, compared to its average volume of 5,325,453. The stock has a 50 day simple moving average of $76.73 and a two-hundred day simple moving average of $84.97. Microchip Technology Incorporated has a 1 year low of $71.76 and a 1 year high of $100.57. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.88 and a quick ratio of 1.08. The company has a market cap of $39.13 billion, a price-to-earnings ratio of 50.96 and a beta of 1.53.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The company had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.15 billion. During the same quarter in the previous year, the company posted $1.54 EPS. Microchip Technology’s revenue for the quarter was down 48.4% on a year-over-year basis. On average, analysts predict that Microchip Technology Incorporated will post 1.73 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be issued a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a yield of 2.50%. The ex-dividend date of this dividend is Friday, November 22nd. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s payout ratio is currently 127.27%.

Analysts Set New Price Targets

Several brokerages have weighed in on MCHP. Piper Sandler reduced their price objective on Microchip Technology from $100.00 to $85.00 and set an “overweight” rating for the company in a report on Wednesday. Needham & Company LLC cut their price target on Microchip Technology from $96.00 to $85.00 and set a “buy” rating for the company in a report on Wednesday. Mizuho set a $95.00 price target on Microchip Technology in a report on Friday, October 18th. Jefferies Financial Group cut their price target on Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a report on Wednesday. Finally, Susquehanna cut their price target on Microchip Technology from $95.00 to $90.00 and set a “positive” rating for the company in a report on Wednesday. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, Microchip Technology currently has an average rating of “Moderate Buy” and an average target price of $92.00.

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.