Argonautica Private Wealth Management Inc. Trims Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Argonautica Private Wealth Management Inc. cut its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 8.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,937 shares of the semiconductor company’s stock after selling 277 shares during the quarter. Argonautica Private Wealth Management Inc.’s holdings in Microchip Technology were worth $265,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in MCHP. OFI Invest Asset Management purchased a new position in Microchip Technology during the third quarter worth about $26,000. BKM Wealth Management LLC purchased a new position in Microchip Technology during the fourth quarter worth about $27,000. Rakuten Securities Inc. purchased a new position in Microchip Technology during the fourth quarter worth about $27,000. Fortitude Family Office LLC purchased a new position in Microchip Technology during the fourth quarter worth about $29,000. Finally, Milestone Investment Advisors LLC purchased a new position in shares of Microchip Technology in the 3rd quarter worth about $36,000. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently commented on MCHP. Truist Financial cut their price objective on Microchip Technology from $97.00 to $93.00 and set a “buy” rating on the stock in a report on Tuesday, January 9th. StockNews.com downgraded Microchip Technology from a “buy” rating to a “hold” rating in a report on Friday, December 29th. The Goldman Sachs Group cut their price objective on Microchip Technology from $87.00 to $77.00 and set a “neutral” rating on the stock in a report on Friday, February 2nd. Piper Sandler downgraded Microchip Technology from an “overweight” rating to a “neutral” rating and set a $80.00 price objective on the stock. in a report on Thursday, January 4th. Finally, Stifel Nicolaus raised their price objective on Microchip Technology from $94.00 to $98.00 and gave the stock a “buy” rating in a report on Thursday, April 18th. Six analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Microchip Technology presently has a consensus rating of “Moderate Buy” and an average target price of $92.50.

Insider Transactions at Microchip Technology

In other news, CFO James Eric Bjornholt sold 1,970 shares of Microchip Technology stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total value of $165,283.00. Following the completion of the transaction, the chief financial officer now owns 32,893 shares in the company, valued at approximately $2,759,722.70. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, Director Karlton D. Johnson sold 370 shares of the firm’s stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total value of $31,080.00. Following the sale, the director now owns 1,789 shares of the company’s stock, valued at approximately $150,276. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO James Eric Bjornholt sold 1,970 shares of the firm’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total value of $165,283.00. Following the completion of the sale, the chief financial officer now directly owns 32,893 shares in the company, valued at approximately $2,759,722.70. The disclosure for this sale can be found here. Insiders own 2.07% of the company’s stock.

Microchip Technology Stock Up 1.5 %

NASDAQ MCHP traded up $1.39 during mid-day trading on Friday, reaching $93.60. 5,621,114 shares of the company’s stock traded hands, compared to its average volume of 4,575,927. Microchip Technology Incorporated has a 1-year low of $68.75 and a 1-year high of $94.63. The company has a fifty day simple moving average of $87.24 and a 200-day simple moving average of $84.65. The company has a current ratio of 0.98, a quick ratio of 0.58 and a debt-to-equity ratio of 0.57. The company has a market cap of $50.58 billion, a price-to-earnings ratio of 21.87, a P/E/G ratio of 2.81 and a beta of 1.65.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share for the quarter, beating analysts’ consensus estimates of $1.04 by $0.04. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The firm had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.77 billion. During the same quarter last year, the firm earned $1.48 EPS. Microchip Technology’s quarterly revenue was down 18.6% on a year-over-year basis. As a group, equities research analysts expect that Microchip Technology Incorporated will post 4.64 EPS for the current year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 23rd were given a $0.45 dividend. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.44. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $1.80 annualized dividend and a dividend yield of 1.92%. Microchip Technology’s dividend payout ratio (DPR) is presently 42.06%.

About Microchip Technology

Microchip Technology Incorporated develops, manufactures, and sells 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 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.