MAI Capital Management Sells 233 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

MAI Capital Management reduced its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 2.9% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,882 shares of the semiconductor company’s stock after selling 233 shares during the quarter. MAI Capital Management’s holdings in Microchip Technology were worth $633,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Peterson Financial Group Inc. bought a new stake in shares of Microchip Technology in the third quarter worth about $34,000. Pathway Financial Advisers LLC bought a new position in shares of Microchip Technology during the first quarter worth about $39,000. Versant Capital Management Inc grew its holdings in shares of Microchip Technology by 148.8% during the second quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock worth $48,000 after buying an additional 317 shares in the last quarter. Wolff Wiese Magana LLC grew its holdings in shares of Microchip Technology by 55.2% during the third quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock worth $49,000 after buying an additional 218 shares in the last quarter. Finally, TruNorth Capital Management LLC bought a new position in shares of Microchip Technology during the second quarter worth about $55,000. 91.51% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on MCHP shares. Susquehanna decreased their price target on Microchip Technology from $95.00 to $90.00 and set a “positive” rating for the company in a research note on Wednesday, November 6th. KeyCorp decreased their price target on Microchip Technology from $100.00 to $95.00 and set an “overweight” rating for the company in a research note on Wednesday, November 6th. Needham & Company LLC decreased their price target on Microchip Technology from $96.00 to $85.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Jefferies Financial Group decreased their price target on Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Finally, TD Cowen decreased their price target on Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a research note on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $92.00.

Microchip Technology Stock Performance

NASDAQ:MCHP opened at $66.69 on Friday. The stock has a market cap of $35.81 billion, a P/E ratio of 46.64 and a beta of 1.53. The stock has a 50 day simple moving average of $74.59 and a 200 day simple moving average of $83.24. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71. Microchip Technology Incorporated has a 1-year low of $62.63 and a 1-year high of $100.57.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.03. The business had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The firm’s revenue for the quarter was down 48.4% compared to the same quarter last year. During the same period last year, the firm posted $1.54 EPS. Research analysts anticipate that Microchip Technology Incorporated will post 1.38 earnings per share for the current year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be issued a dividend of $0.455 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 yield of 2.73%. The ex-dividend date is Friday, November 22nd. Microchip Technology’s dividend payout ratio (DPR) is presently 127.27%.

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.