Raymond James Financial Services Advisors Inc. Trims Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Raymond James Financial Services Advisors Inc. cut its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 27.4% in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 260,843 shares of the semiconductor company’s stock after selling 98,265 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in Microchip Technology were worth $23,867,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in MCHP. Financial Counselors Inc. grew its position in Microchip Technology by 1.1% during the first quarter. Financial Counselors Inc. now owns 10,689 shares of the semiconductor company’s stock valued at $959,000 after acquiring an additional 119 shares during the period. Meridian Wealth Management LLC raised its holdings in Microchip Technology by 5.1% in the first quarter. Meridian Wealth Management LLC now owns 2,810 shares of the semiconductor company’s stock valued at $252,000 after buying an additional 137 shares during the period. Horizon Bancorp Inc. IN grew its stake in Microchip Technology by 11.8% during the first quarter. Horizon Bancorp Inc. IN now owns 1,370 shares of the semiconductor company’s stock worth $123,000 after buying an additional 145 shares during the period. Steph & Co. grew its stake in Microchip Technology by 57.4% during the first quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock worth $37,000 after buying an additional 151 shares during the period. Finally, Indiana Trust & Investment Management CO increased its position in shares of Microchip Technology by 18.4% in the first quarter. Indiana Trust & Investment Management CO now owns 999 shares of the semiconductor company’s stock worth $90,000 after acquiring an additional 155 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Stock Performance

Shares of Microchip Technology stock opened at $81.34 on Tuesday. Microchip Technology Incorporated has a 12 month low of $68.75 and a 12 month high of $100.57. The firm has a market capitalization of $43.64 billion, a P/E ratio of 23.64 and a beta of 1.54. The business’s fifty day simple moving average is $87.68 and its 200 day simple moving average is $88.63. The company has a current ratio of 1.20, a quick ratio of 0.67 and a debt-to-equity ratio of 0.75.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, topping the consensus estimate of $0.52 by $0.01. Microchip Technology had a net margin of 20.80% and a return on equity of 27.82%. The business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same quarter in the previous year, the firm posted $1.56 earnings per share. The company’s revenue for the quarter was down 45.8% on a year-over-year basis. As a group, analysts anticipate that Microchip Technology Incorporated will post 2.35 EPS for the current year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd will be given a dividend of $0.454 per share. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.23%. The ex-dividend date of this dividend is Thursday, August 22nd. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio is currently 52.16%.

Insider Transactions at Microchip Technology

In other news, Director Matthew W. Chapman sold 2,748 shares of Microchip Technology stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $93.88, for a total value of $257,982.24. Following the completion of the transaction, the director now owns 35,682 shares in the company, valued at $3,349,826.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Matthew W. Chapman sold 2,748 shares of the business’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $93.88, for a total transaction of $257,982.24. Following the completion of the transaction, the director now owns 35,682 shares of the company’s stock, valued at $3,349,826.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO James Eric Bjornholt sold 3,188 shares of the business’s stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $99.98, for a total transaction of $318,736.24. Following the completion of the transaction, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at approximately $3,325,034.86. The disclosure for this sale can be found here. In the last 90 days, insiders sold 6,163 shares of company stock worth $598,737. 2.07% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

MCHP has been the topic of several research reports. Needham & Company LLC cut their price objective on Microchip Technology from $100.00 to $96.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. Truist Financial cut their price objective on Microchip Technology from $96.00 to $89.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Stifel Nicolaus increased their price objective on Microchip Technology from $98.00 to $102.00 and gave the company a “buy” rating in a report on Wednesday, May 1st. JPMorgan Chase & Co. lowered their price target on Microchip Technology from $110.00 to $100.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. Finally, KeyCorp increased their price target on shares of Microchip Technology from $90.00 to $110.00 and gave the company an “overweight” rating in a report on Tuesday, May 7th. Five analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $99.95.

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.