Prime Capital Investment Advisors LLC Decreases Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Prime Capital Investment Advisors LLC lessened its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 17.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,326 shares of the semiconductor company’s stock after selling 1,958 shares during the period. Prime Capital Investment Advisors LLC’s holdings in Microchip Technology were worth $749,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. Orion Portfolio Solutions LLC grew its position in Microchip Technology by 3.9% during the 1st quarter. Orion Portfolio Solutions LLC now owns 27,296 shares of the semiconductor company’s stock worth $2,449,000 after purchasing an additional 1,021 shares during the last quarter. Dorsey & Whitney Trust CO LLC grew its stake in shares of Microchip Technology by 16.2% during the 1st quarter. Dorsey & Whitney Trust CO LLC now owns 8,422 shares of the semiconductor company’s stock worth $756,000 after purchasing an additional 1,173 shares during the period. First Foundation Advisors increased its holdings in Microchip Technology by 19.5% in the first quarter. First Foundation Advisors now owns 5,290 shares of the semiconductor company’s stock valued at $475,000 after buying an additional 864 shares in the last quarter. Nicolet Advisory Services LLC increased its stake in Microchip Technology by 38.3% in the 1st quarter. Nicolet Advisory Services LLC now owns 4,308 shares of the semiconductor company’s stock valued at $395,000 after purchasing an additional 1,193 shares in the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of Microchip Technology by 2.9% during the 1st quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company’s stock worth $6,152,646,000 after buying an additional 1,921,497 shares during the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. JPMorgan Chase & Co. reduced their target price on Microchip Technology from $110.00 to $100.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Mizuho set a $95.00 price objective on Microchip Technology in a research report on Friday, October 18th. Truist Financial lowered Microchip Technology from a “buy” rating to a “hold” rating and decreased their price target for the stock from $89.00 to $80.00 in a research note on Monday, September 23rd. StockNews.com downgraded shares of Microchip Technology from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Finally, Evercore ISI reissued an “outperform” rating and issued a $95.00 target price (down from $101.00) on shares of Microchip Technology in a research report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $92.00.

Microchip Technology Price Performance

Shares of MCHP stock opened at $62.86 on Friday. The firm has a fifty day simple moving average of $75.88 and a 200-day simple moving average of $84.33. The company has a market capitalization of $33.76 billion, a PE ratio of 45.45 and a beta of 1.53. Microchip Technology Incorporated has a twelve month low of $62.63 and a twelve month high of $100.57. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The company had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same period in the prior year, the company posted $1.54 EPS. The firm’s revenue for the quarter was down 48.4% on a year-over-year basis. Equities research analysts anticipate that Microchip Technology Incorporated will post 1.38 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be given a dividend of $0.455 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.90%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio (DPR) is presently 127.27%.

Insider Buying and Selling

In related news, CFO James Eric Bjornholt sold 2,154 shares of Microchip Technology stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $81.50, for a total value of $175,551.00. Following the completion of the transaction, the chief financial officer now directly owns 33,257 shares in the company, valued at approximately $2,710,445.50. This trade represents a 6.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.10% of the company’s stock.

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.