Signaturefd LLC Sells 1,154 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Signaturefd LLC lowered its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 9.9% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 10,446 shares of the semiconductor company’s stock after selling 1,154 shares during the quarter. Signaturefd LLC’s holdings in Microchip Technology were worth $839,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in MCHP. Pathway Financial Advisers LLC acquired a new position in Microchip Technology during the 1st quarter valued at about $39,000. Richardson Capital Management LLC bought a new position in Microchip Technology in the first quarter valued at approximately $45,000. Versant Capital Management Inc grew its holdings in Microchip Technology by 148.8% during the 2nd quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock worth $48,000 after acquiring an additional 317 shares during the period. CarsonAllaria Wealth Management Ltd. bought a new stake in shares of Microchip Technology during the 1st quarter valued at $54,000. Finally, TruNorth Capital Management LLC acquired a new position in shares of Microchip Technology in the 2nd quarter valued at $55,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on MCHP. Truist Financial downgraded Microchip Technology from a “buy” rating to a “hold” rating and dropped their price objective for the company from $89.00 to $80.00 in a report on Monday, September 23rd. Morgan Stanley downgraded shares of Microchip Technology from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $102.00 to $100.00 in a research report on Thursday, July 11th. Citigroup decreased their price objective on shares of Microchip Technology from $104.00 to $92.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Bank of America lowered shares of Microchip Technology from a “buy” rating to a “neutral” rating and cut their target price for the stock from $110.00 to $90.00 in a report on Friday, August 2nd. Finally, JPMorgan Chase & Co. decreased their price target on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Six analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $97.89.

Microchip Technology Stock Performance

Shares of MCHP opened at $75.86 on Friday. The stock has a market capitalization of $40.70 billion, a price-to-earnings ratio of 21.86 and a beta of 1.52. Microchip Technology Incorporated has a 12 month low of $68.75 and a 12 month high of $100.57. The firm has a fifty day simple moving average of $78.13 and a 200 day simple moving average of $85.90. The company has a current ratio of 1.94, a quick ratio of 1.08 and a debt-to-equity ratio of 0.96.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.01. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. During the same period in the prior year, the business posted $1.56 EPS. The company’s quarterly revenue was down 45.8% on a year-over-year basis. Research analysts forecast that Microchip Technology Incorporated will post 1.73 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd were paid a dividend of $0.454 per share. The ex-dividend date of this dividend was Thursday, August 22nd. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.39%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio is currently 52.16%.

Insider Activity

In related news, CFO James Eric Bjornholt sold 2,154 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total transaction of $175,551.00. Following the transaction, the chief financial officer now directly owns 33,257 shares in the company, valued at approximately $2,710,445.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.07% of the stock is currently owned by insiders.

Microchip Technology Company 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.