Rogco LP Lowers Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Rogco LP cut its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 1.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,098 shares of the semiconductor company’s stock after selling 178 shares during the period. Rogco LP’s holdings in Microchip Technology were worth $1,132,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Pathway Financial Advisers LLC acquired a new stake in Microchip Technology in the first quarter valued at $39,000. Richardson Capital Management LLC purchased a new position in Microchip Technology during the 1st quarter valued at about $45,000. Versant Capital Management Inc lifted its position in shares of Microchip Technology by 148.8% in the second quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock valued at $48,000 after acquiring an additional 317 shares in the last quarter. CarsonAllaria Wealth Management Ltd. purchased a new stake in Microchip Technology in the 1st quarter worth approximately $54,000. Finally, TruNorth Capital Management LLC purchased a new position in shares of Microchip Technology during the 2nd quarter worth about $55,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Microchip Technology Trading Down 0.0 %

Shares of MCHP traded down $0.02 during trading hours on Thursday, hitting $75.25. The company had a trading volume of 1,002,856 shares, compared to its average volume of 5,929,516. The firm has a market cap of $40.37 billion, a P/E ratio of 21.90 and a beta of 1.52. Microchip Technology Incorporated has a 52-week low of $68.75 and a 52-week high of $100.57. The company has a quick ratio of 1.08, a current ratio of 1.94 and a debt-to-equity ratio of 0.96. The stock’s 50 day moving average price is $78.13 and its 200 day moving average price is $85.90.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, topping the consensus estimate of $0.52 by $0.01. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. The business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same period last year, the business posted $1.56 earnings per share. Microchip Technology’s quarterly revenue was down 45.8% compared to the same quarter last year. On average, research analysts predict that Microchip Technology Incorporated will post 1.73 EPS for the current year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd were paid a dividend of $0.454 per share. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date was Thursday, August 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 2.41%. Microchip Technology’s dividend payout ratio (DPR) is presently 52.16%.

Insider Activity at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of Microchip Technology stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $81.50, for a total value of $175,551.00. Following the sale, the chief financial officer now owns 33,257 shares of the company’s stock, valued at $2,710,445.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 2.07% of the stock is owned by corporate insiders.

Analyst Ratings Changes

MCHP has been the topic of several analyst reports. Mizuho set a $95.00 price target on shares of Microchip Technology in a research note on Friday, October 18th. B. Riley dropped their price target on Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Susquehanna lowered their target price on Microchip Technology from $105.00 to $95.00 and set a “positive” rating on the stock in a research note on Monday. Needham & Company LLC cut their price objective on Microchip Technology from $100.00 to $96.00 and set a “buy” rating for the company in a report on Monday, August 5th. Finally, Piper Sandler raised Microchip Technology from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $90.00 to $100.00 in a report on Friday, August 16th. Six investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Microchip Technology presently has a consensus rating of “Moderate Buy” and an average target price of $97.89.

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.