Microchip Technology Incorporated (NASDAQ:MCHP) Position Reduced by Wealth Advisors of Tampa Bay LLC

Wealth Advisors of Tampa Bay LLC decreased its holdings in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 31.6% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 15,863 shares of the semiconductor company's stock after selling 7,330 shares during the period. Wealth Advisors of Tampa Bay LLC's holdings in Microchip Technology were worth $910,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of MCHP. Mainstream Capital Management LLC bought a new position in Microchip Technology during the fourth quarter worth $26,000. Rakuten Securities Inc. raised its stake in Microchip Technology by 309.5% during the 4th quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company's stock worth $27,000 after buying an additional 359 shares during the period. OFI Invest Asset Management acquired a new stake in Microchip Technology in the fourth quarter valued at approximately $29,000. Financial Life Planners acquired a new position in shares of Microchip Technology during the fourth quarter worth approximately $32,000. Finally, Kohmann Bosshard Financial Services LLC bought a new position in shares of Microchip Technology in the 4th quarter worth $34,000. 91.51% of the stock is currently owned by institutional investors.

Microchip Technology Stock Performance

Microchip Technology stock traded up $6.18 during mid-day trading on Wednesday, reaching $41.52. 6,458,537 shares of the company were exchanged, compared to its average volume of 7,737,800. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.23 and a current ratio of 2.25. The firm's 50-day simple moving average is $53.07 and its two-hundred day simple moving average is $61.90. Microchip Technology Incorporated has a twelve month low of $34.13 and a twelve month high of $100.57. The firm has a market cap of $22.33 billion, a PE ratio of 71.03 and a beta of 1.51.

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Microchip Technology (NASDAQ:MCHP - Get Free Report) last issued its earnings results 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%. Equities analysts predict that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Monday, February 24th were given a $0.455 dividend. This represents a $1.82 annualized dividend and a dividend yield of 4.38%. The ex-dividend date of this dividend was Monday, February 24th. Microchip Technology's payout ratio is currently 325.00%.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of the stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total transaction of $226,717.12. Following the transaction, the chief financial officer now directly owns 33,272 shares in the company, valued at $2,025,599.36. This represents a 10.07 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 2.10% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Rosenblatt Securities reaffirmed a "buy" rating and issued a $70.00 target price on shares of Microchip Technology in a report on Tuesday, March 4th. Evercore ISI increased their target price on Microchip Technology from $65.00 to $71.00 and gave the company an "outperform" rating in a research note on Tuesday, March 4th. Bank of America cut Microchip Technology from a "neutral" rating to an "underperform" rating and cut their target price for the stock from $80.00 to $65.00 in a research note on Monday, December 16th. Mizuho boosted their target price on shares of Microchip Technology from $58.00 to $68.00 and gave the company an "outperform" rating in a report on Tuesday, March 4th. Finally, Piper Sandler restated an "overweight" rating and set a $65.00 price target (down from $85.00) on shares of Microchip Technology in a report on Friday, February 7th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $74.37.

About Microchip Technology

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.