Thoroughbred Financial Services LLC Decreases Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Thoroughbred Financial Services LLC lowered its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 25.0% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 7,756 shares of the semiconductor company’s stock after selling 2,583 shares during the period. Thoroughbred Financial Services LLC’s holdings in Microchip Technology were worth $444,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Mainstream Capital Management LLC acquired a new position in Microchip Technology during the fourth quarter worth about $26,000. Rakuten Securities Inc. raised its position in shares of Microchip Technology by 309.5% during the 4th 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. OFI Invest Asset Management purchased a new stake in Microchip Technology in the 4th quarter valued at approximately $29,000. Financial Life Planners acquired a new stake in Microchip Technology during the 4th quarter valued at $32,000. Finally, Kohmann Bosshard Financial Services LLC purchased a new position in Microchip Technology during the fourth quarter worth $34,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Stock Down 11.0 %

Shares of Microchip Technology stock opened at $36.22 on Monday. Microchip Technology Incorporated has a twelve month low of $32.46 and a twelve month high of $100.57. The stock has a market cap of $19.48 billion, a price-to-earnings ratio of 64.68 and a beta of 1.51. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12. The company has a fifty day moving average price of $54.29 and a 200 day moving average price of $62.67.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. Equities research analysts forecast that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal 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 paid a $0.455 dividend. The ex-dividend date of this dividend was Monday, February 24th. This represents a $1.82 annualized dividend and a dividend yield of 5.02%. Microchip Technology’s dividend payout ratio (DPR) is presently 325.00%.

Wall Street Analyst Weigh In

MCHP has been the topic of a number of analyst reports. Morgan Stanley decreased 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. B. Riley reiterated a “buy” rating and set a $75.00 price target (down from $85.00) on shares of Microchip Technology in a report on Friday, February 7th. The Goldman Sachs Group reduced their price objective on shares of Microchip Technology from $72.00 to $63.00 and set a “neutral” rating on the stock in a research note on Friday, January 10th. Bank of America cut shares of Microchip Technology from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $80.00 to $65.00 in a research note on Monday, December 16th. Finally, StockNews.com lowered Microchip Technology from a “hold” rating to a “sell” rating in a research note on Monday, February 10th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Microchip Technology presently has an average rating of “Moderate Buy” and an average price target of $74.37.

Insider Activity at Microchip Technology

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

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.