TimesSquare Capital Management LLC Sells 9,850 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

TimesSquare Capital Management LLC cut its position in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 1.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 773,249 shares of the semiconductor company's stock after selling 9,850 shares during the quarter. TimesSquare Capital Management LLC owned 0.14% of Microchip Technology worth $62,084,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Norden Group LLC boosted its stake in Microchip Technology by 23.9% during the 1st quarter. Norden Group LLC now owns 3,418 shares of the semiconductor company's stock valued at $307,000 after acquiring an additional 660 shares during the last quarter. PFG Advisors lifted its position in shares of Microchip Technology by 25.4% in the 1st quarter. PFG Advisors now owns 5,393 shares of the semiconductor company's stock worth $484,000 after buying an additional 1,093 shares during the last quarter. Concurrent Investment Advisors LLC lifted its position in shares of Microchip Technology by 21.4% in the 1st quarter. Concurrent Investment Advisors LLC now owns 17,791 shares of the semiconductor company's stock worth $1,596,000 after buying an additional 3,132 shares during the last quarter. NorthRock Partners LLC lifted its position in shares of Microchip Technology by 53.7% in the 1st quarter. NorthRock Partners LLC now owns 8,753 shares of the semiconductor company's stock worth $785,000 after buying an additional 3,059 shares during the last quarter. Finally, Meeder Asset Management Inc. lifted its position in shares of Microchip Technology by 33.7% in the 1st quarter. Meeder Asset Management Inc. now owns 86,518 shares of the semiconductor company's stock worth $7,762,000 after buying an additional 21,785 shares during the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

MCHP has been the topic of a number of analyst reports. Rosenblatt Securities reaffirmed a "buy" rating and issued a $90.00 price objective on shares of Microchip Technology in a report on Wednesday. KeyCorp dropped their price objective on shares of Microchip Technology from $100.00 to $95.00 and set an "overweight" rating on the stock in a report on Wednesday. Susquehanna lowered their target price on shares of Microchip Technology from $95.00 to $90.00 and set a "positive" rating on the stock in a research note on Wednesday. B. Riley lowered their target price 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. Finally, TD Cowen lowered their target price on shares of Microchip Technology from $80.00 to $70.00 and set a "hold" rating on the stock in a research note on Wednesday. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, Microchip Technology currently has a consensus rating of "Moderate Buy" and an average price target of $92.00.

Microchip Technology Stock Down 2.0 %

MCHP stock traded down $1.47 during mid-day trading on Friday, hitting $72.87. 6,290,308 shares of the company were exchanged, compared to its average volume of 5,325,453. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.08 and a current ratio of 0.88. The firm has a market cap of $39.13 billion, a P/E ratio of 50.96 and a beta of 1.53. The firm's 50 day simple moving average is $76.73 and its 200 day simple moving average is $84.97. Microchip Technology Incorporated has a 1-year low of $71.76 and a 1-year high of $100.57.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last issued its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.03. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The company had revenue of $1.16 billion during the quarter, compared to analysts' expectations of $1.15 billion. During the same period last year, the business earned $1.54 EPS. The business's quarterly revenue was down 48.4% on a year-over-year basis. On average, sell-side analysts predict that Microchip Technology Incorporated will post 1.73 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be given a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a yield of 2.50%. This is a boost from Microchip Technology's previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Friday, November 22nd. Microchip Technology's payout ratio is 127.27%.

Insider Transactions at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,154 shares of the business's stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $81.50, for a total transaction of $175,551.00. Following the sale, the chief financial officer now directly owns 33,257 shares in the company, valued at approximately $2,710,445.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 2.10% of the company's stock.

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.