Woodmont Investment Counsel LLC Sells 604 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Woodmont Investment Counsel LLC reduced its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 7.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,896 shares of the semiconductor company’s stock after selling 604 shares during the quarter. Woodmont Investment Counsel LLC’s holdings in Microchip Technology were worth $453,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of MCHP. Mainstream Capital Management LLC bought a new position in Microchip Technology during the 4th quarter valued at about $26,000. Rakuten Securities Inc. raised its holdings in shares of Microchip Technology by 309.5% during the fourth quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company’s stock valued at $27,000 after purchasing an additional 359 shares during the last quarter. OFI Invest Asset Management bought a new position in Microchip Technology during the fourth quarter valued at approximately $29,000. Financial Life Planners purchased a new stake in Microchip Technology in the fourth quarter worth approximately $32,000. Finally, Truvestments Capital LLC bought a new stake in Microchip Technology in the 3rd quarter worth approximately $34,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of Microchip Technology stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total value of $226,717.12. Following the sale, the chief financial officer now owns 33,272 shares of the company’s stock, valued at $2,025,599.36. The trade was a 10.07 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 2.10% of the stock is currently owned by insiders.

Microchip Technology Price Performance

Shares of Microchip Technology stock opened at $53.89 on Tuesday. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12. Microchip Technology Incorporated has a 52 week low of $49.92 and a 52 week high of $100.57. The stock’s 50-day simple moving average is $56.13 and its 200-day simple moving average is $64.49. The company has a market capitalization of $28.98 billion, a price-to-earnings ratio of 96.23 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.15). Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. As a group, analysts expect that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Monday, February 24th were paid a dividend of $0.455 per share. The ex-dividend date was Monday, February 24th. This represents a $1.82 annualized dividend and a yield of 3.38%. Microchip Technology’s payout ratio is 325.00%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on MCHP. StockNews.com cut Microchip Technology from a “hold” rating to a “sell” rating in a report on Monday, February 10th. Needham & Company LLC raised their target price on Microchip Technology from $60.00 to $66.00 and gave the stock a “buy” rating in a research report on Tuesday, March 4th. B. Riley restated a “buy” rating and set a $75.00 price target (down from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Piper Sandler reiterated an “overweight” rating and issued a $65.00 price objective (down previously from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Finally, TD Cowen boosted their target price on shares of Microchip Technology from $50.00 to $60.00 and gave the company a “hold” rating in a research report on Tuesday, March 4th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $74.37.

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.