Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Global Trust Asset Management LLC

Global Trust Asset Management LLC trimmed its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 6.4% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 17,054 shares of the semiconductor company’s stock after selling 1,160 shares during the quarter. Global Trust Asset Management LLC’s holdings in Microchip Technology were worth $1,369,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Grimes & Company Inc. lifted its position in Microchip Technology by 16.1% during the 3rd quarter. Grimes & Company Inc. now owns 5,554 shares of the semiconductor company’s stock worth $446,000 after acquiring an additional 770 shares during the period. Hennion & Walsh Asset Management Inc. lifted its holdings in shares of Microchip Technology by 2.0% in the 3rd quarter. Hennion & Walsh Asset Management Inc. now owns 49,280 shares of the semiconductor company’s stock valued at $3,957,000 after buying an additional 972 shares during the period. Great Lakes Retirement Inc. lifted its holdings in shares of Microchip Technology by 99.2% in the 3rd quarter. Great Lakes Retirement Inc. now owns 24,515 shares of the semiconductor company’s stock valued at $1,968,000 after buying an additional 12,210 shares during the period. International Assets Investment Management LLC lifted its holdings in shares of Microchip Technology by 8,163.6% in the 3rd quarter. International Assets Investment Management LLC now owns 234,768 shares of the semiconductor company’s stock valued at $18,850,000 after buying an additional 231,927 shares during the period. Finally, Eagle Bay Advisors LLC lifted its holdings in shares of Microchip Technology by 21.6% in the 3rd quarter. Eagle Bay Advisors LLC now owns 1,668 shares of the semiconductor company’s stock valued at $134,000 after buying an additional 296 shares during the period. 91.51% of the stock is owned by institutional investors and hedge funds.

Microchip Technology Stock Performance

Microchip Technology stock opened at $75.86 on Friday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.08 and a current ratio of 1.94. The stock has a fifty day moving average of $78.13 and a two-hundred day moving average of $85.90. The company has a market capitalization of $40.70 billion, a price-to-earnings ratio of 21.86 and a beta of 1.52. Microchip Technology Incorporated has a fifty-two week low of $68.75 and a fifty-two week high of $100.57.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, beating the consensus estimate of $0.52 by $0.01. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. The firm had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same period in the prior year, the firm posted $1.56 earnings per share. The business’s quarterly revenue was down 45.8% compared to the same quarter last year. On average, analysts anticipate that Microchip Technology Incorporated will post 1.73 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Thursday, August 22nd were given a $0.454 dividend. The ex-dividend date of this dividend was Thursday, August 22nd. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a dividend yield of 2.39%. Microchip Technology’s dividend payout ratio (DPR) is currently 52.16%.

Insider Buying and Selling

In related news, CFO James Eric Bjornholt sold 2,154 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total value of $175,551.00. Following the sale, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at approximately $2,710,445.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 2.07% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on MCHP shares. Bank of America cut Microchip Technology from a “buy” rating to a “neutral” rating and reduced their price target for the company from $110.00 to $90.00 in a report on Friday, August 2nd. StockNews.com raised Microchip Technology from a “sell” rating to a “hold” rating in a report on Thursday, October 17th. Needham & Company LLC reduced their price objective on Microchip Technology from $100.00 to $96.00 and set a “buy” rating for the company in a report on Monday, August 5th. Susquehanna reduced their price objective on Microchip Technology from $105.00 to $95.00 and set a “positive” rating for the company in a report on Monday. Finally, B. Riley reduced their price objective on Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Six research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $97.89.

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.