Dover Advisors LLC Sells 317 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Dover Advisors LLC reduced its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 3.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,568 shares of the semiconductor company’s stock after selling 317 shares during the period. Dover Advisors LLC’s holdings in Microchip Technology were worth $491,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the stock. Van ECK Associates Corp boosted its holdings in shares of Microchip Technology by 39.3% during the 4th quarter. Van ECK Associates Corp now owns 11,093,007 shares of the semiconductor company’s stock worth $636,184,000 after buying an additional 3,131,807 shares during the period. Franklin Resources Inc. boosted its holdings in shares of Microchip Technology by 30.2% during the third quarter. Franklin Resources Inc. now owns 3,347,643 shares of the semiconductor company’s stock worth $264,430,000 after acquiring an additional 776,408 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Microchip Technology by 0.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,026,946 shares of the semiconductor company’s stock worth $243,034,000 after acquiring an additional 25,872 shares during the period. Assenagon Asset Management S.A. grew its position in shares of Microchip Technology by 9,901.6% in the fourth quarter. Assenagon Asset Management S.A. now owns 2,857,654 shares of the semiconductor company’s stock valued at $163,886,000 after purchasing an additional 2,829,082 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund increased its stake in shares of Microchip Technology by 20.1% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,751,987 shares of the semiconductor company’s stock worth $220,957,000 after purchasing an additional 460,697 shares during the period. 91.51% of the stock is owned by institutional investors.

Microchip Technology Trading Down 5.0 %

Shares of MCHP opened at $61.07 on Monday. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.23 and a current ratio of 2.25. Microchip Technology Incorporated has a 52-week low of $50.21 and a 52-week high of $100.57. The firm has a market cap of $32.84 billion, a price-to-earnings ratio of 109.05 and a beta of 1.50. The business’s fifty day moving average is $56.70 and its 200-day moving average is $68.00.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. Equities analysts anticipate that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Monday, February 24th will be given a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a yield of 2.98%. The ex-dividend date of this dividend is Monday, February 24th. Microchip Technology’s dividend payout ratio is 325.00%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Bank of America downgraded Microchip Technology from a “neutral” rating to an “underperform” rating and reduced their price target for the company from $80.00 to $65.00 in a research note on Monday, December 16th. Piper Sandler reissued an “overweight” rating and issued a $65.00 target price (down previously from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. StockNews.com lowered shares of Microchip Technology from a “hold” rating to a “sell” rating in a research report on Monday, February 10th. TD Cowen cut their price objective on shares of Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a report on Wednesday, November 6th. Finally, Needham & Company LLC decreased their target price on shares of Microchip Technology from $85.00 to $60.00 and set a “buy” rating on the stock in a research report on Friday, February 7th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Microchip Technology has an average rating of “Moderate Buy” and a consensus target price of $77.11.

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.