Tucker Asset Management LLC Cuts Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Tucker Asset Management LLC trimmed its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 10.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,604 shares of the semiconductor company’s stock after selling 438 shares during the quarter. Tucker Asset Management LLC’s holdings in Microchip Technology were worth $207,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Pallas Capital Advisors LLC purchased a new position in Microchip Technology in the fourth quarter worth approximately $5,917,000. Consolidated Planning Corp purchased a new position in Microchip Technology in the fourth quarter valued at approximately $308,000. Quadrature Capital Ltd purchased a new position in Microchip Technology during the 3rd quarter worth approximately $3,312,000. Symphony Financial Ltd. Co. acquired a new position in shares of Microchip Technology in the 4th quarter valued at $520,000. Finally, one8zero8 LLC purchased a new stake in shares of Microchip Technology in the fourth quarter valued at about $384,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. TD Cowen raised their price objective on shares of Microchip Technology from $50.00 to $60.00 and gave the company a “hold” rating in a research note on Tuesday, March 4th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $70.00 target price on shares of Microchip Technology in a research report on Tuesday, March 4th. Bank of America downgraded shares of Microchip Technology from a “neutral” rating to an “underperform” rating and decreased their price objective for the stock from $80.00 to $65.00 in a research note on Monday, December 16th. Morgan Stanley reduced their price target on Microchip Technology from $71.00 to $58.00 and set an “equal weight” rating on the stock in a research report on Tuesday, February 4th. Finally, 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. Two analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $74.37.

Microchip Technology Price Performance

Shares of MCHP stock opened at $48.70 on Friday. The firm’s 50 day moving average price is $55.65 and its two-hundred day moving average price is $63.98. The stock has a market cap of $26.19 billion, a PE ratio of 86.96 and a beta of 1.52. Microchip Technology Incorporated has a 52-week low of $48.27 and a 52-week high of $100.57. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.23 and a current ratio of 2.25.

Microchip Technology (NASDAQ:MCHP) last announced 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, analysts forecast that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Monday, February 24th were given a $0.455 dividend. The ex-dividend date was Monday, February 24th. This represents a $1.82 annualized dividend and a yield of 3.74%. Microchip Technology’s dividend payout ratio is currently 325.00%.

Insider Buying and Selling

In related news, CFO James Eric Bjornholt sold 3,724 shares of Microchip Technology stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total value of $226,717.12. Following the sale, the chief financial officer now owns 33,272 shares of the company’s stock, valued at approximately $2,025,599.36. The trade was a 10.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.10% of the company’s stock.

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.