Global X Japan Co. Ltd. Cuts Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Global X Japan Co. Ltd. reduced its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 5.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 51,513 shares of the semiconductor company’s stock after selling 2,757 shares during the quarter. Global X Japan Co. Ltd.’s holdings in Microchip Technology were worth $4,136,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the business. Fisher Asset Management LLC increased its holdings in Microchip Technology by 3,353.4% in the 4th quarter. Fisher Asset Management LLC now owns 2,521 shares of the semiconductor company’s stock valued at $227,000 after purchasing an additional 2,448 shares in the last quarter. Dynamic Advisor Solutions LLC raised its holdings in shares of Microchip Technology by 80.7% during the 1st quarter. Dynamic Advisor Solutions LLC now owns 23,194 shares of the semiconductor company’s stock valued at $2,081,000 after buying an additional 10,358 shares during the period. First Financial Corp IN raised its holdings in shares of Microchip Technology by 46.7% during the 1st quarter. First Financial Corp IN now owns 1,058 shares of the semiconductor company’s stock valued at $95,000 after buying an additional 337 shares during the period. Sunbelt Securities Inc. lifted its position in Microchip Technology by 9.2% during the 1st quarter. Sunbelt Securities Inc. now owns 9,356 shares of the semiconductor company’s stock worth $839,000 after acquiring an additional 791 shares in the last quarter. Finally, GoalVest Advisory LLC boosted its holdings in Microchip Technology by 49.8% in the 1st quarter. GoalVest Advisory LLC now owns 602 shares of the semiconductor company’s stock worth $54,000 after acquiring an additional 200 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

Wall Street Analysts Forecast Growth

MCHP has been the topic of a number of recent research reports. JPMorgan Chase & Co. reduced their target price on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. Bank of America cut shares of Microchip Technology from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $110.00 to $90.00 in a research report on Friday, August 2nd. Truist Financial lowered Microchip Technology from a “buy” rating to a “hold” rating and dropped their target price for the stock from $89.00 to $80.00 in a research report on Monday, September 23rd. B. Riley reduced their price target on Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Finally, TD Cowen dropped their price objective on Microchip Technology from $90.00 to $80.00 and set a “hold” rating on the stock in a report on Friday, August 2nd. Six investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $97.89.

Insider Transactions at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,154 shares of Microchip Technology stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $81.50, for a total transaction of $175,551.00. Following the sale, the chief financial officer now owns 33,257 shares of the company’s stock, valued at approximately $2,710,445.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 2.07% of the company’s stock.

Microchip Technology Price Performance

MCHP opened at $75.43 on Wednesday. The company has a quick ratio of 1.08, a current ratio of 1.94 and a debt-to-equity ratio of 0.96. The company’s 50-day moving average price is $78.19 and its 200 day moving average price is $85.98. Microchip Technology Incorporated has a fifty-two week low of $68.75 and a fifty-two week high of $100.57. The firm has a market cap of $40.47 billion, a price-to-earnings ratio of 21.74 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.01. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. The business had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.24 billion. During the same period in the prior year, the firm earned $1.56 EPS. The business’s quarterly revenue was down 45.8% on a year-over-year basis. As a group, sell-side analysts expect that Microchip Technology Incorporated will post 1.73 earnings per share for the current year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd were issued a dividend of $0.454 per share. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Thursday, August 22nd. This represents a $1.82 annualized dividend and a dividend yield of 2.41%. Microchip Technology’s payout ratio is 52.16%.

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.