Atria Investments Inc Sells 13,677 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Atria Investments Inc decreased its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 18.7% in the fourth quarter, Holdings Channel.com reports. The fund owned 59,637 shares of the semiconductor company’s stock after selling 13,677 shares during the period. Atria Investments Inc’s holdings in Microchip Technology were worth $3,420,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of MCHP. Kornitzer Capital Management Inc. KS bought a new position in Microchip Technology during the third quarter valued at $281,000. Summit Global Investments lifted its position in Microchip Technology by 2.5% during the third quarter. Summit Global Investments now owns 8,463 shares of the semiconductor company’s stock valued at $679,000 after purchasing an additional 207 shares during the last quarter. CWA Asset Management Group LLC bought a new position in Microchip Technology during the third quarter valued at $3,830,000. United Bank lifted its position 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. Finally, Rovin Capital UT ADV lifted its position in Microchip Technology by 25.4% during the third quarter. Rovin Capital UT ADV now owns 4,857 shares of the semiconductor company’s stock valued at $390,000 after purchasing an additional 983 shares during the last quarter. Institutional investors own 91.51% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Stifel Nicolaus reduced their target price on shares of Microchip Technology from $90.00 to $87.00 and set a “buy” rating on the stock in a research note on Tuesday, December 3rd. StockNews.com downgraded shares of Microchip Technology from a “hold” rating to a “sell” rating in a research note on Monday, February 10th. Rosenblatt Securities reissued a “buy” rating and issued a $70.00 target price on shares of Microchip Technology in a research note on Tuesday, March 4th. Needham & Company LLC increased their target price on shares of Microchip Technology from $60.00 to $66.00 and gave the company a “buy” rating in a research note on Tuesday, March 4th. Finally, Morgan Stanley reduced their target price 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 assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Microchip Technology has a consensus rating of “Moderate Buy” and an average price target of $74.37.

Microchip Technology Trading Up 2.6 %

NASDAQ MCHP opened at $59.77 on Friday. Microchip Technology Incorporated has a one year low of $50.21 and a one year high of $100.57. The company has a market capitalization of $32.15 billion, a price-to-earnings ratio of 106.73 and a beta of 1.52. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.23 and a current ratio of 2.25. The company’s 50-day simple moving average is $56.98 and its two-hundred day simple moving average is $66.68.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share 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%. Equities analysts forecast that Microchip Technology Incorporated will post 1.03 EPS 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 $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.05%. The ex-dividend date of this dividend was Monday, February 24th. Microchip Technology’s dividend payout ratio is currently 325.00%.

Insider Activity

In related news, CFO James Eric Bjornholt sold 3,724 shares of Microchip Technology stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total value of $226,717.12. Following the completion of the sale, the chief financial officer now directly owns 33,272 shares in the company, valued at $2,025,599.36. This trade represents a 10.07 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 2.10% of the company’s stock.

Microchip Technology 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.