Cozad Asset Management Inc. Sells 814 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Cozad Asset Management Inc. cut its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 0.7% in the 4th quarter, Holdings Channel.com reports. The fund owned 120,062 shares of the semiconductor company’s stock after selling 814 shares during the period. Microchip Technology comprises about 1.2% of Cozad Asset Management Inc.’s holdings, making the stock its 19th largest position. Cozad Asset Management Inc.’s holdings in Microchip Technology were worth $10,827,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the business. Ballentine Partners LLC boosted its position in Microchip Technology by 10.4% in the 3rd quarter. Ballentine Partners LLC now owns 3,348 shares of the semiconductor company’s stock valued at $261,000 after buying an additional 316 shares during the period. Commonwealth Equity Services LLC boosted its stake in shares of Microchip Technology by 8.6% in the third quarter. Commonwealth Equity Services LLC now owns 135,845 shares of the semiconductor company’s stock worth $10,603,000 after acquiring an additional 10,702 shares during the last quarter. Busey Trust CO raised its holdings in Microchip Technology by 8.8% in the 3rd quarter. Busey Trust CO now owns 4,959 shares of the semiconductor company’s stock valued at $387,000 after acquiring an additional 400 shares during the last quarter. RMR Wealth Builders grew its holdings in shares of Microchip Technology by 48.8% during the 3rd quarter. RMR Wealth Builders now owns 8,613 shares of the semiconductor company’s stock worth $672,000 after purchasing an additional 2,826 shares during the period. Finally, Deltec Asset Management LLC purchased a new position in Microchip Technology during the 3rd quarter valued at about $780,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Microchip Technology Trading Down 0.6 %

NASDAQ:MCHP traded down $0.55 during mid-day trading on Tuesday, hitting $92.63. The company had a trading volume of 1,336,222 shares, compared to its average volume of 5,514,017. Microchip Technology Incorporated has a fifty-two week low of $68.75 and a fifty-two week high of $94.63. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.58 and a current ratio of 0.98. The firm has a market cap of $50.06 billion, a P/E ratio of 21.77, a P/E/G ratio of 2.86 and a beta of 1.65. The business’s fifty day moving average is $87.47 and its two-hundred day moving average is $84.79.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share for the quarter, topping analysts’ consensus estimates of $1.04 by $0.04. The firm had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.77 billion. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The business’s revenue was down 18.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.48 EPS. As a group, research analysts expect that Microchip Technology Incorporated will post 4.64 earnings per share for the current year.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 23rd were paid a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 1.94%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.44. The ex-dividend date of this dividend was Thursday, February 22nd. Microchip Technology’s dividend payout ratio is presently 42.06%.

Analysts Set New Price Targets

A number of analysts have recently commented on MCHP shares. Piper Sandler cut Microchip Technology from an “overweight” rating to a “neutral” rating and set a $80.00 target price on the stock. in a research report on Thursday, January 4th. TD Cowen boosted their price objective on shares of Microchip Technology from $75.00 to $80.00 and gave the company a “market perform” rating in a research report on Friday, February 2nd. The Goldman Sachs Group dropped their price target on Microchip Technology from $87.00 to $77.00 and set a “neutral” rating for the company in a research note on Friday, February 2nd. UBS Group lowered their price target on shares of Microchip Technology from $105.00 to $95.00 and set a “buy” rating for the company in a report on Friday, February 2nd. Finally, Wolfe Research upgraded Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 price objective on the stock in a research note on Thursday, January 18th. Six equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $92.50.

Insiders Place Their Bets

In related news, CFO James Eric Bjornholt sold 1,970 shares of the company’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $83.90, for a total transaction of $165,283.00. Following the sale, the chief financial officer now owns 32,893 shares in the company, valued at approximately $2,759,722.70. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, Director Karlton D. Johnson sold 370 shares of the business’s stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $84.00, for a total transaction of $31,080.00. Following the completion of the transaction, the director now directly owns 1,789 shares in the company, valued at approximately $150,276. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO James Eric Bjornholt sold 1,970 shares of the firm’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $83.90, for a total value of $165,283.00. Following the transaction, the chief financial officer now directly owns 32,893 shares in the company, valued at $2,759,722.70. The disclosure for this sale can be found here. Insiders own 2.07% of the company’s stock.

Microchip Technology Company Profile

Microchip Technology Incorporated develops, manufactures, and sells 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 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.