Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Assetmark Inc.

Assetmark Inc. cut its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 28.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 37,889 shares of the semiconductor company's stock after selling 15,394 shares during the quarter. Assetmark Inc.'s holdings in Microchip Technology were worth $3,042,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in MCHP. Pathway Financial Advisers LLC bought a new stake in shares of Microchip Technology in the first quarter worth about $39,000. Versant Capital Management Inc raised its holdings in shares of Microchip Technology by 148.8% during the 2nd quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company's stock worth $48,000 after acquiring an additional 317 shares in the last quarter. Wolff Wiese Magana LLC increased its position in Microchip Technology by 55.2% in the third quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company's stock worth $49,000 after purchasing an additional 218 shares during the last quarter. TruNorth Capital Management LLC bought a new position in Microchip Technology during the second quarter valued at $55,000. Finally, Family Firm Inc. purchased a new position in shares of Microchip Technology in the 2nd quarter worth $62,000. Hedge funds and other institutional investors own 91.51% of the company's stock.

Microchip Technology Stock Performance

MCHP traded down $0.71 on Wednesday, reaching $66.59. 6,730,124 shares of the stock were exchanged, compared to its average volume of 5,991,511. The company's 50-day moving average price is $76.31 and its 200 day moving average price is $84.58. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.88 and a quick ratio of 0.48. The firm has a market capitalization of $35.76 billion, a PE ratio of 46.06 and a beta of 1.53. Microchip Technology Incorporated has a fifty-two week low of $65.56 and a fifty-two week high of $100.57.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.43 by $0.03. The company had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. Microchip Technology's revenue for the quarter was down 48.4% compared to the same quarter last year. During the same period last year, the firm posted $1.54 EPS. As a group, sell-side analysts forecast that Microchip Technology Incorporated will post 1.38 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be given a dividend of $0.455 per share. The ex-dividend date is Friday, November 22nd. This is a boost from Microchip Technology's previous quarterly dividend of $0.45. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.73%. Microchip Technology's dividend payout ratio (DPR) is 127.27%.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on MCHP shares. StockNews.com cut shares of Microchip Technology from a "hold" rating to a "sell" rating in a research report on Thursday, November 7th. JPMorgan Chase & Co. lowered their price objective on Microchip Technology from $110.00 to $100.00 and set an "overweight" rating for the company in a research note on Friday, August 2nd. Susquehanna decreased their price target on Microchip Technology from $95.00 to $90.00 and set a "positive" rating on the stock in a report on Wednesday, November 6th. Truist Financial lowered Microchip Technology from a "buy" rating to a "hold" rating and dropped their target price for the company from $89.00 to $80.00 in a research report on Monday, September 23rd. Finally, Rosenblatt Securities reiterated a "buy" rating and issued a $90.00 target price on shares of Microchip Technology in a research note on Wednesday, November 6th. 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 company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $92.00.

Insiders Place Their Bets

In other news, CFO James Eric Bjornholt sold 2,154 shares of the company's stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $81.50, for a total transaction of $175,551.00. Following the completion of the transaction, the chief financial officer now directly owns 33,257 shares of the company's stock, valued at $2,710,445.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 2.10% of the stock is currently owned by company insiders.

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.