Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by HBK Sorce Advisory LLC

HBK Sorce Advisory LLC trimmed its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 28.5% in the fourth quarter, Holdings Channel.com reports. The fund owned 16,361 shares of the semiconductor company’s stock after selling 6,535 shares during the period. HBK Sorce Advisory LLC’s holdings in Microchip Technology were worth $938,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the business. United Bank lifted its stake in Microchip Technology by 21.0% during the third quarter. United Bank now owns 9,871 shares of the semiconductor company’s stock valued at $793,000 after purchasing an additional 1,712 shares during the last quarter. Apollon Wealth Management LLC grew its position 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 worth $2,126,000 after buying an additional 218 shares during the last quarter. Entropy Technologies LP bought a new position in shares of Microchip Technology in the third quarter valued at $1,316,000. GSA Capital Partners LLP acquired a new stake in shares of Microchip Technology during the 3rd quarter valued at $548,000. Finally, OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in Microchip Technology during the 3rd quarter worth about $400,000. Institutional investors own 91.51% of the company’s stock.

Insider Buying and Selling

In other news, CFO James Eric Bjornholt sold 3,724 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total value of $226,717.12. Following the transaction, the chief financial officer now owns 33,272 shares of the company’s stock, valued at approximately $2,025,599.36. This trade represents a 10.07 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 2.10% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on MCHP shares. KeyCorp reduced their price objective on Microchip Technology from $70.00 to $60.00 and set an “overweight” rating for the company in a research note on Friday, February 7th. Piper Sandler reaffirmed an “overweight” rating and set a $65.00 target price (down previously from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. Bank of America cut shares of Microchip Technology from a “neutral” rating to an “underperform” rating and reduced their price objective for the stock from $80.00 to $65.00 in a research note on Monday, December 16th. StockNews.com lowered shares of Microchip Technology from a “hold” rating to a “sell” rating in a research note on Monday, February 10th. Finally, TD Cowen boosted their target price on shares of Microchip Technology from $50.00 to $60.00 and gave the stock a “hold” rating in a research report on Tuesday, March 4th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $74.37.

Microchip Technology Stock Performance

Microchip Technology stock opened at $51.89 on Friday. Microchip Technology Incorporated has a 52-week low of $50.21 and a 52-week high of $100.57. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23. The stock has a fifty day moving average price of $56.59 and a two-hundred day moving average price of $65.97. The firm has a market capitalization of $27.91 billion, a P/E ratio of 92.66 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate 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 anticipate that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Monday, February 24th were issued a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.51%. The ex-dividend date of this dividend was Monday, February 24th. Microchip Technology’s dividend payout ratio is currently 325.00%.

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.