Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Cerity Partners LLC

Cerity Partners LLC cut its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 13.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 225,972 shares of the semiconductor company's stock after selling 34,091 shares during the period. Cerity Partners LLC's holdings in Microchip Technology were worth $12,959,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of MCHP. Pallas Capital Advisors LLC bought a new stake in shares of Microchip Technology during the 4th quarter worth approximately $5,917,000. Consolidated Planning Corp bought a new position in shares of Microchip Technology in the fourth quarter worth about $308,000. one8zero8 LLC purchased a new position in Microchip Technology in the 4th quarter worth about $384,000. Symphony Financial Ltd. Co. bought a new stake in Microchip Technology during the 4th quarter valued at about $520,000. Finally, Truist Financial Corp boosted its position in Microchip Technology by 5.8% in the 4th quarter. Truist Financial Corp now owns 959,439 shares of the semiconductor company's stock valued at $55,024,000 after buying an additional 52,222 shares during the period. Hedge funds and other institutional investors own 91.51% of the company's stock.

Insider Activity

In other news, CFO James Eric Bjornholt sold 3,724 shares of the business's stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total transaction of $226,717.12. Following the completion of the sale, the chief financial officer now owns 33,272 shares in the company, valued at approximately $2,025,599.36. The trade was a 10.07 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.10% of the company's stock.

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Microchip Technology Stock Down 0.5 %

NASDAQ:MCHP traded down $0.18 during midday trading on Tuesday, hitting $38.70. 1,434,742 shares of the company were exchanged, compared to its average volume of 11,370,600. The company has a fifty day simple moving average of $51.84 and a 200 day simple moving average of $60.60. The company has a market capitalization of $20.82 billion, a PE ratio of 69.11 and a beta of 1.51. Microchip Technology Incorporated has a fifty-two week low of $34.13 and a fifty-two week high of $100.57. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. As a group, equities analysts anticipate that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Monday, February 24th were given a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a yield of 4.70%. The ex-dividend date was Monday, February 24th. Microchip Technology's dividend payout ratio is presently 325.00%.

Wall Street Analyst Weigh In

MCHP has been the subject of several recent research reports. Raymond James restated a "strong-buy" rating and issued a $60.00 price objective (down from $95.00) on shares of Microchip Technology in a report on Friday, February 7th. Bank of America lowered shares of Microchip Technology from a "neutral" rating to an "underperform" rating and cut their price objective for the company from $80.00 to $65.00 in a report on Monday, December 16th. Citigroup cut their price target on Microchip Technology from $65.00 to $50.00 and set a "buy" rating on the stock in a report on Friday. Mizuho lifted their target price on Microchip Technology from $58.00 to $68.00 and gave the company an "outperform" rating in a research note on Tuesday, March 4th. Finally, Needham & Company LLC lifted their price objective on shares of Microchip Technology from $60.00 to $66.00 and gave the stock a "buy" rating in a research report on Tuesday, March 4th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $72.68.

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.