Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Chronos Wealth Management LLC

Chronos Wealth Management LLC decreased its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 11.3% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 7,441 shares of the semiconductor company’s stock after selling 951 shares during the quarter. Chronos Wealth Management LLC’s holdings in Microchip Technology were worth $427,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Pallas Capital Advisors LLC bought a new position in shares of Microchip Technology during the 4th quarter worth about $5,917,000. Quadrature Capital Ltd acquired a new position in Microchip Technology during the third quarter valued at approximately $3,312,000. Symphony Financial Ltd. Co. acquired a new stake in Microchip Technology during the 4th quarter worth approximately $520,000. Benjamin Edwards Inc. lifted its stake in Microchip Technology by 5,185.4% in the 3rd quarter. Benjamin Edwards Inc. now owns 9,408 shares of the semiconductor company’s stock valued at $755,000 after acquiring an additional 9,230 shares in the last quarter. Finally, Empowered Funds LLC grew its stake in Microchip Technology by 25.7% in the third quarter. Empowered Funds LLC now owns 96,163 shares of the semiconductor company’s stock valued at $7,721,000 after purchasing an additional 19,663 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Trading Down 2.3 %

NASDAQ MCHP opened at $51.89 on Friday. Microchip Technology Incorporated has a twelve month low of $50.21 and a twelve month high of $100.57. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71. The stock’s 50 day moving average is $58.04 and its 200 day moving average is $70.26. The firm has a market capitalization of $27.87 billion, a PE ratio of 92.66 and a beta of 1.50.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.15). Microchip Technology had a return on equity of 12.41% and a net margin of 6.49%. Research analysts forecast that Microchip Technology Incorporated will post 1.3 earnings per share for the current fiscal year.

Microchip Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Monday, February 24th will be paid a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.51%. The ex-dividend date is Monday, February 24th. Microchip Technology’s dividend payout ratio is currently 325.00%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. The Goldman Sachs Group decreased their price target on shares of Microchip Technology from $72.00 to $63.00 and set a “neutral” rating on the stock in a research note on Friday, January 10th. Evercore ISI restated an “outperform” rating and issued a $95.00 price target (down previously from $101.00) on shares of Microchip Technology in a research report on Wednesday, November 6th. Needham & Company LLC decreased their price target on shares of Microchip Technology from $85.00 to $60.00 and set a “buy” rating for the company in a research note on Friday. TD Cowen dropped their price target on shares of Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a research report on Wednesday, November 6th. Finally, Bank of America downgraded shares of Microchip Technology from a “neutral” rating to an “underperform” rating and decreased their price objective for the stock from $80.00 to $65.00 in a report on Monday, December 16th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $77.11.

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.