Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Angeles Wealth Management LLC

Angeles Wealth Management LLC decreased its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 12.1% in the 2nd quarter, HoldingsChannel reports. The firm owned 3,036 shares of the semiconductor company’s stock after selling 419 shares during the period. Angeles Wealth Management LLC’s holdings in Microchip Technology were worth $278,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Swedbank AB acquired a new position in shares of Microchip Technology during the 1st quarter valued at about $1,079,000. Caxton Associates LP increased its stake in shares of Microchip Technology by 4,511.5% during the 4th quarter. Caxton Associates LP now owns 400,000 shares of the semiconductor company’s stock valued at $36,072,000 after acquiring an additional 391,326 shares during the last quarter. SageView Advisory Group LLC increased its stake in shares of Microchip Technology by 507.5% during the 1st quarter. SageView Advisory Group LLC now owns 17,307 shares of the semiconductor company’s stock valued at $1,553,000 after acquiring an additional 14,458 shares during the last quarter. RFG Advisory LLC increased its stake in shares of Microchip Technology by 228.4% during the 1st quarter. RFG Advisory LLC now owns 12,841 shares of the semiconductor company’s stock valued at $1,152,000 after acquiring an additional 8,931 shares during the last quarter. Finally, Hennessy Advisors Inc. increased its stake in shares of Microchip Technology by 2,194.5% during the 1st quarter. Hennessy Advisors Inc. now owns 33,454 shares of the semiconductor company’s stock valued at $3,001,000 after acquiring an additional 31,996 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Stock Performance

Microchip Technology stock opened at $77.45 on Thursday. The stock has a market cap of $41.55 billion, a P/E ratio of 22.32 and a beta of 1.53. The company has a current ratio of 1.94, a quick ratio of 1.08 and a debt-to-equity ratio of 0.96. The stock has a 50 day moving average of $83.39 and a 200-day moving average of $88.11. Microchip Technology Incorporated has a 52 week low of $68.75 and a 52 week high of $100.57.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, beating the consensus estimate of $0.52 by $0.01. The company had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. The business’s revenue was down 45.8% on a year-over-year basis. During the same period in the prior year, the business posted $1.56 EPS. On average, analysts expect that Microchip Technology Incorporated will post 1.74 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd were paid a dividend of $0.454 per share. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a dividend yield of 2.34%. The ex-dividend date of this dividend was Thursday, August 22nd. Microchip Technology’s dividend payout ratio is 52.16%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Needham & Company LLC dropped their price objective on shares of Microchip Technology from $100.00 to $96.00 and set a “buy” rating for the company in a research note on Monday, August 5th. Piper Sandler raised shares of Microchip Technology from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $90.00 to $100.00 in a research note on Friday, August 16th. Susquehanna decreased their target price on Microchip Technology from $115.00 to $105.00 and set a “positive” rating for the company in a report on Friday, August 2nd. B. Riley decreased their target price on Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Finally, Mizuho upgraded Microchip Technology from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $85.00 to $115.00 in a report on Friday, May 24th. Five equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $99.95.

Insider Activity

In other 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 completion of the transaction, the chief financial officer now directly owns 33,257 shares in the company, valued at approximately $2,710,445.50. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 2.07% of the company’s stock.

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.