Financial Counselors Inc. Cuts Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Financial Counselors Inc. reduced its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 3.1% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 10,122 shares of the semiconductor company’s stock after selling 329 shares during the period. Financial Counselors Inc.’s holdings in Microchip Technology were worth $580,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the business. Pallas Capital Advisors LLC acquired a new stake in Microchip Technology in the 4th quarter valued at $5,917,000. Consolidated Planning Corp purchased a new stake in shares of Microchip Technology in the fourth quarter worth about $308,000. Quadrature Capital Ltd purchased a new stake in shares of Microchip Technology during the 3rd quarter valued at about $3,312,000. Symphony Financial Ltd. Co. acquired a new position in Microchip Technology during the 4th quarter worth approximately $520,000. Finally, one8zero8 LLC purchased a new position in Microchip Technology in the 4th quarter worth approximately $384,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total value of $226,717.12. Following the sale, the chief financial officer now owns 33,272 shares in the company, valued at approximately $2,025,599.36. This trade represents a 10.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.10% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on MCHP. Evercore ISI lifted their price objective on shares of Microchip Technology from $65.00 to $71.00 and gave the company an “outperform” rating in a research note on Tuesday, March 4th. Rosenblatt Securities reaffirmed a “buy” rating and set a $70.00 price target on shares of Microchip Technology in a research note on Tuesday, March 4th. B. Riley reissued a “buy” rating and issued a $75.00 price objective (down from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. Morgan Stanley dropped their target price on Microchip Technology from $71.00 to $58.00 and set an “equal weight” rating on the stock in a research report on Tuesday, February 4th. Finally, Mizuho increased their price target on Microchip Technology from $58.00 to $68.00 and gave the company an “outperform” rating in a report on Tuesday, March 4th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $74.37.

Microchip Technology Trading Down 4.1 %

Microchip Technology stock opened at $48.70 on Friday. Microchip Technology Incorporated has a 1 year low of $48.27 and a 1 year high of $100.57. The firm’s 50-day moving average is $55.65 and its 200-day moving average is $63.98. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.23 and a current ratio of 2.25. The company has a market cap of $26.19 billion, a P/E ratio of 86.96 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Thursday, February 6th. The semiconductor company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. On average, equities analysts expect that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Monday, February 24th were given a $0.455 dividend. This represents a $1.82 annualized dividend and a yield of 3.74%. The ex-dividend date was Monday, February 24th. Microchip Technology’s dividend payout ratio is presently 325.00%.

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.