Cooper Financial Group reduced its stake in Microchip Technology Incorporated (NASDAQ:MCHP – Free Report) by 31.9% in the 4th quarter, according to the company's most recent Form 13F filing with the SEC. The fund owned 3,875 shares of the company's stock after selling 1,819 shares during the quarter. Cooper Financial Group's Microchip Technology stock was worth $349,000 at the end of the most recent reporting period.
Several other hedge funds and institutional investors have also recently changed their positions in the stock. Halpern Financial Inc. boosted his position in shares of Microchip Technology by 83.5% in the 2nd quarter. Halpern Financial Inc. now owns 290 shares of the company's stock valued at $26,000 after purchasing an additional 132 shares during the period. BKM Wealth Management LLC bought a new position in shares of Microchip Technology during the 4th quarter worth his $27,000. Fortitude Family Office LLC purchased a new position in shares of Microchip Technology during the 4th quarter valued at $29,000. OFI Invest Asset Management bought a new position in Microchip Technology in the 3rd quarter valued at $26,000. Finally, VitalStone Financial LLC purchased a new position in Microchip Technology during the 1st quarter valued at $38,000. Institutional investors and hedge funds own 91.51% of the company's stock.
Wall Street Analysts Share Their Opinions
A number of research analysts have recently published reports on the MCHP stock. Stifel Nicolaus reiterated a “buy” rating and set a $94.00 price objective on shares of Microchip Technology in a report on Thursday, March 14th. StockNews.com downgraded Microchip Technology from a “buy” rating to a “hold” rating in a report on Friday, December 29th. TD Cowen increased their target price on Microchip His Technology from $75.00 to $80.00 and gave the stock a “market perform” rating in a report on Friday, February 2nd. Piper Sandler downgraded Microchip Technology from “overweight” to “neutral” and set a $80.00 price target for the company. In a report on Thursday, January 4th. Finally, UBS Group lowered their target price on Microchip Technology from $105.00 to $95.00 and gave the company a “buy” rating in a report on Friday, February 2nd. 6 research analysts have rated the stock as a “hold” and 10 have rated it a “buy”. The company currently has an average rating of “Moderate Buy” and an average price target of $91.33, based on data from MarketBeat.com.
Check out the latest stock report on Microchip Technology.
Microchip Technology stock price performance
Shares of MCHP stock opened at $88.04 on Monday. The stock has a market capitalization of $47.58 billion, a P/E ratio of 20.57x, a price-to-earnings ratio of 1.57x, and a beta of 1.65x. Microchip Technology Incorporated has a 52-week low of $68.75 and a 52-week high of $94.30. The stock's 50-day moving average price is $86.12 and its 200-day moving average price is $83.02. The company has a quick ratio of 0.58, a current ratio of 0.98, and a debt-to-equity ratio of 0.57.
Microchip Technology (NASDAQ:MCHP – Get Free Report) last released its quarterly earnings data on Thursday, February 1st. The company reported $1.08 earnings per share for the quarter, beating analysts' consensus estimates of $1.04 by $0.04. Microchip Technology had a return on equity of 45.59% and a net profit margin of 27.59%. The company had revenue of $1.77 billion for the quarter, compared to analyst expectations of $1.77 billion. In the same period last year, the company's EPS was $1.48. The company's revenue for the quarter was down 18.6% compared to the same period last year. Equities research analysts expect that Microchip Technology Incorporated's EPS for the current fiscal year will be 4.64.
Microchip Technology increases dividend
The company also recently announced a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 23rd were paid a dividend of $0.45 per share. This is a positive change from Microchip Technology's previous quarterly dividend of $0.44. The ex-dividend date was Thursday, February 22nd. This equates to an annualized dividend of $1.80 and a dividend yield of 2.04%. Microchip Technology's dividend payout ratio is 42.06%.
Insider Trading at Microchip Technology
In other news, CFO James Eric Bjornholt sold 1,970 shares of the company's stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total transaction of $165,283.00. Following the sale, the chief financial officer now owns 32,893 shares of the company's stock, valued at approximately $2,759,722.70. The sale was disclosed in a filing with the Securities and Exchange Commission, which is available through this hyperlink. In other news, CFO James Eric Bjornholt sold 1,970 shares of the company's stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total transaction of $165,283.00. Following the sale, the chief financial officer now owns 32,893 shares of the company's stock, valued at approximately $2,759,722.70. The sale was disclosed in a filing with the Securities and Exchange Commission, which is available through this hyperlink. Also, Director Carlton D. Johnson sold 370 shares of the company's stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total value of $31,080.00. Following the sale, the director now directly owns 1,789 shares of the company's stock, valued at approximately $150,276. Disclosures regarding this sale can be found here. Company insiders own 2.07% of the company's stock.
Microchip Technology Company Profile
(Free report)
Microchip Technology Incorporated develops, manufactures and markets 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 microprocessor. It also includes specialized microcontrollers for automotive, industrial, computing, communications, lighting, power, motor control, human-machine interface, security, wired connectivity, and wireless connectivity applications.
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