Quadrant Capital Group LLC Sells 1,717 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Quadrant Capital Group LLC reduced its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 37.4% in the fourth quarter, HoldingsChannel.com reports. The firm owned 2,871 shares of the semiconductor company’s stock after selling 1,717 shares during the period. Quadrant Capital Group LLC’s holdings in Microchip Technology were worth $165,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Pallas Capital Advisors LLC bought a new position in shares of Microchip Technology in the fourth quarter worth approximately $5,917,000. Consolidated Planning Corp bought a new position in shares of Microchip Technology during the fourth quarter worth $308,000. one8zero8 LLC bought a new position in shares of Microchip Technology during the fourth quarter worth $384,000. Symphony Financial Ltd. Co. bought a new position in shares of Microchip Technology during the fourth quarter worth $520,000. Finally, Truist Financial Corp boosted its position in shares of Microchip Technology by 5.8% during the fourth quarter. Truist Financial Corp now owns 959,439 shares of the semiconductor company’s stock worth $55,024,000 after acquiring an additional 52,222 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

MCHP has been the subject of a number of research reports. Morgan Stanley dropped their target price on shares of Microchip Technology from $71.00 to $58.00 and set an “equal weight” rating for the company in a research report on Tuesday, February 4th. Mizuho upped their target price on shares of Microchip Technology from $58.00 to $68.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 4th. The Goldman Sachs Group dropped their target price on shares of Microchip Technology from $72.00 to $63.00 and set a “neutral” rating for the company in a research report on Friday, January 10th. TD Cowen upped their target price on shares of Microchip Technology from $50.00 to $60.00 and gave the stock a “hold” rating in a research report on Tuesday, March 4th. Finally, Raymond James reaffirmed a “strong-buy” rating and set a $60.00 price target (down previously from $95.00) on shares of Microchip Technology in a research note on Friday, February 7th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Microchip Technology presently has an average rating of “Moderate Buy” and a consensus price target of $74.37.

Insider Buying and Selling

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

Microchip Technology Trading Up 27.1 %

Shares of MCHP opened at $44.90 on Thursday. Microchip Technology Incorporated has a twelve month low of $34.13 and a twelve month high of $100.57. The company has a market cap of $24.15 billion, a P/E ratio of 80.18 and a beta of 1.51. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12. The company’s fifty day simple moving average is $52.68 and its 200-day simple moving average is $61.56.

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

Microchip Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Monday, February 24th were paid a $0.455 dividend. This represents a $1.82 annualized dividend and a yield of 4.05%. The ex-dividend date of this dividend was Monday, February 24th. Microchip Technology’s dividend payout ratio is presently 325.00%.

About Microchip Technology

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.