Cable Hill Partners LLC Cuts Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Cable Hill Partners LLC lessened its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 3.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,654 shares of the semiconductor company’s stock after selling 195 shares during the quarter. Cable Hill Partners LLC’s holdings in Microchip Technology were worth $454,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in shares of Microchip Technology by 2.9% in the first quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company’s stock valued at $6,152,646,000 after purchasing an additional 1,921,497 shares during the period. Principal Financial Group Inc. lifted its position in shares of Microchip Technology by 0.4% during the 2nd quarter. Principal Financial Group Inc. now owns 9,246,403 shares of the semiconductor company’s stock valued at $846,046,000 after acquiring an additional 33,603 shares during the period. Van ECK Associates Corp boosted its stake in shares of Microchip Technology by 25.1% during the 3rd quarter. Van ECK Associates Corp now owns 7,961,200 shares of the semiconductor company’s stock worth $599,239,000 after acquiring an additional 1,597,263 shares in the last quarter. Boston Partners boosted its stake in shares of Microchip Technology by 10.7% during the 1st quarter. Boston Partners now owns 7,591,471 shares of the semiconductor company’s stock worth $681,838,000 after acquiring an additional 736,818 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its holdings in shares of Microchip Technology by 17.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,527,709 shares of the semiconductor company’s stock worth $406,182,000 after acquiring an additional 673,992 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Stock Performance

Microchip Technology stock opened at $66.59 on Thursday. The firm has a market capitalization of $35.76 billion, a PE ratio of 46.57 and a beta of 1.53. Microchip Technology Incorporated has a one year low of $65.56 and a one year high of $100.57. The stock’s 50 day moving average price is $76.31 and its 200 day moving average price is $84.58. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.03. The firm had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The firm’s quarterly revenue was down 48.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.54 EPS. As a group, sell-side analysts expect that Microchip Technology Incorporated will post 1.38 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be issued a dividend of $0.455 per share. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a yield of 2.73%. The ex-dividend date is Friday, November 22nd. Microchip Technology’s dividend payout ratio (DPR) is currently 127.27%.

Insider Transactions at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $81.50, for a total transaction of $175,551.00. Following the sale, the chief financial officer now 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 sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 2.10% of the company’s stock.

Wall Street Analysts Forecast Growth

MCHP has been the topic of several recent research reports. Jefferies Financial Group decreased their price objective on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. B. Riley lowered their price target on shares of Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. TD Cowen dropped their price objective on shares of Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a research note on Wednesday, November 6th. Bank of America cut Microchip Technology from a “buy” rating to a “neutral” rating and lowered their target price for the company from $110.00 to $90.00 in a report on Friday, August 2nd. Finally, Citigroup cut their price target on Microchip Technology from $92.00 to $82.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. One 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. According to MarketBeat, Microchip Technology presently has a consensus 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.