Cooper Financial Group Sells 8,733 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Cooper Financial Group decreased its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 67.6% during the fourth quarter, Holdings Channel reports. The fund owned 4,194 shares of the semiconductor company’s stock after selling 8,733 shares during the period. Cooper Financial Group’s holdings in Microchip Technology were worth $241,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Prospera Private Wealth LLC purchased a new stake in Microchip Technology in the third quarter worth $29,000. Peterson Financial Group Inc. purchased a new stake in shares of Microchip Technology in the 3rd quarter worth about $34,000. Truvestments Capital LLC purchased a new stake in shares of Microchip Technology in the 3rd quarter worth about $34,000. Wolff Wiese Magana LLC lifted its position in Microchip Technology by 55.2% during the 3rd quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock valued at $49,000 after acquiring an additional 218 shares during the period. Finally, Hobbs Group Advisors LLC boosted its stake in Microchip Technology by 390.6% during the third quarter. Hobbs Group Advisors LLC now owns 628 shares of the semiconductor company’s stock worth $50,000 after acquiring an additional 500 shares in the last quarter. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Performance

MCHP stock opened at $56.88 on Wednesday. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.88 and a quick ratio of 0.48. Microchip Technology Incorporated has a 1 year low of $54.47 and a 1 year high of $100.57. The company has a market cap of $30.55 billion, a P/E ratio of 39.78 and a beta of 1.52. The stock’s fifty day moving average price is $62.10 and its 200-day moving average price is $74.32.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.03. The business had revenue of $1.16 billion for 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 business’s revenue for the quarter was down 48.4% on a year-over-year basis. During the same period last year, the firm posted $1.54 earnings per share. On average, equities analysts forecast that Microchip Technology Incorporated will post 1.33 earnings per share for the current year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were given a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a yield of 3.20%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Friday, November 22nd. Microchip Technology’s payout ratio is 127.27%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Mizuho lowered their target price on shares of Microchip Technology from $85.00 to $72.00 and set an “outperform” rating for the company in a report on Friday, January 10th. The Goldman Sachs Group reduced their price objective on Microchip Technology from $72.00 to $63.00 and set a “neutral” rating for the company in a research report on Friday, January 10th. Jefferies Financial Group dropped their target price on Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Bank of America downgraded Microchip Technology from a “neutral” rating to an “underperform” rating and reduced their price target for the company from $80.00 to $65.00 in a report on Monday, December 16th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $85.00 price target on shares of Microchip Technology in a research note on Tuesday, December 3rd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $86.05.

Microchip Technology 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.