Williams Jones Wealth Management LLC. Cuts Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Williams Jones Wealth Management LLC. trimmed its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 0.2% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 232,503 shares of the semiconductor company’s stock after selling 535 shares during the quarter. Williams Jones Wealth Management LLC.’s holdings in Microchip Technology were worth $19,479,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in MCHP. Optimum Investment Advisors purchased a new stake in shares of Microchip Technology during the first quarter worth approximately $29,000. Almanack Investment Partners LLC. purchased a new stake in shares of Microchip Technology during the third quarter worth approximately $29,000. Live Oak Investment Partners purchased a new stake in shares of Microchip Technology during the fourth quarter worth approximately $30,000. VitalStone Financial LLC purchased a new stake in shares of Microchip Technology during the first quarter worth approximately $38,000. Finally, CoreCap Advisors LLC purchased a new stake in shares of Microchip Technology during the fourth quarter worth approximately $40,000. 90.85% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Needham & Company LLC reiterated a “buy” rating and set a $100.00 price target on shares of Microchip Technology in a research report on Monday, August 7th. StockNews.com started coverage on Microchip Technology in a research note on Thursday, August 17th. They set a “buy” rating on the stock. Citigroup boosted their price objective on Microchip Technology from $76.00 to $92.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 18th. Wolfe Research began coverage on Microchip Technology in a research note on Wednesday, July 19th. They issued a “market perform” rating on the stock. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $125.00 price target on shares of Microchip Technology in a research note on Thursday, August 3rd. Eight research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $98.18.

Microchip Technology Stock Down 0.4 %

NASDAQ MCHP traded down $0.32 during trading hours on Friday, hitting $78.78. 4,875,735 shares of the company were exchanged, compared to its average volume of 4,073,743. The company has a 50 day moving average of $85.62 and a two-hundred day moving average of $81.77. The company has a quick ratio of 0.60, a current ratio of 1.02 and a debt-to-equity ratio of 0.68. Microchip Technology Incorporated has a 52-week low of $54.77 and a 52-week high of $94.30. The firm has a market cap of $42.88 billion, a price-to-earnings ratio of 18.24, a PEG ratio of 1.13 and a beta of 1.63.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Thursday, August 3rd. The semiconductor company reported $1.64 earnings per share for the quarter, hitting the consensus estimate of $1.64. Microchip Technology had a return on equity of 51.51% and a net margin of 27.35%. The company had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.29 billion. During the same quarter in the prior year, the business earned $1.30 EPS. Microchip Technology’s revenue was up 16.6% on a year-over-year basis. Equities research analysts anticipate that Microchip Technology Incorporated will post 5.8 earnings per share for the current year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 5th. Stockholders of record on Tuesday, August 22nd were issued a $0.41 dividend. The ex-dividend date was Monday, August 21st. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.08%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.38. Microchip Technology’s dividend payout ratio is presently 37.96%.

Insider Activity

In other news, CFO James Eric Bjornholt sold 2,363 shares of the stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $78.63, for a total value of $185,802.69. Following the transaction, the chief financial officer now owns 32,004 shares in the company, valued at approximately $2,516,474.52. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 2.07% of the company’s stock.

Microchip Technology 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.