Federated Hermes Inc. Sells 206,875 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Federated Hermes Inc. decreased its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 80.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 49,005 shares of the semiconductor company’s stock after selling 206,875 shares during the period. Federated Hermes Inc.’s holdings in Microchip Technology were worth $4,419,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of MCHP. Bleakley Financial Group LLC grew its holdings in shares of Microchip Technology by 1.3% in the fourth quarter. Bleakley Financial Group LLC now owns 9,415 shares of the semiconductor company’s stock worth $849,000 after purchasing an additional 119 shares during the last quarter. RFG Advisory LLC grew its holdings in shares of Microchip Technology by 3.2% in the fourth quarter. RFG Advisory LLC now owns 3,910 shares of the semiconductor company’s stock worth $353,000 after purchasing an additional 123 shares during the last quarter. Twelve Points Wealth Management LLC grew its holdings in shares of Microchip Technology by 1.0% in the fourth quarter. Twelve Points Wealth Management LLC now owns 12,229 shares of the semiconductor company’s stock worth $1,103,000 after purchasing an additional 125 shares during the last quarter. Merit Financial Group LLC grew its holdings in shares of Microchip Technology by 1.9% in the third quarter. Merit Financial Group LLC now owns 7,096 shares of the semiconductor company’s stock worth $554,000 after purchasing an additional 134 shares during the last quarter. Finally, Financial Advocates Investment Management grew its holdings in shares of Microchip Technology by 4.1% in the third quarter. Financial Advocates Investment Management now owns 3,607 shares of the semiconductor company’s stock worth $281,000 after purchasing an additional 142 shares during the last quarter. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Performance

Shares of Microchip Technology stock opened at $93.60 on Friday. The firm has a market capitalization of $50.58 billion, a P/E ratio of 21.87, a PEG ratio of 2.77 and a beta of 1.65. The company has a quick ratio of 0.58, a current ratio of 0.98 and a debt-to-equity ratio of 0.57. The company has a 50 day moving average price of $87.24 and a 200 day moving average price of $84.65. Microchip Technology Incorporated has a 52 week low of $68.75 and a 52 week high of $94.63.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Thursday, February 1st. The semiconductor company reported $1.08 EPS for the quarter, beating the consensus estimate of $1.04 by $0.04. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. The firm had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.77 billion. During the same period last year, the firm posted $1.48 EPS. Microchip Technology’s revenue was down 18.6% on a year-over-year basis. Sell-side analysts expect that Microchip Technology Incorporated will post 4.64 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 23rd were issued a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 1.92%. The ex-dividend date of this dividend was Thursday, February 22nd. This is an increase from Microchip Technology’s previous quarterly dividend of $0.44. Microchip Technology’s dividend payout ratio is 42.06%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on MCHP shares. Rosenblatt Securities restated a “buy” rating and issued a $100.00 price target on shares of Microchip Technology in a report on Tuesday, January 30th. StockNews.com lowered shares of Microchip Technology from a “buy” rating to a “hold” rating in a research note on Friday, December 29th. The Goldman Sachs Group lowered their price objective on shares of Microchip Technology from $87.00 to $77.00 and set a “neutral” rating for the company in a research note on Friday, February 2nd. Evercore ISI assumed coverage on shares of Microchip Technology in a research note on Tuesday, April 16th. They issued an “outperform” rating and a $106.00 price objective for the company. Finally, UBS Group lowered their price objective on shares of Microchip Technology from $105.00 to $95.00 and set a “buy” rating for the company in a research note on Friday, February 2nd. Six analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $92.50.

Insider Buying and Selling

In other news, Director Karlton D. Johnson sold 370 shares of the firm’s stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $84.00, for a total transaction of $31,080.00. Following the sale, the director now owns 1,789 shares of the company’s stock, valued at approximately $150,276. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO James Eric Bjornholt sold 1,970 shares of the stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total transaction of $165,283.00. Following the transaction, the chief financial officer now owns 32,893 shares in the company, valued at approximately $2,759,722.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Karlton D. Johnson sold 370 shares of the firm’s stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $84.00, for a total value of $31,080.00. Following the completion of the transaction, the director now owns 1,789 shares in the company, valued at approximately $150,276. The disclosure for this sale can be found here. 2.07% of the stock is owned by corporate insiders.

Microchip Technology Company Profile

Microchip Technology Incorporated develops, manufactures, and sells 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 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.