Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Prime Capital Investment Advisors LLC

Prime Capital Investment Advisors LLC cut its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 17.4% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 9,326 shares of the semiconductor company’s stock after selling 1,958 shares during the period. Prime Capital Investment Advisors LLC’s holdings in Microchip Technology were worth $749,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the business. Pathway Financial Advisers LLC acquired a new position in shares of Microchip Technology during the first quarter valued at $39,000. Versant Capital Management Inc boosted its stake in Microchip Technology by 148.8% during the 2nd quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock valued at $48,000 after purchasing an additional 317 shares during the period. TruNorth Capital Management LLC bought a new position in Microchip Technology in the 2nd quarter worth about $55,000. Wolff Wiese Magana LLC increased its stake in shares of Microchip Technology by 55.2% in the third quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock valued at $49,000 after purchasing an additional 218 shares during the period. Finally, Family Firm Inc. bought a new stake in shares of Microchip Technology during the second quarter valued at approximately $62,000. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Down 4.2 %

MCHP stock opened at $62.86 on Friday. The company’s 50 day simple moving average is $75.88 and its 200-day simple moving average is $84.33. Microchip Technology Incorporated has a 52-week low of $62.63 and a 52-week high of $100.57. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.88 and a quick ratio of 0.48. The firm has a market capitalization of $33.76 billion, a P/E ratio of 45.45 and a beta of 1.53.

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

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be issued a $0.455 dividend. This is an increase 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 dividend on an annualized basis and a dividend yield of 2.90%. Microchip Technology’s dividend payout ratio is currently 127.27%.

Insider Transactions at Microchip Technology

In other Microchip Technology 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 sale, the chief financial officer now owns 33,257 shares in the company, valued at $2,710,445.50. This represents a 6.08 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.10% of the stock is owned by insiders.

Analyst Ratings Changes

Several research firms recently commented on MCHP. JPMorgan Chase & Co. lowered their target price on Microchip Technology from $110.00 to $100.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. StockNews.com downgraded shares of Microchip Technology from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. B. Riley decreased their target price on shares of Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Piper Sandler dropped their price target on shares of Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 6th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $90.00 price objective on shares of Microchip Technology in a report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, Microchip Technology presently has a consensus rating of “Moderate Buy” and an average price target of $92.00.

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.