Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Raymond James Trust N.A.

Raymond James Trust N.A. reduced its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 4.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 21,636 shares of the semiconductor company’s stock after selling 929 shares during the quarter. Raymond James Trust N.A.’s holdings in Microchip Technology were worth $1,737,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in MCHP. Prospera Private Wealth LLC purchased a new position in shares of Microchip Technology in the 3rd quarter valued at approximately $29,000. Peterson Financial Group Inc. purchased a new position in shares of Microchip Technology in the third quarter worth $34,000. Pathway Financial Advisers LLC acquired a new stake in shares of Microchip Technology during the first quarter worth $39,000. Versant Capital Management Inc grew its holdings in shares of Microchip Technology by 148.8% during the second quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock valued at $48,000 after buying an additional 317 shares during the last quarter. Finally, Wolff Wiese Magana LLC increased its position in shares of Microchip Technology by 55.2% in the 3rd quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock valued at $49,000 after acquiring an additional 218 shares during the period. 91.51% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MCHP has been the subject of a number of research reports. Rosenblatt Securities reaffirmed a “buy” rating and set a $90.00 price target on shares of Microchip Technology in a research report on Wednesday, November 6th. Citigroup dropped their target price on Microchip Technology from $92.00 to $82.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Piper Sandler lowered their price objective on Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 6th. Jefferies Financial Group cut their target price on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. One analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $92.00.

Microchip Technology Trading Up 1.0 %

Shares of MCHP stock opened at $66.69 on Friday. Microchip Technology Incorporated has a fifty-two week low of $62.63 and a fifty-two week high of $100.57. The firm has a market capitalization of $35.81 billion, a P/E ratio of 46.64 and a beta of 1.53. The stock’s fifty day moving average is $74.59 and its two-hundred day moving average is $83.17. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. During the same period in the previous year, the business posted $1.54 earnings per share. Microchip Technology’s quarterly revenue was down 48.4% on a year-over-year basis. Research analysts expect that Microchip Technology Incorporated will post 1.38 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The business 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 dividend yield of 2.73%. The ex-dividend date is Friday, November 22nd. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. 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.