Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Harbour Investments Inc.

Harbour Investments Inc. trimmed its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 10.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,553 shares of the semiconductor company’s stock after selling 304 shares during the period. Harbour Investments Inc.’s holdings in Microchip Technology were worth $146,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Prospera Private Wealth LLC acquired a new stake in Microchip Technology in the third quarter valued at $29,000. Truvestments Capital LLC bought a new stake in shares of Microchip Technology in the 3rd quarter worth about $34,000. Mainstream Capital Management LLC acquired a new stake in shares of Microchip Technology in the 4th quarter valued at about $26,000. Rakuten Securities Inc. lifted its position in shares of Microchip Technology by 309.5% during the fourth quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company’s stock worth $27,000 after purchasing an additional 359 shares during the last quarter. Finally, OFI Invest Asset Management acquired a new position in Microchip Technology in the fourth quarter worth about $29,000. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Microchip Technology Trading Up 1.4 %

Microchip Technology stock opened at $51.72 on Friday. Microchip Technology Incorporated has a 12-month low of $49.92 and a 12-month high of $100.57. The stock has a market capitalization of $27.82 billion, a PE ratio of 92.36 and a beta of 1.52. The firm has a 50 day simple moving average of $56.17 and a 200-day simple moving average of $64.74. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. As a group, equities research analysts expect that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Monday, February 24th were given a dividend of $0.455 per share. The ex-dividend date of this dividend was Monday, February 24th. This represents a $1.82 annualized dividend and a dividend yield of 3.52%. Microchip Technology’s dividend payout ratio (DPR) is 325.00%.

Insider Transactions at Microchip Technology

In other news, CFO James Eric Bjornholt sold 3,724 shares of the firm’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total transaction of $226,717.12. Following the completion of the sale, the chief financial officer now directly owns 33,272 shares of the company’s stock, valued at $2,025,599.36. This trade represents a 10.07 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 2.10% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on MCHP shares. Piper Sandler restated an “overweight” rating and set a $65.00 price objective (down previously from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Morgan Stanley reduced their price objective on Microchip Technology from $71.00 to $58.00 and set an “equal weight” rating on the stock in a research note on Tuesday, February 4th. Needham & Company LLC boosted their target price on shares of Microchip Technology from $60.00 to $66.00 and gave the company a “buy” rating in a research note on Tuesday, March 4th. Bank of America lowered shares of Microchip Technology from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $80.00 to $65.00 in a research note on Monday, December 16th. Finally, Stifel Nicolaus lowered their target price on Microchip Technology from $90.00 to $87.00 and set a “buy” rating for the company in a report on Tuesday, December 3rd. Two research analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Microchip Technology presently has an average rating of “Moderate Buy” and a consensus target price of $74.37.

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.