Sheets Smith Wealth Management Sells 150 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Sheets Smith Wealth Management trimmed its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 0.2% in the third quarter, HoldingsChannel.com reports. The firm owned 82,742 shares of the semiconductor company’s stock after selling 150 shares during the period. Sheets Smith Wealth Management’s holdings in Microchip Technology were worth $6,643,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of MCHP. Vanguard Group Inc. boosted its stake in shares of Microchip Technology by 2.9% in the 1st quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company’s stock valued at $6,152,646,000 after purchasing an additional 1,921,497 shares during the last quarter. Principal Financial Group Inc. boosted its position in Microchip Technology by 0.4% during the second quarter. Principal Financial Group Inc. now owns 9,246,403 shares of the semiconductor company’s stock valued at $846,046,000 after acquiring an additional 33,603 shares during the last quarter. Van ECK Associates Corp grew its holdings in Microchip Technology by 25.1% during the 3rd quarter. Van ECK Associates Corp now owns 7,961,200 shares of the semiconductor company’s stock worth $599,239,000 after acquiring an additional 1,597,263 shares during the period. Boston Partners raised its position in shares of Microchip Technology by 10.7% in the 1st quarter. Boston Partners now owns 7,591,471 shares of the semiconductor company’s stock worth $681,838,000 after acquiring an additional 736,818 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of Microchip Technology by 17.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,527,709 shares of the semiconductor company’s stock valued at $406,182,000 after purchasing an additional 673,992 shares during the period. 91.51% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total transaction of $175,551.00. Following the transaction, the chief financial officer now directly owns 33,257 shares in the company, valued at $2,710,445.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.10% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Needham & Company LLC decreased their target price on Microchip Technology from $96.00 to $85.00 and set a “buy” rating for the company in a research note on Wednesday. Jefferies Financial Group reduced their price objective on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a research report on Wednesday. Rosenblatt Securities reiterated a “buy” rating and set a $90.00 target price on shares of Microchip Technology in a research report on Wednesday. B. Riley reduced their price target on shares of Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Finally, KeyCorp decreased their price target on shares of Microchip Technology from $100.00 to $95.00 and set an “overweight” rating for the company in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $92.00.

Microchip Technology Price Performance

MCHP stock opened at $72.87 on Friday. The firm has a 50 day simple moving average of $76.73 and a two-hundred day simple moving average of $84.98. The stock has a market cap of $39.13 billion, a PE ratio of 50.96 and a beta of 1.53. Microchip Technology Incorporated has a one year low of $71.76 and a one year high of $100.57. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.88 and a quick ratio of 1.08.

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. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The company had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.15 billion. During the same period in the previous year, the business earned $1.54 earnings per share. The firm’s quarterly revenue was down 48.4% compared to the same quarter last year. On average, analysts predict that Microchip Technology Incorporated will post 1.73 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be issued a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.50%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date is Friday, November 22nd. Microchip Technology’s dividend payout ratio (DPR) is currently 127.27%.

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.