Dover Advisors LLC Sells 3,263 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Dover Advisors LLC lessened its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 21.9% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 11,659 shares of the semiconductor company’s stock after selling 3,263 shares during the period. Microchip Technology accounts for approximately 1.4% of Dover Advisors LLC’s holdings, making the stock its 24th biggest position. Dover Advisors LLC’s holdings in Microchip Technology were worth $1,051,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in MCHP. OFI Invest Asset Management acquired a new stake in Microchip Technology in the third quarter valued at approximately $26,000. BKM Wealth Management LLC purchased a new position in shares of Microchip Technology in the fourth quarter worth $27,000. Rakuten Securities Inc. purchased a new position in shares of Microchip Technology in the fourth quarter worth $27,000. Fortitude Family Office LLC purchased a new position in shares of Microchip Technology in the fourth quarter worth $29,000. Finally, Milestone Investment Advisors LLC purchased a new position in shares of Microchip Technology in the third quarter worth $36,000. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Up 1.5 %

Microchip Technology stock traded up $1.39 during mid-day trading on Friday, reaching $93.60. The stock had a trading volume of 5,621,114 shares, compared to its average volume of 4,575,927. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.58 and a current ratio of 0.98. Microchip Technology Incorporated has a fifty-two week low of $68.75 and a fifty-two week high of $94.63. The stock’s 50-day simple moving average is $87.24 and its 200-day simple moving average is $84.70. The firm has a market capitalization of $50.58 billion, a PE ratio of 21.87, a price-to-earnings-growth ratio of 2.86 and a beta of 1.65.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Thursday, February 1st. The semiconductor 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 margin of 27.59%. The company had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.77 billion. During the same quarter last year, the company earned $1.48 earnings per share. The company’s revenue for the quarter was down 18.6% on a year-over-year basis. On average, sell-side analysts forecast that Microchip Technology Incorporated will post 4.64 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 23rd were issued a $0.45 dividend. The ex-dividend date was Thursday, February 22nd. This represents a $1.80 annualized dividend and a yield of 1.92%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.44. Microchip Technology’s dividend payout ratio (DPR) is 42.06%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. The Goldman Sachs Group lowered their price target on shares of Microchip Technology from $87.00 to $77.00 and set a “neutral” rating on the stock in a research report on Friday, February 2nd. Wolfe Research upgraded shares of Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 price target for the company in a research note on Thursday, January 18th. TD Cowen increased their price target on shares of Microchip Technology from $75.00 to $80.00 and gave the company a “market perform” rating in a report on Friday, February 2nd. Rosenblatt Securities restated a “buy” rating and set a $100.00 target price on shares of Microchip Technology in a report on Tuesday, January 30th. Finally, UBS Group decreased their target price on shares of Microchip Technology from $105.00 to $95.00 and set a “buy” rating on the stock in a research report on Friday, February 2nd. Six analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $92.50.

Insiders Place Their Bets

In other news, CFO James Eric Bjornholt sold 1,970 shares of the stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total value of $165,283.00. Following the completion of the transaction, 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 & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Karlton D. Johnson sold 370 shares of the firm’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 transaction, the director now directly owns 1,789 shares in the company, valued at approximately $150,276. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO James Eric Bjornholt sold 1,970 shares of the firm’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total value of $165,283.00. Following the completion of the transaction, the chief financial officer now owns 32,893 shares in the company, valued at $2,759,722.70. The disclosure for this sale can be found here. 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.