Woodmont Investment Counsel LLC Lowers Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Woodmont Investment Counsel LLC reduced its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 7.1% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. 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 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. Mainstream Capital Management LLC bought a new position in Microchip Technology during the fourth quarter valued at approximately $26,000. Rakuten Securities Inc. grew its holdings in shares of Microchip Technology by 309.5% during the 4th 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 purchased a new position in Microchip Technology in the 4th quarter worth $29,000. Financial Life Planners bought a new stake in Microchip Technology in the fourth quarter worth $32,000. Finally, Truvestments Capital LLC purchased a new stake in Microchip Technology during the third quarter valued at about $34,000. 91.51% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently commented on MCHP. Evercore ISI lifted their price objective on Microchip Technology from $65.00 to $71.00 and gave the stock an “outperform” rating in a report on Tuesday, March 4th. Needham & Company LLC increased their price objective on Microchip Technology from $60.00 to $66.00 and gave the company a “buy” rating in a research note on Tuesday, March 4th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $70.00 target price on shares of Microchip Technology in a research note on Tuesday, March 4th. Raymond James reiterated a “strong-buy” rating and set a $60.00 price target (down from $95.00) on shares of Microchip Technology in a report on Friday, February 7th. Finally, Bank of America lowered shares of Microchip Technology from a “neutral” rating to an “underperform” rating and cut their price target for the stock from $80.00 to $65.00 in a report on Monday, December 16th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $74.37.

Insider Activity at Microchip Technology

In related news, CFO James Eric Bjornholt sold 3,724 shares of the stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total transaction of $226,717.12. Following the sale, the chief financial officer now directly owns 33,272 shares of the company’s stock, valued at approximately $2,025,599.36. This represents a 10.07 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.10% of the stock is owned by corporate insiders.

Microchip Technology Price Performance

MCHP opened at $53.89 on Tuesday. 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 has a market cap of $28.98 billion, a price-to-earnings ratio of 96.23 and a beta of 1.52. The stock has a fifty day simple moving average of $56.13 and a two-hundred day simple moving average of $64.49. Microchip Technology Incorporated has a 12-month low of $49.92 and a 12-month high of $100.57.

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

Microchip Technology Dividend Announcement

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. The ex-dividend date was Monday, February 24th. This represents a $1.82 annualized dividend and a dividend yield of 3.38%. Microchip Technology’s payout ratio is currently 325.00%.

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.