Wrapmanager Inc. Decreases Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Wrapmanager Inc. lessened its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 8.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,917 shares of the semiconductor company’s stock after selling 482 shares during the period. Wrapmanager Inc.’s holdings in Microchip Technology were worth $450,000 at the end of the most recent reporting period.

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

Microchip Technology Price Performance

Shares of Microchip Technology stock opened at $77.62 on Friday. 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 52-week low of $68.75 and a 52-week high of $100.57. The company has a fifty day moving average of $82.75 and a 200-day moving average of $87.99. The stock has a market capitalization of $41.64 billion, a price-to-earnings ratio of 22.37 and a beta of 1.53.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share (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 firm had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.24 billion. During the same period last year, the firm earned $1.56 earnings per share. The company’s revenue for the quarter was down 45.8% compared to the same quarter last year. Equities research analysts expect that Microchip Technology Incorporated will post 1.74 EPS for the current year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd were paid a dividend of $0.454 per share. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.34%. The ex-dividend date of this dividend was Thursday, August 22nd. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio is 52.45%.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on MCHP. Truist Financial decreased their price objective on Microchip Technology from $96.00 to $89.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Rosenblatt Securities restated a “buy” rating and issued a $100.00 price objective on shares of Microchip Technology in a research report on Wednesday, July 31st. JPMorgan Chase & Co. lowered their target price on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Needham & Company LLC cut their price target on shares of Microchip Technology from $100.00 to $96.00 and set a “buy” rating for the company in a report on Monday, August 5th. Finally, TD Cowen decreased their price target on shares of Microchip Technology from $90.00 to $80.00 and set a “hold” rating on the stock in a report on Friday, August 2nd. Five analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $99.95.

Insider Transactions at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of the 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 approximately $2,710,445.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 2.07% of the company’s stock.

Microchip Technology Company 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.