SRN Advisors LLC Trims Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

SRN Advisors LLC reduced its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 25.3% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 8,982 shares of the semiconductor company’s stock after selling 3,045 shares during the quarter. SRN Advisors LLC’s holdings in Microchip Technology were worth $721,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. State of Alaska Department of Revenue lifted its stake in Microchip Technology by 6.1% during the third quarter. State of Alaska Department of Revenue now owns 62,342 shares of the semiconductor company’s stock worth $5,005,000 after purchasing an additional 3,580 shares in the last quarter. Frank Rimerman Advisors LLC grew its stake in shares of Microchip Technology by 291.5% in the third quarter. Frank Rimerman Advisors LLC now owns 16,985 shares of the semiconductor company’s stock valued at $1,364,000 after buying an additional 12,647 shares in the last quarter. DekaBank Deutsche Girozentrale raised its holdings in shares of Microchip Technology by 6.1% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 269,062 shares of the semiconductor company’s stock valued at $21,545,000 after buying an additional 15,373 shares during the period. Arkadios Wealth Advisors lifted its stake in Microchip Technology by 74.6% during the 3rd quarter. Arkadios Wealth Advisors now owns 6,214 shares of the semiconductor company’s stock worth $499,000 after acquiring an additional 2,656 shares in the last quarter. Finally, Forsta AP Fonden boosted its holdings in Microchip Technology by 17.1% during the 3rd quarter. Forsta AP Fonden now owns 111,800 shares of the semiconductor company’s stock valued at $8,976,000 after acquiring an additional 16,300 shares during the period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on MCHP shares. B. Riley cut their price target on shares of Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Rosenblatt Securities reaffirmed a “buy” rating and set a $100.00 target price on shares of Microchip Technology in a research note on Wednesday, July 31st. Mizuho set a $95.00 target price on shares of Microchip Technology in a report on Friday, October 18th. StockNews.com upgraded shares of Microchip Technology from a “sell” rating to a “hold” rating in a research note on Thursday, October 17th. Finally, Truist Financial lowered Microchip Technology from a “buy” rating to a “hold” rating and cut their price objective for the stock from $89.00 to $80.00 in a research report on Monday, September 23rd. Six investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, Microchip Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $97.89.

Insider Activity at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,154 shares of the business’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 completion of the sale, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at $2,710,445.50. The trade was 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. Insiders own 2.07% of the company’s stock.

Microchip Technology Trading Up 0.6 %

NASDAQ:MCHP opened at $76.29 on Friday. Microchip Technology Incorporated has a 1 year low of $68.75 and a 1 year high of $100.57. The stock has a market cap of $40.93 billion, a P/E ratio of 21.99 and a beta of 1.52. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.08 and a current ratio of 1.94. The stock has a 50-day simple moving average of $77.93 and a 200-day simple moving average of $85.70.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.01. The firm had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. The firm’s revenue was down 45.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.56 earnings per share. As a group, analysts anticipate that Microchip Technology Incorporated will post 1.73 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Thursday, August 22nd were given a $0.454 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.38%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date was Thursday, August 22nd. Microchip Technology’s dividend payout ratio (DPR) is 52.16%.

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.