Wedbush Securities Inc. Sells 274 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Wedbush Securities Inc. trimmed its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 6.6% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,897 shares of the semiconductor company’s stock after selling 274 shares during the quarter. Wedbush Securities Inc.’s holdings in Microchip Technology were worth $357,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of MCHP. Rise Advisors LLC purchased a new position in shares of Microchip Technology in the first quarter valued at $28,000. Pineridge Advisors LLC bought a new stake in Microchip Technology during the fourth quarter worth approximately $33,000. Steph & Co. raised its position in Microchip Technology by 57.4% during the first quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock valued at $37,000 after purchasing an additional 151 shares during the period. Pathway Financial Advisers LLC purchased a new position in Microchip Technology during the first quarter worth $39,000. Finally, Richardson Capital Management LLC bought a new stake in shares of Microchip Technology during the first quarter worth $45,000. 91.51% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages have recently commented on MCHP. B. Riley decreased their price objective on Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Morgan Stanley cut Microchip Technology from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $102.00 to $100.00 in a report on Thursday, July 11th. TD Cowen dropped their target price on Microchip Technology from $90.00 to $80.00 and set a “hold” rating for the company in a research report on Friday, August 2nd. Truist Financial decreased their target price on Microchip Technology from $96.00 to $89.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Finally, Bank of America lowered shares of Microchip Technology from a “buy” rating to a “neutral” rating and cut their target price for the stock from $110.00 to $90.00 in a research note on Friday, August 2nd. Five equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat.com, Microchip Technology currently has a consensus rating of “Moderate Buy” and an average target price of $99.95.

Microchip Technology Price Performance

Shares of Microchip Technology stock opened at $77.62 on Friday. Microchip Technology Incorporated has a fifty-two week low of $68.75 and a fifty-two week high of $100.57. The company has a market cap of $41.64 billion, a PE ratio of 22.37 and a beta of 1.53. The firm has a fifty day moving average price of $82.75 and a two-hundred day moving average price of $87.99. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.94 and a quick ratio of 1.08.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.01. The firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. The business’s quarterly revenue was down 45.8% compared to the same quarter last year. During the same period last year, the company earned $1.56 EPS. Analysts expect that Microchip Technology Incorporated will post 1.74 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd were issued a dividend of $0.454 per share. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Thursday, August 22nd. This represents a $1.82 annualized dividend and a yield of 2.34%. Microchip Technology’s dividend payout ratio (DPR) is currently 52.45%.

Insider Activity at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,154 shares of Microchip Technology stock in a transaction 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 transaction, the chief financial officer now owns 33,257 shares in the company, valued at approximately $2,710,445.50. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 2.07% of the stock is owned by company insiders.

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.