Microchip Technology Incorporated (NASDAQ:MCHP) CFO James Eric Bjornholt Sells 2,154 Shares of Stock

Microchip Technology Incorporated (NASDAQ:MCHP) CFO James Eric Bjornholt sold 2,154 shares of the 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 sale, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at $2,710,445.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Microchip Technology Stock Down 1.8 %

Shares of NASDAQ MCHP opened at $80.30 on Tuesday. The firm’s 50-day moving average is $86.52 and its two-hundred day moving average is $88.52. The company has a market capitalization of $43.08 billion, a PE ratio of 23.14 and a beta of 1.54. Microchip Technology Incorporated has a 12-month low of $68.75 and a 12-month high of $100.57. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.20 and a quick ratio of 0.67.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share (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 27.82% and a net margin of 20.80%. Microchip Technology’s revenue was down 45.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.56 EPS. Equities analysts anticipate that Microchip Technology Incorporated will post 2.35 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Thursday, August 22nd will be given a dividend of $0.454 per share. This represents a $1.82 dividend on an annualized basis and a yield of 2.26%. The ex-dividend date of this dividend is Thursday, August 22nd. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio (DPR) is currently 52.16%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Legacy Capital Wealth Partners LLC boosted its position in Microchip Technology by 9.0% during the fourth quarter. Legacy Capital Wealth Partners LLC now owns 11,269 shares of the semiconductor company’s stock worth $1,016,000 after acquiring an additional 928 shares during the last quarter. Little House Capital LLC acquired a new stake in shares of Microchip Technology during the fourth quarter worth $463,000. Gilbert & Cook Inc. grew its position in shares of Microchip Technology by 8.5% in the fourth quarter. Gilbert & Cook Inc. now owns 5,354 shares of the semiconductor company’s stock valued at $483,000 after purchasing an additional 421 shares during the period. Choreo LLC acquired a new position in Microchip Technology in the fourth quarter valued at $2,248,000. Finally, Israel Discount Bank of New York purchased a new position in Microchip Technology during the fourth quarter worth about $382,000. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have commented on MCHP shares. Stifel Nicolaus upped their price objective on shares of Microchip Technology from $98.00 to $102.00 and gave the stock a “buy” rating in a research report on Wednesday, May 1st. Rosenblatt Securities restated a “buy” rating and issued a $100.00 price objective on shares of Microchip Technology in a research report on Wednesday, July 31st. Truist Financial dropped their target price on Microchip Technology from $96.00 to $89.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Bank of America cut Microchip Technology from a “buy” rating to a “neutral” rating and reduced their price target for the company from $110.00 to $90.00 in a report on Friday, August 2nd. Finally, B. Riley dropped their price objective on Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Five research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $99.95.

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.