Dover Advisors LLC Sells 7,400 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Dover Advisors LLC cut its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 45.4% in the third quarter, HoldingsChannel.com reports. The fund owned 8,885 shares of the semiconductor company’s stock after selling 7,400 shares during the period. Dover Advisors LLC’s holdings in Microchip Technology were worth $713,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Rise Advisors LLC bought a new stake in shares of Microchip Technology in the first quarter worth approximately $28,000. Steph & Co. grew its position in Microchip Technology by 57.4% during 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 period. Pathway Financial Advisers LLC bought a new stake in Microchip Technology during the first quarter valued at approximately $39,000. Richardson Capital Management LLC bought a new stake in Microchip Technology during the first quarter valued at approximately $45,000. Finally, SOA Wealth Advisors LLC. grew its position in Microchip Technology by 90.0% during the first quarter. SOA Wealth Advisors LLC. now owns 530 shares of the semiconductor company’s stock valued at $48,000 after buying an additional 251 shares during the period. 91.51% of the stock is currently owned by institutional investors.

Microchip Technology Price Performance

Microchip Technology stock traded down $3.76 during mid-day trading on Tuesday, reaching $75.23. 7,693,840 shares of the company’s stock traded hands, compared to its average volume of 6,000,862. The company has a market cap of $40.36 billion, a price-to-earnings ratio of 22.76 and a beta of 1.52. The stock has a 50 day moving average of $78.19 and a two-hundred day moving average of $86.49. The company has a quick ratio of 1.08, a current ratio of 1.94 and a debt-to-equity ratio of 0.96. Microchip Technology Incorporated has a 12-month low of $68.75 and a 12-month high of $100.57.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data 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 net margin of 20.80% and a return on equity of 28.33%. The business had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.24 billion. During the same quarter in the previous year, the business posted $1.56 earnings per share. The business’s revenue was down 45.8% compared to the same quarter last year. Equities analysts forecast that Microchip Technology Incorporated will post 1.73 earnings per share for the current year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd were issued a $0.454 dividend. The ex-dividend date of this dividend was Thursday, August 22nd. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.41%. Microchip Technology’s dividend payout ratio is presently 52.16%.

Insider Transactions at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of the stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $81.50, for a total transaction of $175,551.00. Following the transaction, the chief financial officer now directly owns 33,257 shares in the company, valued at $2,710,445.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.07% of the company’s stock.

Analysts Set New Price Targets

MCHP has been the subject of several recent research reports. Rosenblatt Securities restated a “buy” rating and set a $100.00 target price on shares of Microchip Technology in a research report on Wednesday, July 31st. StockNews.com lowered shares of Microchip Technology from a “hold” rating to a “sell” rating in a research report on Tuesday, September 24th. Morgan Stanley lowered shares of Microchip Technology from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $102.00 to $100.00 in a research report on Thursday, July 11th. Susquehanna dropped their price target on shares of Microchip Technology from $115.00 to $105.00 and set a “positive” rating for the company in a research report on Friday, August 2nd. Finally, Bank of America lowered shares of Microchip Technology from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $110.00 to $90.00 in a research report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, Microchip Technology has an average rating of “Moderate Buy” and an average price target of $99.47.

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.