Hardman Johnston Global Advisors LLC Sells 1,500 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Hardman Johnston Global Advisors LLC lessened its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 9.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 14,300 shares of the semiconductor company’s stock after selling 1,500 shares during the period. Hardman Johnston Global Advisors LLC’s holdings in Microchip Technology were worth $1,148,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Norden Group LLC lifted its position in shares of Microchip Technology by 23.9% in the 1st quarter. Norden Group LLC now owns 3,418 shares of the semiconductor company’s stock worth $307,000 after acquiring an additional 660 shares during the period. Nordea Investment Management AB boosted its stake in Microchip Technology by 7.0% during the first quarter. Nordea Investment Management AB now owns 39,455 shares of the semiconductor company’s stock worth $3,539,000 after buying an additional 2,576 shares in the last quarter. Whittier Trust Co. increased its holdings in Microchip Technology by 21.5% in the 1st quarter. Whittier Trust Co. now owns 5,544 shares of the semiconductor company’s stock valued at $497,000 after buying an additional 980 shares during the period. Rehmann Capital Advisory Group raised its stake in shares of Microchip Technology by 8.2% in the 1st quarter. Rehmann Capital Advisory Group now owns 3,237 shares of the semiconductor company’s stock valued at $290,000 after buying an additional 246 shares in the last quarter. Finally, Larson Financial Group LLC bought a new position in shares of Microchip Technology during the 1st quarter worth about $85,000. 91.51% of the stock is owned by institutional investors and hedge funds.

Microchip Technology Stock Performance

MCHP stock opened at $75.09 on Wednesday. The stock has a market capitalization of $40.29 billion, a PE ratio of 30.04 and a beta of 1.53. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.94 and a quick ratio of 1.08. The company has a 50 day moving average price of $77.17 and a 200 day moving average price of $85.20. Microchip Technology Incorporated has a fifty-two week low of $71.76 and a fifty-two week high of $100.57.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be paid a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a dividend yield of 2.42%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio is 72.80%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Morgan Stanley cut shares of Microchip Technology from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $102.00 to $100.00 in a research note on Thursday, July 11th. StockNews.com raised Microchip Technology from a “sell” rating to a “hold” rating in a report on Thursday, October 17th. Needham & Company LLC decreased their price target on Microchip Technology from $100.00 to $96.00 and set a “buy” rating on the stock in a research note on Monday, August 5th. Truist Financial lowered Microchip Technology from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $89.00 to $80.00 in a research note on Monday, September 23rd. Finally, TD Cowen cut their price objective on Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a report on Wednesday. Six research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $97.37.

Insider Activity

In other Microchip Technology 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 completion of the sale, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at approximately $2,710,445.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.10% of the stock is currently owned by insiders.

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.