WealthPLAN Partners LLC Has $929,000 Position in Microchip Technology Incorporated (NASDAQ:MCHP)

WealthPLAN Partners LLC lessened its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 74.9% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 11,567 shares of the semiconductor company’s stock after selling 34,468 shares during the period. WealthPLAN Partners LLC’s holdings in Microchip Technology were worth $929,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Pathway Financial Advisers LLC acquired a new position in shares of Microchip Technology in the 1st quarter worth approximately $39,000. Versant Capital Management Inc raised its stake in Microchip Technology by 148.8% during the second quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock worth $48,000 after acquiring an additional 317 shares in the last quarter. Wolff Wiese Magana LLC lifted its holdings in shares of Microchip Technology by 55.2% during the third quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock valued at $49,000 after acquiring an additional 218 shares during the period. TruNorth Capital Management LLC acquired a new stake in shares of Microchip Technology in the 2nd quarter valued at $55,000. Finally, Family Firm Inc. bought a new stake in shares of Microchip Technology in the 2nd quarter worth about $62,000. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Trading Down 4.1 %

Shares of Microchip Technology stock opened at $69.88 on Tuesday. Microchip Technology Incorporated has a 12-month low of $69.00 and a 12-month high of $100.57. The company has a quick ratio of 1.08, a current ratio of 0.88 and a debt-to-equity ratio of 0.71. The business’s 50 day moving average is $76.73 and its 200-day moving average is $84.93. The stock has a market cap of $37.53 billion, a P/E ratio of 48.87 and a beta of 1.53.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. The firm had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The company’s revenue for the quarter was down 48.4% compared to the same quarter last year. During the same quarter last year, the company posted $1.54 earnings per share. Equities research analysts predict that Microchip Technology Incorporated will post 1.69 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be paid a $0.455 dividend. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $1.82 annualized dividend and a yield of 2.60%. Microchip Technology’s dividend payout ratio is currently 127.27%.

Insider Activity

In other news, CFO James Eric Bjornholt sold 2,154 shares of the stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $81.50, for a total value of $175,551.00. Following the transaction, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at $2,710,445.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.10% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on MCHP shares. Citigroup reduced their price target on shares of Microchip Technology from $92.00 to $82.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. StockNews.com lowered Microchip Technology from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. TD Cowen reduced their price target on shares of Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a research report on Wednesday, November 6th. Truist Financial lowered shares of Microchip Technology from a “buy” rating to a “hold” rating and reduced their target price for the stock from $89.00 to $80.00 in a research report on Monday, September 23rd. Finally, Susquehanna decreased their price target on Microchip Technology from $95.00 to $90.00 and set a “positive” rating on the stock in a report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, Microchip Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $92.00.

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.