Fort Washington Investment Advisors Inc. OH Lowers Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Fort Washington Investment Advisors Inc. OH lessened its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 22.8% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 68,115 shares of the semiconductor company’s stock after selling 20,127 shares during the period. Fort Washington Investment Advisors Inc. OH’s holdings in Microchip Technology were worth $6,233,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Rise Advisors LLC acquired a new position in Microchip Technology in the first quarter valued at $28,000. Pineridge Advisors LLC acquired a new position in Microchip Technology during the fourth quarter worth about $33,000. Steph & Co. raised its position in shares of Microchip Technology by 57.4% in the first quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock valued at $37,000 after buying an additional 151 shares during the last quarter. Pathway Financial Advisers LLC acquired a new position in shares of Microchip Technology in the first quarter valued at approximately $39,000. Finally, Richardson Capital Management LLC acquired a new position in shares of Microchip Technology in the first quarter valued at approximately $45,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on MCHP shares. The Goldman Sachs Group upped their price target on shares of Microchip Technology from $77.00 to $88.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 7th. Rosenblatt Securities reiterated a “buy” rating and set a $100.00 price objective on shares of Microchip Technology in a research note on Wednesday, July 31st. Mizuho upgraded shares of Microchip Technology from a “neutral” rating to a “buy” rating and upped their target price for the company from $85.00 to $115.00 in a research note on Friday, May 24th. Jefferies Financial Group initiated coverage on shares of Microchip Technology in a research note on Monday, May 13th. They set a “buy” rating and a $115.00 price objective on the stock. Finally, B. Riley dropped their target price on shares of Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Five analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $99.95.

Microchip Technology Stock Performance

Shares of MCHP opened at $82.16 on Friday. The firm has a 50-day moving average price of $85.64 and a 200 day moving average price of $88.36. The firm has a market capitalization of $44.08 billion, a PE ratio of 23.68 and a beta of 1.54. The company has a quick ratio of 0.67, a current ratio of 1.20 and a debt-to-equity ratio of 0.75. Microchip Technology Incorporated has a 52-week low of $68.75 and a 52-week high of $100.57.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.01. The company had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.24 billion. Microchip Technology had a net margin of 20.80% and a return on equity of 27.82%. The business’s revenue was down 45.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.56 EPS. On average, sell-side analysts anticipate that Microchip Technology Incorporated will post 2.35 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Thursday, August 22nd will be issued a dividend of $0.454 per share. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a dividend yield of 2.21%. The ex-dividend date of this dividend is Thursday, August 22nd. Microchip Technology’s dividend payout ratio (DPR) is currently 52.16%.

Insider Buying and Selling

In related news, Director Matthew W. Chapman sold 2,748 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $93.88, for a total transaction of $257,982.24. Following the completion of the sale, the director now directly owns 35,682 shares in the company, valued at $3,349,826.16. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, Director Matthew W. Chapman sold 2,748 shares of the business’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $93.88, for a total value of $257,982.24. Following the completion of the sale, the director now directly owns 35,682 shares in the company, valued at $3,349,826.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO James Eric Bjornholt sold 2,154 shares of the business’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $81.50, for a total transaction of $175,551.00. Following the completion of the sale, the chief financial officer now owns 33,257 shares of the company’s stock, valued at $2,710,445.50. The disclosure for this sale can be found here. 2.07% of the stock is currently owned by corporate insiders.

Microchip Technology Company Profile

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.