Lindbrook Capital LLC Reduces Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Lindbrook Capital LLC cut its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 63.0% in the fourth quarter, Holdings Channel.com reports. The firm owned 546 shares of the semiconductor company’s stock after selling 930 shares during the quarter. Lindbrook Capital LLC’s holdings in Microchip Technology were worth $31,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. 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 shares of Microchip Technology during the fourth quarter worth $308,000. Quadrature Capital Ltd purchased a new position in shares of Microchip Technology during the third quarter worth $3,312,000. Symphony Financial Ltd. Co. purchased a new position in shares of Microchip Technology during the fourth quarter worth $520,000. Finally, Benjamin Edwards Inc. boosted its position in shares of Microchip Technology by 5,185.4% during the third quarter. Benjamin Edwards Inc. now owns 9,408 shares of the semiconductor company’s stock worth $755,000 after buying an additional 9,230 shares during the period. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Microchip Technology Stock Up 2.6 %

MCHP opened at $59.77 on Friday. The business’s 50-day simple moving average is $56.98 and its 200-day simple moving average is $66.68. 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 Incorporated has a one year low of $50.21 and a one year high of $100.57. The stock has a market capitalization of $32.15 billion, a P/E ratio of 106.73 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Thursday, February 6th. The semiconductor company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.15). Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. Analysts anticipate that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Dividend Announcement

The company also recently announced 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. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.05%. The ex-dividend date was Monday, February 24th. Microchip Technology’s dividend payout ratio (DPR) is currently 325.00%.

Insider Transactions at Microchip Technology

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

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. StockNews.com lowered Microchip Technology from a “hold” rating to a “sell” rating in a research report on Monday, February 10th. The Goldman Sachs Group lowered their price target on Microchip Technology from $72.00 to $63.00 and set a “neutral” rating for the company in a research report on Friday, January 10th. Bank of America lowered Microchip Technology from a “neutral” rating to an “underperform” rating and lowered their price target for the stock from $80.00 to $65.00 in a research report on Monday, December 16th. Stifel Nicolaus lowered their price target on Microchip Technology from $90.00 to $87.00 and set a “buy” rating for the company in a research report on Tuesday, December 3rd. Finally, Mizuho increased their price objective on Microchip Technology from $58.00 to $68.00 and gave the company an “outperform” rating in a research note on Tuesday, March 4th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Microchip Technology presently has an average rating of “Moderate Buy” and an average price target 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.