Telos Capital Management Inc. Lowers Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Telos Capital Management Inc. cut its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 4.8% in the 3rd quarter, Holdings Channel reports. The fund owned 12,550 shares of the semiconductor company’s stock after selling 635 shares during the quarter. Telos Capital Management Inc.’s holdings in Microchip Technology were worth $1,008,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MCHP. Vanguard Group Inc. lifted its stake in Microchip Technology by 2.9% during the first quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company’s stock worth $6,152,646,000 after purchasing an additional 1,921,497 shares during the last quarter. Principal Financial Group Inc. raised its holdings in shares of Microchip Technology by 0.4% during the 2nd quarter. Principal Financial Group Inc. now owns 9,246,403 shares of the semiconductor company’s stock valued at $846,046,000 after buying an additional 33,603 shares in the last quarter. Boston Partners lifted its position in Microchip Technology by 10.7% in the 1st quarter. Boston Partners now owns 7,591,471 shares of the semiconductor company’s stock worth $681,838,000 after buying an additional 736,818 shares during the last quarter. Van ECK Associates Corp boosted its stake in Microchip Technology by 4.9% in the second quarter. Van ECK Associates Corp now owns 6,363,937 shares of the semiconductor company’s stock worth $582,301,000 after buying an additional 295,626 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its position in Microchip Technology by 17.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 4,527,709 shares of the semiconductor company’s stock valued at $406,182,000 after acquiring an additional 673,992 shares during the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Microchip Technology Stock Down 2.8 %

Shares of NASDAQ MCHP opened at $75.18 on Tuesday. Microchip Technology Incorporated has a 12 month low of $68.75 and a 12 month high of $100.57. The company has a current ratio of 1.94, a quick ratio of 1.08 and a debt-to-equity ratio of 0.96. The firm has a fifty day simple moving average of $78.26 and a two-hundred day simple moving average of $86.06. The firm has a market capitalization of $40.33 billion, a PE ratio of 21.67 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.01. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter last year, the firm posted $1.56 EPS. The business’s quarterly revenue was down 45.8% compared to the same quarter last year. Equities analysts expect that Microchip Technology Incorporated will post 1.73 earnings per share for the current 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 issued a $0.454 dividend. The ex-dividend date was Thursday, August 22nd. This represents a $1.82 annualized dividend and a yield of 2.42%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. 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 owns 33,257 shares in the company, valued at approximately $2,710,445.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.07% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on MCHP. B. Riley lowered their price objective on shares of Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Mizuho set a $95.00 target price on shares of Microchip Technology in a research report on Friday. Needham & Company LLC cut their price target on shares of Microchip Technology from $100.00 to $96.00 and set a “buy” rating for the company in a research report on Monday, August 5th. Susquehanna reduced their price objective on Microchip Technology from $105.00 to $95.00 and set a “positive” rating on the stock in a research note on Monday. Finally, JPMorgan Chase & Co. lowered their target price on Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Six analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, Microchip Technology has a consensus rating of “Moderate Buy” and an average target price of $97.89.

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.