Telos Capital Management Inc. Sells 635 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

by · The Markets Daily

Telos Capital Management Inc. decreased its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP – Free Report) by 4.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 12,550 shares of the semiconductor company’s stock after selling 635 shares during the period. Telos Capital Management Inc.’s holdings in Microchip Technology were worth $1,008,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. Financial Counselors Inc. boosted its holdings in Microchip Technology by 1.1% during the 1st quarter. Financial Counselors Inc. now owns 10,689 shares of the semiconductor company’s stock worth $959,000 after acquiring an additional 119 shares during the last quarter. SeaCrest Wealth Management LLC boosted its holdings in Microchip Technology by 3.3% during the second quarter. SeaCrest Wealth Management LLC now owns 4,147 shares of the semiconductor company’s stock worth $379,000 after purchasing an additional 131 shares during the last quarter. Corundum Group Inc. boosted its holdings in Microchip Technology by 3.4% during the third quarter. Corundum Group Inc. now owns 4,315 shares of the semiconductor company’s stock worth $346,000 after purchasing an additional 143 shares during the last quarter. Horizon Bancorp Inc. IN increased its stake in Microchip Technology by 11.8% in the 1st quarter. Horizon Bancorp Inc. IN now owns 1,370 shares of the semiconductor company’s stock valued at $123,000 after buying an additional 145 shares during the last quarter. Finally, Commerzbank Aktiengesellschaft FI increased its stake in Microchip Technology by 4.5% in the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 3,470 shares of the semiconductor company’s stock valued at $318,000 after buying an additional 148 shares during the last quarter. Institutional investors own 91.51% of the company’s stock.

Analyst Ratings Changes

MCHP has been the subject of several recent analyst reports. Needham & Company LLC reduced their target price on Microchip Technology from $100.00 to $96.00 and set a “buy” rating for the company in a report on Monday, August 5th. Bank of America downgraded Microchip Technology from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $110.00 to $90.00 in a research note on Friday, August 2nd. TD Cowen lowered their target price on Microchip Technology from $90.00 to $80.00 and set a “hold” rating on the stock in a research note on Friday, August 2nd. Susquehanna reduced their price target on shares of Microchip Technology from $105.00 to $95.00 and set a “positive” rating for the company in a research report on Monday. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. 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, the stock has a consensus rating of “Moderate Buy” and an average target price of $97.89.

Check Out Our Latest Stock Analysis on MCHP

Microchip Technology Price Performance

Shares of NASDAQ MCHP opened at $75.18 on Tuesday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.08 and a current ratio of 1.94. Microchip Technology Incorporated has a fifty-two week low of $68.75 and a fifty-two week high of $100.57. The stock has a market cap of $40.33 billion, a PE ratio of 21.67 and a beta of 1.52. The stock has a fifty day moving average of $78.26 and a 200-day moving average of $86.06.

Microchip Technology (NASDAQ:MCHP – Get Free Report) last posted its earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.01. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. The business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same quarter in the previous year, the firm earned $1.56 EPS. The company’s quarterly revenue was down 45.8% compared to the same quarter last year. Equities research analysts anticipate that Microchip Technology Incorporated will post 1.73 earnings per share for the current year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd were issued a $0.454 dividend. This represents a $1.82 annualized dividend and a yield of 2.42%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date was Thursday, August 22nd. Microchip Technology’s dividend payout ratio (DPR) is presently 52.16%.

Insider Activity

In related news, CFO James Eric Bjornholt sold 2,154 shares of the stock in a transaction 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 in the company, valued at approximately $2,710,445.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 2.07% of the company’s stock.

About Microchip Technology

(Free Report)

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.

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