Eagle Bluffs Wealth Management LLC Sells 165 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Eagle Bluffs Wealth Management LLC lessened its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 2.0% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 7,914 shares of the semiconductor company’s stock after selling 165 shares during the period. Eagle Bluffs Wealth Management LLC’s holdings in Microchip Technology were worth $635,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. SeaCrest Wealth Management LLC raised its position in Microchip Technology by 3.3% during the 2nd quarter. SeaCrest Wealth Management LLC now owns 4,147 shares of the semiconductor company’s stock valued at $379,000 after purchasing an additional 131 shares in the last quarter. Corundum Group Inc. lifted its stake in Microchip Technology by 3.4% in the third quarter. Corundum Group Inc. now owns 4,315 shares of the semiconductor company’s stock worth $346,000 after acquiring an additional 143 shares during the period. Commerzbank Aktiengesellschaft FI lifted its stake in Microchip Technology by 4.5% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 3,470 shares of the semiconductor company’s stock worth $318,000 after acquiring an additional 148 shares during the period. Busey Bank grew its holdings in Microchip Technology by 2.6% during the 2nd quarter. Busey Bank now owns 6,006 shares of the semiconductor company’s stock worth $550,000 after acquiring an additional 155 shares in the last quarter. Finally, Financial Advocates Investment Management raised its holdings in shares of Microchip Technology by 1.5% in the 3rd quarter. Financial Advocates Investment Management now owns 10,795 shares of the semiconductor company’s stock valued at $867,000 after purchasing an additional 158 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Piper Sandler reduced their price objective on shares of Microchip Technology from $100.00 to $85.00 and set an “overweight” rating for the company in a research note on Wednesday. Needham & Company LLC reduced their price target on Microchip Technology from $96.00 to $85.00 and set a “buy” rating for the company in a research report on Wednesday. Mizuho set a $95.00 price objective on Microchip Technology in a research report on Friday, October 18th. JPMorgan Chase & Co. reduced their target price on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Finally, Citigroup decreased their price target on shares of Microchip Technology from $92.00 to $82.00 and set a “buy” rating for the company in a research report on Wednesday. One 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 stock. Based on data from MarketBeat, Microchip Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $92.00.

Microchip Technology Trading Down 2.0 %

NASDAQ:MCHP opened at $72.87 on Friday. The company has a current ratio of 0.88, a quick ratio of 1.08 and a debt-to-equity ratio of 0.71. The firm has a fifty day simple moving average of $76.73 and a 200-day simple moving average of $84.98. Microchip Technology Incorporated has a 12 month low of $71.76 and a 12 month high of $100.57. The company has a market capitalization of $39.13 billion, a P/E ratio of 50.96 and a beta of 1.53.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. The company 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 was down 48.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.54 EPS. On average, equities research analysts anticipate that Microchip Technology Incorporated will post 1.73 earnings per share for the current year.

Microchip Technology Increases Dividend

The firm 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 $0.455 dividend. This represents a $1.82 annualized dividend and a yield of 2.50%. The ex-dividend date is Friday, November 22nd. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio is 127.27%.

Insiders Place Their Bets

In other news, CFO James Eric Bjornholt sold 2,154 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were 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. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.10% of the stock is currently owned by insiders.

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.