Wrapmanager Inc. Sells 446 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Wrapmanager Inc. decreased its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 9.1% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 4,471 shares of the semiconductor company’s stock after selling 446 shares during the quarter. Wrapmanager Inc.’s holdings in Microchip Technology were worth $359,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Peterson Financial Group Inc. purchased a new position in shares of Microchip Technology in the 3rd quarter valued at $34,000. Pathway Financial Advisers LLC bought a new position in Microchip Technology in the first quarter worth about $39,000. Versant Capital Management Inc lifted its position in shares of Microchip Technology by 148.8% during the second quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock valued at $48,000 after buying an additional 317 shares during the last quarter. TruNorth Capital Management LLC bought a new stake in shares of Microchip Technology in the 2nd quarter valued at about $55,000. Finally, Wolff Wiese Magana LLC boosted its holdings in shares of Microchip Technology by 55.2% in the 3rd quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock valued at $49,000 after buying an additional 218 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Insider Activity

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $81.50, for a total transaction of $175,551.00. Following the transaction, the chief financial officer now owns 33,257 shares in the company, valued at approximately $2,710,445.50. This represents a 6.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 2.10% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on MCHP shares. JPMorgan Chase & Co. lowered their target price on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Rosenblatt Securities restated a “buy” rating and set a $90.00 target price on shares of Microchip Technology in a research note on Wednesday, November 6th. Mizuho set a $95.00 price target on Microchip Technology in a research note on Friday, October 18th. StockNews.com lowered Microchip Technology from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Finally, Needham & Company LLC decreased their price objective on shares of Microchip Technology from $96.00 to $85.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, Microchip Technology has an average rating of “Moderate Buy” and a consensus price target of $92.00.

Microchip Technology Stock Down 0.6 %

Microchip Technology stock opened at $64.88 on Wednesday. Microchip Technology Incorporated has a 52 week low of $62.63 and a 52 week high of $100.57. The firm has a market cap of $34.84 billion, a price-to-earnings ratio of 45.37 and a beta of 1.53. The business’s 50-day moving average price is $75.24 and its 200 day moving average price is $83.67. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The business had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.15 billion. During the same quarter last year, the company earned $1.54 EPS. The business’s revenue was down 48.4% on a year-over-year basis. As a group, sell-side analysts anticipate that Microchip Technology Incorporated will post 1.38 earnings per share for the current year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be paid a dividend of $0.455 per share. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a dividend yield of 2.81%. The ex-dividend date of this dividend is Friday, November 22nd. Microchip Technology’s dividend payout ratio is presently 127.27%.

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.