Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Simplicity Wealth LLC

Simplicity Wealth LLC trimmed its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 37.7% during the 4th quarter, Holdings Channel.com reports. The fund owned 5,525 shares of the semiconductor company’s stock after selling 3,347 shares during the period. Simplicity Wealth LLC’s holdings in Microchip Technology were worth $317,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in MCHP. United Bank increased its position in shares of Microchip Technology by 21.0% in the 3rd quarter. United Bank now owns 9,871 shares of the semiconductor company’s stock valued at $793,000 after acquiring an additional 1,712 shares during the period. Verdence Capital Advisors LLC purchased a new stake in Microchip Technology in the third quarter valued at $449,000. Venturi Wealth Management LLC boosted its holdings in Microchip Technology by 5.7% in the third quarter. Venturi Wealth Management LLC now owns 8,190 shares of the semiconductor company’s stock valued at $658,000 after purchasing an additional 442 shares during the last quarter. Nations Financial Group Inc. IA ADV boosted its holdings in Microchip Technology by 3.6% in the third quarter. Nations Financial Group Inc. IA ADV now owns 28,479 shares of the semiconductor company’s stock valued at $2,287,000 after purchasing an additional 1,001 shares during the last quarter. Finally, Apollon Wealth Management LLC boosted its holdings in Microchip Technology by 0.8% in the third quarter. Apollon Wealth Management LLC now owns 26,475 shares of the semiconductor company’s stock valued at $2,126,000 after purchasing an additional 218 shares during the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Piper Sandler reaffirmed an “overweight” rating and issued a $65.00 price target (down from $85.00) on shares of Microchip Technology in a report on Friday, February 7th. Bank of America lowered 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. Raymond James reissued a “strong-buy” rating and set a $60.00 target price (down from $95.00) on shares of Microchip Technology in a research note on Friday, February 7th. TD Cowen increased their target price on shares of Microchip Technology from $50.00 to $60.00 and gave the stock a “hold” rating in a research note on Tuesday, March 4th. Finally, Morgan Stanley decreased their price target on shares of 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. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $74.37.

Microchip Technology Stock Down 10.6 %

MCHP stock opened at $53.45 on Tuesday. The company has a market cap of $28.75 billion, a price-to-earnings ratio of 95.45 and a beta of 1.52. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12. Microchip Technology Incorporated has a 12 month low of $50.21 and a 12 month high of $100.57. The firm has a 50-day moving average of $56.90 and a two-hundred day moving average of $66.38.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data 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 net margin of 6.49% and a return on equity of 12.62%. As a group, analysts forecast that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Monday, February 24th were issued a dividend of $0.455 per share. The ex-dividend date of this dividend was Monday, February 24th. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.41%. Microchip Technology’s dividend payout ratio is currently 325.00%.

Insider Transactions at Microchip Technology

In other news, CFO James Eric Bjornholt sold 3,724 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total transaction of $226,717.12. Following the completion of the sale, the chief financial officer now owns 33,272 shares in the company, valued at $2,025,599.36. This trade represents a 10.07 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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.