Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Morris Capital Advisors LLC

Morris Capital Advisors LLC reduced its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHPGet Rating) by 2.6% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 9,493 shares of the semiconductor company’s stock after selling 251 shares during the period. Morris Capital Advisors LLC’s holdings in Microchip Technology were worth $551,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. Veritable L.P. boosted its position in shares of Microchip Technology by 1.3% during the 1st quarter. Veritable L.P. now owns 12,514 shares of the semiconductor company’s stock worth $940,000 after purchasing an additional 158 shares in the last quarter. CNB Bank boosted its position in shares of Microchip Technology by 13.8% during the 1st quarter. CNB Bank now owns 1,358 shares of the semiconductor company’s stock worth $149,000 after purchasing an additional 165 shares in the last quarter. Kinneret Advisory LLC boosted its position in shares of Microchip Technology by 2.3% in the 1st quarter. Kinneret Advisory LLC now owns 7,495 shares of the semiconductor company’s stock worth $563,000 after buying an additional 167 shares in the last quarter. First Farmers & Merchants Bank Trust boosted its position in shares of Microchip Technology by 1.8% in the 1st quarter. First Farmers & Merchants Bank Trust now owns 9,664 shares of the semiconductor company’s stock worth $726,000 after buying an additional 174 shares in the last quarter. Finally, Lincoln National Corp boosted its position in shares of Microchip Technology by 3.9% in the 1st quarter. Lincoln National Corp now owns 4,701 shares of the semiconductor company’s stock worth $353,000 after buying an additional 178 shares in the last quarter. 89.81% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. The Goldman Sachs Group decreased their price objective on shares of Microchip Technology from $76.00 to $61.00 in a research report on Friday, July 15th. Stifel Nicolaus upgraded shares of Microchip Technology from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $70.00 to $75.00 in a research report on Tuesday, June 28th. Mizuho boosted their price objective on shares of Microchip Technology from $72.00 to $75.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 3rd. Morgan Stanley boosted their price objective on shares of Microchip Technology from $81.00 to $82.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 3rd. Finally, B. Riley upped their target price on shares of Microchip Technology from $78.00 to $86.00 and gave the company a “buy” rating in a report on Wednesday, August 3rd. Four analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $89.73.

Microchip Technology Trading Down 1.8 %

MCHP traded down $1.12 on Friday, reaching $62.19. 232,623 shares of the company’s stock were exchanged, compared to its average volume of 4,583,577. The company’s 50 day moving average is $67.40 and its 200-day moving average is $67.11. The company has a market cap of $34.36 billion, a price-to-earnings ratio of 23.28, a PEG ratio of 0.82 and a beta of 1.62. Microchip Technology Incorporated has a twelve month low of $54.33 and a twelve month high of $90.00. The company has a debt-to-equity ratio of 1.27, a quick ratio of 1.17 and a current ratio of 1.78.

Microchip Technology (NASDAQ:MCHPGet Rating) last posted its earnings results on Tuesday, August 2nd. The semiconductor company reported $1.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.27 by $0.10. Microchip Technology had a net margin of 21.34% and a return on equity of 44.90%. During the same quarter in the prior year, the firm posted $0.88 earnings per share. Equities analysts predict that Microchip Technology Incorporated will post 5.42 earnings per share for the current year.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 2nd. Shareholders of record on Friday, August 19th were given a $0.301 dividend. This is an increase from Microchip Technology’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend was Thursday, August 18th. This represents a $1.20 annualized dividend and a yield of 1.94%. Microchip Technology’s dividend payout ratio (DPR) is 44.12%.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, Director Matthew W. Chapman sold 1,000 shares of the stock in a transaction that occurred on Tuesday, August 23rd. The shares were sold at an average price of $68.21, for a total value of $68,210.00. Following the completion of the sale, the director now owns 37,682 shares of the company’s stock, valued at $2,570,289.22. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Matthew W. Chapman sold 1,000 shares of the stock in a transaction that occurred on Tuesday, August 23rd. The stock was sold at an average price of $68.21, for a total transaction of $68,210.00. Following the completion of the transaction, the director now directly owns 37,682 shares in the company, valued at approximately $2,570,289.22. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO James Eric Bjornholt sold 2,379 shares of the stock in a transaction that occurred on Tuesday, August 23rd. The shares were sold at an average price of $68.21, for a total value of $162,271.59. Following the transaction, the chief financial officer now owns 35,333 shares of the company’s stock, valued at $2,410,063.93. The disclosure for this sale can be found here. 2.00% of the stock is owned by corporate insiders.

Microchip Technology Profile

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Microchip Technology Incorporated develops, manufactures, and sells 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 microcontrollers; 32-bit embedded microprocessors markets; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.

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Institutional Ownership by Quarter for Microchip Technology (NASDAQ:MCHP)

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