Aristotle Capital Management LLC Sells 349,682 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

by · The Cerbat Gem

Aristotle Capital Management LLC cut its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP – Free Report) by 2.1% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 16,310,712 shares of the semiconductor company’s stock after selling 349,682 shares during the period. Microchip Technology makes up about 3.0% of Aristotle Capital Management LLC’s portfolio, making the stock its 7th largest holding. Aristotle Capital Management LLC owned 3.00% of Microchip Technology worth $1,461,277,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Financial Gravity Asset Management Inc. grew its position in shares of Microchip Technology by 388.6% during the 1st quarter. Financial Gravity Asset Management Inc. now owns 342 shares of the semiconductor company’s stock valued at $367,000 after acquiring an additional 272 shares during the period. VitalStone Financial LLC purchased a new position in Microchip Technology in the 1st quarter valued at about $38,000. Live Oak Investment Partners purchased a new position in Microchip Technology in the 4th quarter valued at about $30,000. Milestone Investment Advisors LLC purchased a new position in Microchip Technology in the 1st quarter valued at about $39,000. Finally, Almanack Investment Partners LLC. purchased a new position in Microchip Technology in the 3rd quarter valued at about $29,000. 90.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,324 shares of Microchip Technology stock in a transaction that occurred on Wednesday, November 22nd. The shares were sold at an average price of $83.44, for a total value of $193,914.56. Following the completion of the sale, the chief financial officer now owns 32,893 shares in the company, valued at approximately $2,744,591.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.07% of the stock is owned by insiders.

Microchip Technology Trading Up 1.8 %

Shares of NASDAQ MCHP traded up $1.50 during midday trading on Wednesday, reaching $85.05. 497,027 shares of the stock were exchanged, compared to its average volume of 4,775,364. The company has a 50 day simple moving average of $78.43 and a 200 day simple moving average of $81.50. The stock has a market capitalization of $46.02 billion, a P/E ratio of 18.36, a PEG ratio of 1.35 and a beta of 1.61. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.64 and a current ratio of 1.03. Microchip Technology Incorporated has a twelve month low of $67.69 and a twelve month high of $94.30.

Microchip Technology (NASDAQ:MCHP – Get Free Report) last announced its quarterly earnings results on Thursday, November 2nd. The semiconductor company reported $1.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.55 by ($0.01). Microchip Technology had a return on equity of 50.90% and a net margin of 28.14%. The firm had revenue of $2.25 billion for the quarter, compared to analyst estimates of $2.26 billion. As a group, equities analysts expect that Microchip Technology Incorporated will post 5.18 earnings per share for the current year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 6th. Investors of record on Wednesday, November 22nd will be issued a $0.439 dividend. This represents a $1.76 annualized dividend and a yield of 2.06%. The ex-dividend date is Tuesday, November 21st. This is an increase from Microchip Technology’s previous quarterly dividend of $0.41. Microchip Technology’s dividend payout ratio (DPR) is 38.46%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Piper Sandler decreased their price target on shares of Microchip Technology from $100.00 to $80.00 and set an “overweight” rating on the stock in a research note on Friday, November 3rd. Rosenblatt Securities reaffirmed a “buy” rating and issued a $110.00 price target on shares of Microchip Technology in a research note on Wednesday, September 20th. Citigroup raised shares of Microchip Technology from a “neutral” rating to a “buy” rating and set a $100.00 target price on the stock in a research note on Wednesday, November 8th. KeyCorp decreased their target price on shares of Microchip Technology from $95.00 to $90.00 and set an “overweight” rating on the stock in a research note on Friday, November 3rd. Finally, Needham & Company LLC decreased their target price on shares of Microchip Technology from $100.00 to $85.00 and set a “buy” rating on the stock in a research note on Friday, November 3rd. Eight analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $94.13.

Read Our Latest Research Report on MCHP

About Microchip Technology

(Free Report)

Microchip Technology, Inc engages in the provision of semiconductor products. It operates through the Semiconductor Products and Technology Licensing segments. The Semiconductor Products segment is involved in designing, developing, manufacturing, and marketing microcontrollers, development tools and analog, interface, mixed signal, connectivity devices, and timing products.

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