Novare Capital Management LLC Sells 4,534 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Novare Capital Management LLC cut its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 3.7% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 119,527 shares of the semiconductor company’s stock after selling 4,534 shares during the quarter. Novare Capital Management LLC’s holdings in Microchip Technology were worth $10,937,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Rise Advisors LLC bought a new stake in Microchip Technology during the 1st quarter worth about $28,000. Pineridge Advisors LLC acquired a new position in shares of Microchip Technology during the 4th quarter worth about $33,000. Steph & Co. increased its stake in shares of Microchip Technology by 57.4% during the 1st quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock worth $37,000 after purchasing an additional 151 shares during the last quarter. Pathway Financial Advisers LLC acquired a new position in shares of Microchip Technology during the 1st quarter worth about $39,000. Finally, Richardson Capital Management LLC acquired a new position in shares of Microchip Technology during the 1st quarter worth about $45,000. 91.51% of the stock is owned by institutional investors.

Analyst Ratings Changes

MCHP has been the topic of a number of research reports. JPMorgan Chase & Co. decreased their price target 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. Truist Financial decreased their price target on shares of Microchip Technology from $96.00 to $89.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. UBS Group upped their price target on shares of Microchip Technology from $95.00 to $103.00 and gave the company a “buy” rating in a research note on Tuesday, May 7th. Morgan Stanley lowered shares of Microchip Technology from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $102.00 to $100.00 in a research note on Thursday, July 11th. Finally, Citigroup decreased their price target on shares of Microchip Technology from $104.00 to $92.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Five equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $99.95.

Microchip Technology Price Performance

Shares of Microchip Technology stock traded down $3.93 on Tuesday, reaching $78.23. 1,771,424 shares of the stock were exchanged, compared to its average volume of 5,963,765. The firm’s 50 day moving average is $85.50 and its 200-day moving average is $88.47. Microchip Technology Incorporated has a one year low of $68.75 and a one year high of $100.57. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.08 and a current ratio of 1.94. The firm has a market cap of $41.97 billion, a PE ratio of 23.68 and a beta of 1.54.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.01. The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. The firm’s quarterly revenue was down 45.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.56 EPS. As a group, analysts anticipate that Microchip Technology Incorporated will post 1.74 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Thursday, August 22nd will be paid a $0.454 dividend. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date is Thursday, August 22nd. This represents a $1.82 annualized dividend and a yield of 2.32%. Microchip Technology’s dividend payout ratio is presently 52.16%.

Insider Activity at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,154 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were 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 owns 33,257 shares of the company’s stock, valued at approximately $2,710,445.50. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CFO James Eric Bjornholt sold 2,154 shares of Microchip Technology stock in a transaction dated 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 of the company’s stock, valued at approximately $2,710,445.50. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Matthew W. Chapman sold 2,748 shares of Microchip Technology stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $93.88, for a total value of $257,982.24. Following the completion of the transaction, the director now directly owns 35,682 shares of the company’s stock, valued at $3,349,826.16. The disclosure for this sale can be found here. 2.07% of the stock is owned by insiders.

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.