Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Hennion & Walsh Asset Management Inc.

Hennion & Walsh Asset Management Inc. trimmed its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 1.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 48,308 shares of the semiconductor company’s stock after selling 686 shares during the period. Hennion & Walsh Asset Management Inc.’s holdings in Microchip Technology were worth $4,420,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of MCHP. Rakuten Securities Inc. bought a new stake in Microchip Technology in the fourth quarter valued at $27,000. Rise Advisors LLC acquired a new position in shares of Microchip Technology during the first quarter worth approximately $28,000. Pineridge Advisors LLC bought a new position in Microchip Technology in the 4th quarter worth approximately $33,000. Steph & Co. increased its position in Microchip Technology by 57.4% in the 1st quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock valued at $37,000 after acquiring an additional 151 shares during the period. Finally, Pathway Financial Advisers LLC bought a new stake in Microchip Technology during the 1st quarter valued at $39,000. 91.51% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on MCHP shares. The Goldman Sachs Group lifted their price objective on shares of Microchip Technology from $77.00 to $88.00 and gave the company a “neutral” rating in a research note on Tuesday, May 7th. Susquehanna reduced their price objective on shares of Microchip Technology from $115.00 to $105.00 and set a “positive” rating for the company in a research report on Friday, August 2nd. KeyCorp lifted their target price on Microchip Technology from $90.00 to $110.00 and gave the stock an “overweight” rating in a report on Tuesday, May 7th. Bank of America downgraded shares of Microchip Technology from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $110.00 to $90.00 in a research report on Friday, August 2nd. Finally, TD Cowen reduced their price target on shares of Microchip Technology from $90.00 to $80.00 and set a “hold” rating for the company in a research report on Friday, August 2nd. Five research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $99.95.

Insiders Place Their Bets

In other news, CFO James Eric Bjornholt sold 3,188 shares of the firm’s stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $99.98, for a total value of $318,736.24. Following the sale, the chief financial officer now owns 33,257 shares in the company, valued at $3,325,034.86. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other Microchip Technology news, Director Matthew W. Chapman sold 2,748 shares of the company’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $93.88, for a total value of $257,982.24. Following the completion of the transaction, the director now owns 35,682 shares of the company’s stock, valued at approximately $3,349,826.16. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO James Eric Bjornholt sold 3,188 shares of Microchip Technology stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $99.98, for a total value of $318,736.24. Following the sale, the chief financial officer now directly owns 33,257 shares in the company, valued at approximately $3,325,034.86. The disclosure for this sale can be found here. Insiders have sold a total of 6,163 shares of company stock valued at $598,737 in the last three months. Company insiders own 2.07% of the company’s stock.

Microchip Technology Stock Performance

Microchip Technology stock traded up $0.38 during trading hours on Monday, reaching $81.23. 1,879,584 shares of the company were exchanged, compared to its average volume of 6,014,370. Microchip Technology Incorporated has a 12 month low of $68.75 and a 12 month high of $100.57. The firm has a market cap of $43.58 billion, a price-to-earnings ratio of 23.30 and a beta of 1.54. The company has a current ratio of 1.20, a quick ratio of 0.67 and a debt-to-equity ratio of 0.75. The stock has a 50-day moving average of $87.93 and a 200 day moving average of $88.66.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, topping the consensus estimate of $0.52 by $0.01. Microchip Technology had a net margin of 20.80% and a return on equity of 27.82%. The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter last year, the firm posted $1.56 EPS. The business’s quarterly revenue was down 45.8% on a year-over-year basis. As a group, research analysts anticipate that Microchip Technology Incorporated will post 2.35 earnings per share for the current year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd will be issued a $0.454 dividend. The ex-dividend date is Thursday, August 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 2.24%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio (DPR) is 52.16%.

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.