Knights of Columbus Asset Advisors LLC Cuts Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Knights of Columbus Asset Advisors LLC lessened its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 7.3% in the 4th quarter, Holdings Channel.com reports. The firm owned 49,946 shares of the semiconductor company’s stock after selling 3,924 shares during the quarter. Knights of Columbus Asset Advisors LLC’s holdings in Microchip Technology were worth $4,504,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of the stock. Bleakley Financial Group LLC raised its stake in shares of Microchip Technology by 1.3% during the fourth quarter. Bleakley Financial Group LLC now owns 9,415 shares of the semiconductor company’s stock worth $849,000 after purchasing an additional 119 shares during the last quarter. Aspire Private Capital LLC raised its stake in shares of Microchip Technology by 3.2% during the fourth quarter. Aspire Private Capital LLC now owns 3,904 shares of the semiconductor company’s stock worth $274,266,959,000 after purchasing an additional 120 shares during the last quarter. RFG Advisory LLC raised its stake in shares of Microchip Technology by 3.2% during the fourth quarter. RFG Advisory LLC now owns 3,910 shares of the semiconductor company’s stock worth $353,000 after purchasing an additional 123 shares during the last quarter. Twelve Points Wealth Management LLC raised its stake in shares of Microchip Technology by 1.0% during the fourth quarter. Twelve Points Wealth Management LLC now owns 12,229 shares of the semiconductor company’s stock worth $1,103,000 after purchasing an additional 125 shares during the last quarter. Finally, Merit Financial Group LLC raised its position in Microchip Technology by 1.9% in the third quarter. Merit Financial Group LLC now owns 7,096 shares of the semiconductor company’s stock worth $554,000 after acquiring an additional 134 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Wolfe Research upgraded Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 price objective for the company in a research report on Thursday, January 18th. Truist Financial cut their price objective on Microchip Technology from $97.00 to $93.00 and set a “buy” rating for the company in a research report on Tuesday, January 9th. Piper Sandler cut Microchip Technology from an “overweight” rating to a “neutral” rating and set a $80.00 price objective for the company. in a research report on Thursday, January 4th. Rosenblatt Securities reiterated a “buy” rating and issued a $100.00 price objective on shares of Microchip Technology in a research report on Tuesday, January 30th. Finally, Stifel Nicolaus increased their price objective on Microchip Technology from $94.00 to $98.00 and gave the stock a “buy” rating in a research report on Thursday. Six investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, Microchip Technology presently has an average rating of “Moderate Buy” and an average target price of $92.50.

Microchip Technology Stock Down 3.0 %

MCHP opened at $81.68 on Friday. The company has a quick ratio of 0.58, a current ratio of 0.98 and a debt-to-equity ratio of 0.57. The firm has a market cap of $44.14 billion, a P/E ratio of 19.08, a PEG ratio of 2.57 and a beta of 1.65. Microchip Technology Incorporated has a 52 week low of $68.75 and a 52 week high of $94.30. The business’s fifty day simple moving average is $86.50 and its 200 day simple moving average is $84.27.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Thursday, February 1st. The semiconductor company reported $1.08 EPS for the quarter, beating analysts’ consensus estimates of $1.04 by $0.04. The business had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.77 billion. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The business’s revenue for the quarter was down 18.6% compared to the same quarter last year. During the same quarter last year, the company earned $1.48 earnings per share. As a group, equities research analysts anticipate that Microchip Technology Incorporated will post 4.64 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 23rd were paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 2.20%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.44. The ex-dividend date of this dividend was Thursday, February 22nd. Microchip Technology’s dividend payout ratio (DPR) is presently 42.06%.

Insiders Place Their Bets

In other news, CFO James Eric Bjornholt sold 1,970 shares of the firm’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $83.90, for a total value of $165,283.00. Following the transaction, the chief financial officer now directly owns 32,893 shares in the company, valued at approximately $2,759,722.70. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, Director Karlton D. Johnson sold 370 shares of the firm’s stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total value of $31,080.00. Following the transaction, the director now directly owns 1,789 shares in the company, valued at approximately $150,276. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO James Eric Bjornholt sold 1,970 shares of the firm’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $83.90, for a total value of $165,283.00. Following the sale, the chief financial officer now owns 32,893 shares in the company, valued at $2,759,722.70. The disclosure for this sale can be found here. 2.07% of the stock is owned by corporate insiders.

Microchip Technology Company Profile

Microchip Technology Incorporated develops, manufactures, and sells 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 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.