B. Riley Wealth Advisors Inc. Reduces Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

B. Riley Wealth Advisors Inc. lowered its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 4.5% in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 7,774 shares of the semiconductor company’s stock after selling 369 shares during the quarter. B. Riley Wealth Advisors Inc.’s holdings in Microchip Technology were worth $711,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the business. NewEdge Advisors LLC lifted its stake in shares of Microchip Technology by 12.1% in the 2nd quarter. NewEdge Advisors LLC now owns 25,714 shares of the semiconductor company’s stock valued at $2,353,000 after purchasing an additional 2,777 shares during the period. Nemes Rush Group LLC lifted its stake in shares of Microchip Technology by 0.7% in the 2nd quarter. Nemes Rush Group LLC now owns 28,511 shares of the semiconductor company’s stock valued at $2,609,000 after purchasing an additional 197 shares during the period. Magnolia Capital Advisors LLC purchased a new position in shares of Microchip Technology in the 2nd quarter valued at approximately $360,000. Creative Planning lifted its stake in shares of Microchip Technology by 2.5% in the 2nd quarter. Creative Planning now owns 115,830 shares of the semiconductor company’s stock valued at $10,598,000 after purchasing an additional 2,797 shares during the period. Finally, Buck Wealth Strategies LLC purchased a new position in shares of Microchip Technology in the 2nd quarter valued at approximately $6,558,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Up 0.5 %

Microchip Technology stock opened at $77.68 on Friday. The stock has a market cap of $41.68 billion, a PE ratio of 22.39 and a beta of 1.52. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.08 and a current ratio of 1.94. Microchip Technology Incorporated has a one year low of $68.75 and a one year high of $100.57. The stock has a fifty day moving average of $78.80 and a 200 day moving average of $86.95.

Microchip Technology (NASDAQ:MCHP) last posted 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 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%. Microchip Technology’s revenue for the quarter was down 45.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.56 earnings per share. As a group, sell-side analysts predict that Microchip Technology Incorporated will post 1.74 EPS for the current year.

Microchip Technology Increases Dividend

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

Wall Street Analysts Forecast Growth

MCHP has been the subject of a number of recent research reports. Morgan Stanley cut Microchip Technology from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $102.00 to $100.00 in a research note on Thursday, July 11th. JPMorgan Chase & Co. lowered their price objective on Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Rosenblatt Securities reiterated a “buy” rating and set a $100.00 price objective on shares of Microchip Technology in a research note on Wednesday, July 31st. Citigroup lowered their price objective on Microchip Technology from $104.00 to $92.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Finally, B. Riley lowered their price objective on Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $99.47.

Insider Activity at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of the company’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $81.50, for a total value of $175,551.00. Following the completion of the sale, the chief financial officer now owns 33,257 shares in the company, valued at $2,710,445.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 2.07% of the stock is owned by company insiders.

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.