Strategy Asset Managers LLC Sells 17,134 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Strategy Asset Managers LLC decreased its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 17.1% in the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 83,007 shares of the semiconductor company’s stock after selling 17,134 shares during the period. Microchip Technology accounts for about 1.3% of Strategy Asset Managers LLC’s investment portfolio, making the stock its 25th biggest position. Strategy Asset Managers LLC’s holdings in Microchip Technology were worth $6,665,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of MCHP. Segall Bryant & Hamill LLC grew its position in shares of Microchip Technology by 66.5% during the 3rd quarter. Segall Bryant & Hamill LLC now owns 184,748 shares of the semiconductor company’s stock worth $14,833,000 after buying an additional 73,816 shares in the last quarter. Prospera Private Wealth LLC bought a new position in Microchip Technology during the 3rd quarter worth about $29,000. West Family Investments Inc. purchased a new position in Microchip Technology during the 3rd quarter valued at about $203,000. B. Metzler seel. Sohn & Co. Holding AG bought a new stake in shares of Microchip Technology in the 3rd quarter valued at about $2,203,000. Finally, Princeton Capital Management LLC boosted its stake in shares of Microchip Technology by 2.8% during the third quarter. Princeton Capital Management LLC now owns 28,518 shares of the semiconductor company’s stock valued at $2,290,000 after purchasing an additional 786 shares in the last quarter. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Down 0.6 %

Shares of NASDAQ MCHP opened at $64.88 on Wednesday. The stock has a market cap of $34.84 billion, a PE ratio of 45.37 and a beta of 1.53. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71. Microchip Technology Incorporated has a 12-month low of $62.63 and a 12-month high of $100.57. The company has a 50-day moving average of $75.24 and a 200 day moving average of $83.67.

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

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be given a dividend of $0.455 per share. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $1.82 annualized dividend and a dividend yield of 2.81%. Microchip Technology’s payout ratio is presently 127.27%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on MCHP. Piper Sandler dropped their target price on Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 6th. Evercore ISI reiterated an “outperform” rating and issued a $95.00 target price (down from $101.00) on shares of Microchip Technology in a report on Wednesday, November 6th. JPMorgan Chase & Co. cut their price objective on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. Truist Financial downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating and lowered their target price for the company from $89.00 to $80.00 in a research note on Monday, September 23rd. Finally, Jefferies Financial Group decreased their price objective on Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $92.00.

Insider Buying and Selling

In related news, CFO James Eric Bjornholt sold 2,154 shares of the stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 33,257 shares in the company, valued at approximately $2,710,445.50. This represents a 6.08 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 2.10% of the stock is owned by company insiders.

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.