Fidelis Capital Partners LLC Sells 399 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Fidelis Capital Partners LLC trimmed its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 6.6% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,638 shares of the semiconductor company’s stock after selling 399 shares during the period. Fidelis Capital Partners LLC’s holdings in Microchip Technology were worth $516,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in MCHP. Rise Advisors LLC bought a new stake in shares of Microchip Technology in the first quarter valued at about $28,000. Pineridge Advisors LLC bought a new stake in Microchip Technology in the 4th quarter valued at approximately $33,000. Steph & Co. boosted its position in Microchip Technology by 57.4% during the 1st quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock worth $37,000 after acquiring an additional 151 shares during the last quarter. Pathway Financial Advisers LLC bought a new position in shares of Microchip Technology during the 1st quarter worth approximately $39,000. Finally, Richardson Capital Management LLC acquired a new stake in shares of Microchip Technology in the first quarter valued at approximately $45,000. 91.51% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,154 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $81.50, for a total value of $175,551.00. Following the completion of the sale, the chief financial officer now directly owns 33,257 shares in the company, valued at $2,710,445.50. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 2.07% of the company’s stock.

Microchip Technology Stock Performance

NASDAQ:MCHP opened at $77.01 on Monday. The stock has a 50 day simple moving average of $81.15 and a 200 day simple moving average of $87.74. The stock has a market cap of $41.32 billion, a P/E ratio of 22.19 and a beta of 1.53. Microchip Technology Incorporated has a 1-year low of $68.75 and a 1-year 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.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.01. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter last year, the firm earned $1.56 earnings per share. The company’s revenue was down 45.8% on a year-over-year basis. Research analysts anticipate that Microchip Technology Incorporated will post 1.74 earnings per share for the current year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd were given a dividend of $0.454 per share. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.36%. The ex-dividend date was Thursday, August 22nd. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio is presently 52.16%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on MCHP. TD Cowen decreased their target price on shares of Microchip Technology from $90.00 to $80.00 and set a “hold” rating for the company in a research report on Friday, August 2nd. Piper Sandler upgraded Microchip Technology from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $90.00 to $100.00 in a report on Friday, August 16th. Bank of America lowered Microchip Technology from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $110.00 to $90.00 in a report on Friday, August 2nd. Susquehanna decreased their price target on Microchip Technology from $115.00 to $105.00 and set a “positive” rating for the company in a research note on Friday, August 2nd. Finally, Morgan Stanley downgraded Microchip Technology from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $102.00 to $100.00 in a report on Thursday, July 11th. Five equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat.com, Microchip Technology has an average rating of “Moderate Buy” and a consensus target price of $99.95.

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.