Eliot Finkel Investment Counsel LLC Reduces Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Eliot Finkel Investment Counsel LLC lowered its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 1.7% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 30,740 shares of the semiconductor company’s stock after selling 545 shares during the quarter. Microchip Technology makes up 1.5% of Eliot Finkel Investment Counsel LLC’s portfolio, making the stock its 24th biggest holding. Eliot Finkel Investment Counsel LLC’s holdings in Microchip Technology were worth $2,468,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Swedbank AB bought a new stake in shares of Microchip Technology during the 1st quarter valued at about $1,079,000. SageView Advisory Group LLC boosted its position in Microchip Technology by 507.5% during the 1st quarter. SageView Advisory Group LLC now owns 17,307 shares of the semiconductor company’s stock valued at $1,553,000 after acquiring an additional 14,458 shares in the last quarter. RFG Advisory LLC grew its holdings in shares of Microchip Technology by 228.4% during the 1st quarter. RFG Advisory LLC now owns 12,841 shares of the semiconductor company’s stock worth $1,152,000 after acquiring an additional 8,931 shares during the period. Hennessy Advisors Inc. raised its position in shares of Microchip Technology by 2,194.5% in the 1st quarter. Hennessy Advisors Inc. now owns 33,454 shares of the semiconductor company’s stock worth $3,001,000 after acquiring an additional 31,996 shares in the last quarter. Finally, Janney Montgomery Scott LLC raised its position in shares of Microchip Technology by 6.3% in the 1st quarter. Janney Montgomery Scott LLC now owns 225,633 shares of the semiconductor company’s stock worth $20,242,000 after acquiring an additional 13,304 shares in the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Microchip Technology Trading Up 1.0 %

Microchip Technology stock opened at $77.34 on Friday. Microchip Technology Incorporated has a one year low of $68.75 and a one year high of $100.57. The business’s fifty day moving average is $78.29 and its 200 day moving average is $86.17. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.94 and a quick ratio of 1.08. The stock has a market capitalization of $41.49 billion, a PE ratio of 22.29 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, topping 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 firm had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same period in the previous year, the business posted $1.56 earnings per share. The business’s revenue for the quarter was down 45.8% on a year-over-year basis. On average, sell-side analysts predict that Microchip Technology Incorporated will post 1.73 EPS for the current year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd were paid a dividend of $0.454 per share. The ex-dividend date was Thursday, August 22nd. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 dividend on an annualized basis and a yield of 2.35%. Microchip Technology’s payout ratio is currently 52.16%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Citigroup reduced their price target on Microchip Technology from $104.00 to $92.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Truist Financial cut shares of Microchip Technology from a “buy” rating to a “hold” rating and dropped their target price for the company from $89.00 to $80.00 in a report on Monday, September 23rd. Susquehanna decreased 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 note on Friday, August 2nd. Morgan Stanley lowered shares of Microchip Technology from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $102.00 to $100.00 in a research note on Thursday, July 11th. Finally, Bank of America downgraded shares of Microchip Technology from a “buy” rating to a “neutral” rating and decreased their target price for the company from $110.00 to $90.00 in a research note on Friday, August 2nd. Six investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, Microchip Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $98.42.

Insider Activity

In related news, CFO James Eric Bjornholt sold 2,154 shares of Microchip Technology stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $81.50, for a total value 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 trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 2.07% of the company’s stock.

Microchip Technology 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.