RFG Advisory LLC Sells 805 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

RFG Advisory LLC cut its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 9.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 7,855 shares of the semiconductor company’s stock after selling 805 shares during the quarter. RFG Advisory LLC’s holdings in Microchip Technology were worth $450,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of MCHP. Prospera Private Wealth LLC bought a new position in shares of Microchip Technology in the 3rd quarter worth $29,000. Peterson Financial Group Inc. acquired a new position in Microchip Technology in the third quarter valued at about $34,000. Truvestments Capital LLC bought a new position in Microchip Technology during the third quarter worth about $34,000. Wolff Wiese Magana LLC grew its position in shares of Microchip Technology by 55.2% during the 3rd quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock worth $49,000 after buying an additional 218 shares during the period. Finally, Hobbs Group Advisors LLC increased its stake in shares of Microchip Technology by 390.6% in the 3rd quarter. Hobbs Group Advisors LLC now owns 628 shares of the semiconductor company’s stock valued at $50,000 after acquiring an additional 500 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Analysts Set New Price Targets

MCHP has been the subject of several recent analyst reports. Jefferies Financial Group lowered their target price on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Bank of America downgraded Microchip Technology from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $80.00 to $65.00 in a research note on Monday, December 16th. Piper Sandler decreased their target price on Microchip Technology from $100.00 to $85.00 and set an “overweight” rating for the company in a research note on Wednesday, November 6th. Susquehanna dropped their price target on Microchip Technology from $95.00 to $90.00 and set a “positive” rating on the stock in a research report on Wednesday, November 6th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $85.00 price objective on shares of Microchip Technology in a research report on Tuesday, December 3rd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, Microchip Technology currently has an average rating of “Moderate Buy” and an average price target of $84.00.

Microchip Technology Stock Up 1.3 %

MCHP stock opened at $57.12 on Tuesday. Microchip Technology Incorporated has a twelve month low of $54.47 and a twelve month high of $100.57. The company has a market cap of $30.68 billion, a price-to-earnings ratio of 39.95 and a beta of 1.52. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71. The business has a 50 day moving average price of $60.28 and a two-hundred day moving average price of $72.33.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.03. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. During the same period in the prior year, the firm posted $1.54 earnings per share. The company’s quarterly revenue was down 48.4% compared to the same quarter last year. Analysts anticipate that Microchip Technology Incorporated will post 1.31 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were issued a dividend of $0.455 per share. The ex-dividend date of this dividend was Friday, November 22nd. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.19%. Microchip Technology’s payout ratio is presently 127.27%.

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.